5 Top Tips for Renting to a Student

5 Top Tips for Renting to a Student

5 Top Tips for Renting to a Student

University accommodation can be a mixed bag to say the least. We’ve all heard a couple of horror stories from both sides of the fence. When you hear some people talk about it, you’d think that all students were incapable of even basic home maintenance, while all the landlords that rent to them are running some kind of extortion racket.

As always, the truth is much more grounded. There is no doubt there are some students who, at least initially, tend to take a more lackadaisical approach to housekeeping. And there are also some landlords who, unfortunately, give the rest of us a bad name by taking advantage of the naivety of student renters.

As a good landlord, however, you have the ability to alter both sides of the equation. The following tips will help you to encourage the best behaviour from your renters without creating unnecessary conflict.

Set the Rules Early On

The vast majority of students that you rent to will have no prior experience with maintaining their own home. Many of us will have been in their position before and will know that a little empathy can go a long way. You should establish the rules as soon as possible, make sure that students are aware of what infractions will incur the most serious penalties, and emphasise the importance of adhering to them.

Give Them a Little Leeway

Because the students you rent to are unlikely to have any previous experience with the responsibilities and challenges of being a renter, the chances of them making some basic mistakes is quite high. You can mitigate this by giving them a helpful and comprehensive introduction to the property, but you should understand that it will be a learning curve for them. Giving them an appropriate amount of leeway, at least in the beginning, will help to foster a good relationship between you and them, and make things much easier going forward.

Check-In and Be Available

No tenant wants their landlord showing up more than is necessary, especially if they start inventing reasons to do so. A much better option for both them and yourself is to arrange for periodical check-ins. These don’t have to involve you turning up at the property, in fact it’s better if they don’t. Instead, try and arrange something that can be done over e-mail, by phone call, or even by text.

Keep the Best Ones

Your student renters are likely to need accommodation for the duration of their time at university, which means that you could potentially be renting to them for a number of consecutive years. When you find yourself great tenants that you want to keep around, be prepared to go the extra mile to keep them satisfied.

Know the Competition

In order to do this, you need to know what the competition is like. For example, it will be worthwhile looking at what high-end student accommodation looks like and ask yourself what you can do to make the accommodation you offer appealing to those who may be wanting something luxurious. You can start by looking at collegiate-ac.com who have multiple properties in the Birmingham area which boast features such as an on-site gym, CCTV, a cinema and fast Wi-Fi.

As long as you are reasonable, and you work with your tenants, you should find renting to students as straightforward as renting to anyone else. Make sure that you do your part to foster good relations, and everything else will fall into place.

Author: sponsoredcontent

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