Tips on being a student landlord
Being a landlord can be a way to make some extra money, providing that you can find the right tenants. Making the properties that you want to rent look appealing can help with that, among a few other factors. When you are preparing your property or making up your mind about whether to take the plunge, you should choose your target tenants carefully.
Here are some tips if you want to rent to students.
Give them lots of scope to incorporate their own style
For lots of students university is their first time that they have moved out of the home that they share with their family, maybe even in a new town or city. Often students appreciate the opportunity to turn their digs into a space that feels like a second home. Keep the style fairly neutral so they can do that – just set out some ground rules for doing so, like use tac rather than drawing pins.
Give them what they need
Often, when you are renting a property to students, they will probably need you to provide a lot of, if not all of the furniture for them because they will probably want to transport any between university and their home each academic year.
While this may sound like it could be pricey, it doesn’t have to be. Students are more likely to be happy to have basic things, as long as they do the job that is required of them. There are places that will be able to offer you a package for buying sets of furniture that you could use in student accommodation.
Be nice and get things done
When you let to students you will have a high turnover of tenants as students finish their studies and leave. But students know other students. If you are a nice and proactive landlord, then they might recommend you as ‘one of the good ones’ in the area to their friends so that you do not have to risk your property going empty.
Take the time to get to know their names as little touches like this can make a lot of difference. Also make sure that you let them know in advance when there will be a viewing to keep them happy.
Always answer questions
When you’re arranging viewings for new tenants try and show them around the house yourself and make sure you answer all of their questions.
In association with David Phillips Furniture
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