Being a buy-to-let landlord for the first time can be a little daunting at first, but considering student properties are often located in neighbourhoods where property is generally cheaper to buy, going with student tenants can help you ensure the best rental yields. However, you will need to get the place nicely adapted to students and their lifestyle in order to attract tenants.
There is certainly no shortage of demand to privately rent private flats. In 2021–22, 2,182,560 students were studying at UK higher education providers. Get yourself a property in a studenty area that is well fitted with all the things students look for, and there should be plenty of prospective tenants wanting to have a house tour.
Now, let’s get into how you can go about preparing a rental property for student tenants.
Clean and maintain the property properly
Make sure the place is spic and span for when new students move in.
If you use a letting agency or a property management service, they may take care of the cleaning, if not, you should employ a professional cleaning service. Remember that you also have to look after the wear and tear of the property throughout the tenancy.
Since property maintenance and repairs are your responsibilities as a landlord, you must respond to tenants’ feedback on maintenance and repairs. Inadequate property maintenance could lead to you losing money or the local authority revoking your HMO (House of Multiple Occupancy) licence from you.
Fill your rental property with desirable furnishings
Provide furnishings that your student tenants will be able to make use of. If you have described a property as ready-furnished, students will expect to move in with a property equipped with items like
- Sofas and chairs
- Kitchen supplies
- A television
- A laundry basket
- Bath mats
Don’t forget, students are often sociable beings who like to spend time kicking back and relaxing at home with their flatmates and friends. Therefore, getting a large comfortable sofa in the lounge could be a furnishing that makes your rental property considerably more attractive to students.
Landlord contents insurance
Once you have dipped into your pocket and invested in the fittings, fixtures and furniture of your buy-to-let property, you then don’t want to be constantly worrying about the condition of them all. CIA Landlords specialise in finding you landlord contents insurance that will provide you with adequate cover. Landlord insurance can also cover you for things damage, theft, loss of rent, and buildings insurance
Make sure the home is safe
It will be your duty and responsibility towards tenants as a landlord to meet all the legal safety requirements and ensure their safety, including fire, gas, electrical, and carbon monoxide safety measures. Thinking of putting new electrical equipment in your student property? Be sure that it has been PAT tested.
Safety first, remember to ensure all electrical equipment installed in the rental property is PAT tested.
Provide little extras that students may like
There are extras you can add to make your rental property better suited for students. Game consoles, bean bags to chill out on, comfy kitchen stools, magazines, televisions, and quirky artwork are examples of some exciting additions that can make your property ideal for students.
Install helpful household appliances
A household full of active students quickly creates tons of washing up and dirty laundry. Put a dishwasher and washing machine in your property and your student tenants will be grateful for them.
Additional home storage can be attractive
Students often say that they do not have enough storage. Providing freestanding wardrobes, bespoke shelving, plastic storage boxes, and beds under-the-bed drawers will give them that extra bit of storage that could make all the difference.
Providing student tenants with high-speed internet is vital. We all know about the high internet usage levels of young people, not to mention that you may have tenants that love gaming. Shop around for the best deals for high-speed internet for your student tenants.
Spruce up your student rental property by dotting some fun indoor plants around the place. You’d be surprised at how much a few funky indoor plants can lift the mood and bring good energy to a student property.
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