Students can be great tenants and offer many rewards so with the new term well and truly underway, we take a look at the benefits of renting to students in Leeds.
Today, the student housing market in the UK is not only diverse but booming. As one of the top countries of choice for students choosing to study, opting to be a student landlord can not only be hugely rewarding but often offers some of the most beneficial tenancies around. Plus, despite what many landlords think, students will rarely trash the property. After all, they’re money conscious and want their deposit back!
With the new term well and truly underway, we take a look at the benefits of renting to students in Leeds.
1. They’re reliable
Students are often reliable tenants as they usually have their accommodation costs covered by student loans or have their parents as guarantors. Plus, if they don’t have a UK-based guarantor, international students often pay for their accommodation six or twelve months in advance meaning you don’t need to worry about late payments.
2. High demand
It’s very rare that universities provide students with housing after their first-year studies, which means there are usually thousands of students looking for a place to live. Plus, the demand will continue as every year, new students need somewhere to call home.
3. Greater demand for high-spec accommodation
Gone are the days when students would be happy with a damp-ridden box room. Nowadays, we’re seeing students looking for high-spec properties with all the mod-cons. So, it’s good news for you because landlords are achieving excellent returns on their properties by presenting them to a high specification and students are willing to pay a premium for them.
4. Rare void periods
Students are often eager to find accommodation in advance. Some will even start their search a year in advance! However, this is good news for student landlords as with the right planning, you can easily dodge those pesky void periods.
5. Let as whole or room-by-room
If you’re thinking of becoming a student landlord, there are two main options – rent the property as a whole, or on a room-by-room basis. If you choose to rent on a room-by-room basis, each tenant will have their own agreement and will be solely responsible for the obligations within it. Usually room-by-room tenancies include bills but you can usually charge a little more, depending on the size and quality of the room.
But, there are also benefits of renting an entire property. For example, all tenants will have joint and individual responsibilities so if one person falls behinds on rent payments, all tenants are obliged.
Generally speaking, students can be reliable, undemanding and easy-going tenants. Plus, you rarely have to worry about finding new tenants as there are always new students searching for accommodation. When it comes to property type, remember that students usually come in groups and don’t have may belongings so furnished properties with a large communal space and multiple bathrooms can be ideal.
If you’re a student landlord in the Leeds area or have any questions, please don’t hesitate to get in touch with one of our property experts.