Being a student landlord is an extremely promising and successful avenue to explore but it can also be a complicated one to navigate when you are new to the process! As a dynamic, exciting and thriving demographic, the student population is an interesting landscape to traverse that will keep you challenged and engaged.
Meeting the requirements of student tenants whilst remaining profitable and assertive as a landlord is an essential balancing act. Our top tips for student landlords is here to set you straight and help the process run along smoothly to ensure that your properties are suitable for students.
Students need the internet. It is perhaps their single most important requirement. Although they may clock away the hours in the university library, it is essential that they have access to a reliable service at home. Kitting out your property with broadband, and even including it in the rent fee makes your home instantaneously appealing to students hankering for their own house ensuring that it can double up as a working space.
Generally speaking, students are a communal bunch who thrive on socialisation. As such, cramped, small homes aren’t really high on their agenda. Even in tiny properties, students require a communal area where they can socialise and let their hair down with fellow tenants and friends. Creating an area where tenants can do just that will really get you extra brownie points. If you have the space, make a point of marking out the room as the place to be. If you don’t have much space, you can still create a cosy, welcoming environment where students can chat about their days and plan their nights!
When students move into halls, they tend to take everything with them. They need room for cases, clothing, books and equipment. Although student homes and rooms don’t need to be huge, they do need to utilise storage space. Cupboards, wardrobes and shelving units will keep your tenants as happy as can be.
Perhaps the most stressful aspect of being a landlord is making sure that everyone is paying up. This can become increasingly problematic in a sprawling shared home with several tenants to juggle. It can also be the cause of heated arguments within the household between students. Choosing to go inclusive with the bills eradicates endless issues in this volatile area!
For the majority of students, this will be their first experience away from home. Being open and available to discuss the workings of the situation and any problems or requests is essential. Create a harmonious rapport with your tenants and a myriad of issues will merely melt away. However bearing in mind that this is many student’s first time running a house, regular inspections are a very good idea to ensure they keep on top of cleaning!