Many landlords have misconceptions about letting to students, and we want to explain why we feel students make such good tenants.
Student accommodation is a great investment for landlords and can provide a lucrative opportunity. Student properties provide strong rental levels, and there is greater security in having a larger number of occupiers. Students also subscribe to the University Charter, which describes their expectations around conduct in their community.
Most tenancies for students are on a joint and several liability basis, and properties are marketed and agreements are signed in advance of the tenancy start date, giving comfort to your income. Students receive loans specifically to pay for their accommodation, so the ability to pay rent is not dependent on an employment situation.
Typically, students will only stay for one or two years, and therefore its easier to regularly review rental levels and where appropriate, plan updates and improvements in line with market expectations. Rolling month-to-month tenancies are avoided, as tenancy end dates collate with academic term dates, therefore properties are unlikely to become vacant outside the most popular times of the year. Having a long history of tenancies like this, with very small void periods, makes the property more appealing if you wish to sell in the future.
For many students, a tenancy agreement is their first taste of truly independent living, and managing their expectations can sometimes be challenging. Also, small void periods places pressure on turning properties around for new tenants. However, a good managing agent will be able to manage student expectations, and will have scheduled approved contractors well in advance of void periods to alleviate any issues. This is why student landlords will choose to appoint an experienced managing agency.
It can be tricky to find a letting agent to help manage your properties, but at Seekers, we champion our experience and professionalism. We have over two decades worth of experience, so we certainly know a thing or two about properties, and have established ourselves as one of the front running letting agencies in the North East.
Not only are we able to help you manage your property portfolio, but we can also help you to expand it with our Buy-to Let service, where we are able to give you bespoke recommendations depending on your preferences.
If you are considering letting to students, or have any other questions, call us on 0191 243 1000 or visit our Percy Street office.