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In the past decade the student lettings market has taken centre stage for many of the UK's landlords thanks to an explosion of the uni lifestyle which has increased the levels of demand from student tenants up and up.

Global property firm CBRE recently reported that investment in the UK student property sector is at an all-time high. In the first six months of 2015, £3.98 billion was spent on student property alone, nearly double the amount invested in the same period in 2014.

Landlords are choosing to invest in the student property sector, namely because demand is high and there is a lack of housing stock. If you have a property that you’re considering letting to students, take a look at a few tips to ensure you become a successful student landlord.

Wear and tear

While students can provide landlords with high yields and minimise void periods, it’s also important to remember that they might be partial to committing a little more wear and tear than most tenants. However, as their landlord you can ensure that this doesn’t become a problem. Before the tenants move in, it’s vital that they each provide a deposit, which can be used to pay for any damage caused during the tenancy. It’s important to note that since 2007, every landlord has been required to hold the deposit in one of three tenancy deposit protection schemes.

It’s also vital that before the tenants arrive, an accurate and in-depth inventory is created and provided to the tenants, which can then be checked against when they reach the end of their tenancy.

Market it right

Finding tenants for student lettings shouldn’t be a difficult task as the UK student population is consistently rising. But how will your prospective tenants be aware of your property unless you market it correctly? The majority of students spend their time online; therefore it’s vital that your property is advertised online on the top two property portals; Rightmove and Zoopla, which online letting agents House Tree does.

Ensure you’re protected

Student tenants can be difficult to reference using the standard process, as they don’t have a regular income and have usually come straight from living with parents. However, it’s vital you protect your income, and ensure every tenant provides a guarantor. Usually a parent or guardian, they will in turn be responsible if the student tenant fails to pay the rent, ensuring that you don’t end up out of pocket.

To furnish or not to furnish

Students in particular want ease and convenience when moving into a new property. It can be a stressful enough time as it is which is why the majority of students will want their student let to be fully furnished. We therefore advise that as their landlord, you provide them with the essentials expected when living away from home. The main ones that they will need are beds, wardrobes and a washing machine, as well as a desk and chair in each room for essential study time.

If you would like to find out more about how we can provide you with the perfect student tenant then get in touch on 0207 060 4674. Our handy instant online valuation tool can also give you an idea of how much your property could be worth in monthly rents.

https://www.housetree.co.uk/blog/2015/07/29/how-to-become-the-perfect-student-landlord/

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