If you own property in a university city, there will always be demand for rooms to let for students.
Finding student tenants is usually simple, and charging rent per room rather than per property can be profitable. However, before you get started, should familiarise yourself with your responsibilities as a student landlord.
Follow the steps below to get set up and begin letting to students.
Prepare the room for your new tenant – Before your tenant moves in, you should perform basic maintenance and cleaning of the room to ensure that it is safe, comfortable, and meets all relevant regulations. Most student accommodation should be furnished with all the basics a student needs to live comfortably, including a bed, mattress, wardrobe, drawers, desk, and chair.
Find tenants – Finding a tenant for student lets isn’t tricky, providing you know where to look. Get your room advertised on as many student accommodation search engines as you can, ensuring that the pictures you use to advertise the room are clear and attractive; professional photos work best.
Tenant screening process – All landlords and lettings agents should carry out tenant screening before they let a room to a student. The screening process helps to protect your property and financial security as it checks whether potential tenants are responsible and their financial status.
Some of the checks that you should make during the tenant screening process include:
- Check their right-to-rent and live in the UK
- Credit check
- Employment and earnings check
- Check they are registered on a course at university
- Reference checks
Agree on payment terms – Make sure that you have discussed payment terms with your tenant and that they are happy with how the rent is to be paid. Rent may be paid weekly, monthly, at the start of each term, or even in full up-front, depending on you and your tenant’s circumstances and preferences. Make sure they are fully aware of the terms surrounding any interest that will be charged on late or missed payments.
Draw up a tenancy agreement – Once you have found a tenant you will need them to sign a tenancy agreement. This is a legal contract between landlord and tenant that contains important information about each party’s responsibilities and legal obligations.
Collect tenant deposit – Most landlords take a deposit equal to the value of 4-6 weeks’ rent from each tenant to provide them with some financial protection if the tenant misses rent payments or causes damage to the property. This deposit must be paid into a government-authorised tenant deposit protection scheme.
Hand over the keys – Finally, it’s time to meet your new tenant on the move-in date and hand over the keys to their new room, good luck!
Need help with any of or all the above?
Here at Student Haus, our team of student letting agents provides a comprehensive range of letting services for student landlords, including a let-only service and our popular fully managed service.
For further help or advice with renting to students, give our team a call on 0161 694 6427 or email us on firstname.lastname@example.org