A landlord’s guide to student lets

As a landlord, choosing whether to rent to students can be difficult. After all, student letting requires a different approach from landlords. Our guide covers what you should be considering as a student landlord, from what to look for in a student property investment, to the legislation you can expect for your let.

There are lots of reasons to become a student landlord. Rental yields are traditionally high – according to recent data, income from student lets has risen by 30%.

As well as this, demand for new homes in student areas is always strong, so you’ll never be short of potential candidates for your student let.

With tenancies usually spanning a year or more, there is also considerably less stress to find new tenants every few months.

Students won’t always care for your property, including its fixtures and fittings, as diligently as a young professional or family would. Therefore, there may be more maintenance needed at the end of each let, which could be expensive.

Also, student properties generally come furnished, which may not suit all landlords.

Most student landlords will be running an HMO property – or houses of multiple occupancy. This is where you rent to three or more unrelated people, who share the same communal spaces – such as a bathroom and kitchen.

As such, there are certain rules and legal considerations you should adhere to, including whether to include broadband or TV channels in your package. Your local Ellis & Co agent will be able to guide you.

Related: Are HMOs still a profitable property investment?

Ideally, your property should have a minimum of three bedrooms and large communal spaces to appeal to the majority of students. An extra bathroom or toilet is even better. If you have a garden as well, you’ll have no shortage of student tenants vying for a room.

However, the most compelling selling point of all will be your properties location. It should be no further than 30-minutes from the local university or college and be close to transport links.

When you come to furnish your student let, it may be tempting to use old furniture from your own home or other lets. While there’s nothing wrong with good quality second hand pieces, it’s important not to skimp on what’s needed. Ask yourself: is a large dining table more important than a desk in each bedroom?

Consider what your tenants will make use of and try not to skimp on the quality of these. Remember, when you let a furnished property, you’re legally obligated to supply furniture that’s safe and used for its designed purpose (so no console tables as desks, for instance).

Get in touch with your local branch now to find out how we can help look after your student property.