This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
If you’re letting to students, you may be worried about whether they’re going to pay the rent on time and look after your property. However, we’re dispelling the top landlord concerns when letting to student tenants.
Being a landlord can be one of the most satisfying careers, but it isn’t without its concerns. Whether you’re a new landlord or seasoned professional, the potential issues are likely to be the same – particularly with student tenants, who are living away from home for potentially the first time.
Broadband and utilities provider Glide has looked into the top concerns for landlords, to dispel the myths around letting to students:
It’s no secret that rent payments are a concern, especially for student tenants, who may not have had to deal with the responsibility of regular bills before. However, the stigma around students being irresponsible is outdated and not reflective of the current generation.
CPS Homes of Cardiff states: “Students make for reliable, almost guaranteed tenants each year, due to the academic cycle. You know that, if the current tenants are planning to leave at the end of their tenancy, a new group is just around the corner, ready and waiting to move in at the start of the next academic year. And, contrary to the beliefs of many, they are usually very prompt payers of rent, because they’re in receipt of a student loan that they receive termly.
“Having confirmation of this student loan is far stronger than an employment reference, because people are far more likely to quit/lose their job than drop out of university. If they ever do get into trouble with their rent payments, a parent or guardian will have usually agreed to act as a financial guarantor at the start of the tenancy. This means a landlord can approach said person and demand full payment of the balance owed.”
A quick reaction to the thought of letting to students is raucous house parties that end in damage to the property. However, with higher fees than ever and the rising cost of living, students are drinking and partying less, which means that there is less chance of property damage.
Most students prefer to relax with their friends and socialise with a TV series instead. In fact, 82% of the students that Glide surveyed recently said that they would rather binge watch TV shows than go out. So, hopefully that’s reassurance in knowing that your property is less likely to get damaged than in previous years.
Blaring music, shouting and screaming, and parties going on until the early hours are complaints that you don’t want to hear from neighbours who aren’t students and have to be up at the crack of dawn.
This generation isn’t the rebellious youth of yesterday – there’s a decline in youth crime, as well as drinking. This generation is steering to have the best future possible and doesn’t want to be derailed by connection in actions involving the police.
Finding the perfect tenants
Whether they are students or not, building relationships with your tenants is the key to success. Glide’s What Students Seek survey found that building and maintaining a good relationship with their landlord is one of the most important things when students look for a home.
If you make sure that you’re communicating with your tenants and are easy to reach, you’ll naturally build a good foundation for respect.
Em is the Content Marketing Manager for Just Landlords, with over five years of experience writing for insurance and property websites. Together with the knowledge and expertise of the Just Landlords underwriting team, Em aims to provide those in the property industry with helpful resources.
When she’s not at her computer researching and writing property and insurance guides, you’ll find her exploring the British countryside, searching for geocaches.
Just Landlords is a trading name of Arthur J. Gallagher Insurance Brokers Limited, which is authorised and regulated by the Financial Conduct Authority. Registered Office: Spectrum Building, 7th Floor, 55 Blythswood Street, Glasgow, G2 7AT. Registered in Scotland. Company Number: SC108909
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