{"id":2750,"date":"2016-08-02T18:21:39","date_gmt":"2016-08-02T18:21:39","guid":{"rendered":"https:\/\/dev.withcreative.co.uk\/lforl\/?p=2750"},"modified":"2016-08-02T18:46:33","modified_gmt":"2016-08-02T18:46:33","slug":"top-marks-student-lettings","status":"publish","type":"post","link":"https:\/\/dev.withcreative.co.uk\/lforl\/top-marks-student-lettings\/","title":{"rendered":"Top Marks for Student Lettings?"},"content":{"rendered":"
\"Student<\/a>

Student Lettings<\/p><\/div>\n

Renting to students was traditionally seen as a no go area for many landlords.\u00a0 Students were often viewed by many landlords as a high-risk tenant with the potential to cause trouble.\u00a0 However, the steady growth in the student buy-to-let sector over recent years has many landlords reassessing this situation.\u00a0 Student numbers are at an all time high resulting in strong demand for rental properties in University towns and cities.\u00a0 A supply shortage has resulted in longer rental periods and high rental yields in many areas.\u00a0 With this in mind even the most cautious landlord is thinking twice about tapping the potential of student lettings.<\/p>\n

The Student Lettings Market<\/h2>\n

According to the Higher Education Statistical Authority there are over 2 million students registered in the UK today and these numbers are rising.\u00a0 According to Universities and Colleges Admissions Services (UCAS), over 530,000 students were accepted into higher education programmes for the first time in 2015, an increase of 3.1% from the previous year.\u00a0 The National Union of Students\/ UNIPOL survey on accommodation costs reports nearly 2 million students need rented accommodation.\u00a0 With over 60% of students unable to access halls of residence or purpose build student accommodation they are turning to private landlords to provide their student digs.\u00a0 On average students spend between on average \u00a3170 a week for privately provided accommodation.\u00a0 The average contract for privately provided student accommodation is 46 weeks.\u00a0 However, in areas where supply in scarce, many students are opting for longer contracts to secure accommodation for the next academic year.\u00a0 Knight Frank predicts rental growth for the student accommodation sector to be on average 3.68%, rising to 4.8% in Manchester and 8.1% in Southampton by the end of the year.<\/p>\n

Student Tenants<\/h2>\n

The last decade has seen a change in the typical student tenant.\u00a0 Gone are the days of the rowdy partygoer attending only the occasional lecture.\u00a0 With a hike in university and college fees students are no more focused on getting value for their money and gaining a good qualification.\u00a0 Students have become more discerning about their accommodation choices.\u00a0 With the increase in purpose built student accommodation they also now have higher expectations for the standard of their rented accommodation.\u00a0 Access to nightlife and on campus life is still important but so too are a quiet, comfortable and secure place to live.\u00a0 International and postgraduate students now demand professional levels of accommodation.<\/p>\n

Student Letting Considerations<\/h2>\n

While the student letting market is certainly appealing not every buy-to-property is suitable for student letting.\u00a0 Landlords considering renting to students need to be aware of a number of considerations before taking the leap.<\/p>\n

Location<\/h4>\n

Location is the most important consideration.\u00a0 A student letting needs to be within 30 mins walking or cycling distance of their campus.\u00a0 Students also want to be close to student nightlife, local amenities and public transport.<\/p>\n

Accommodation<\/h4>\n

Landlords need to be mindful that if they offer accommodation for 5 or more tenants that it will be classed as a house of multiple occupation (HMO).\u00a0 Landlords of HMO\u2019s will need to be licensed by their local authority and need to comply with stringent regulations that can be costly to implement and maintain.\u00a0 A furnished house with three double bedrooms, two bathrooms and good communal areas is considered best for student letting.\u00a0 Furniture needs to be robust to withstand the wear and tear of multiple use.\u00a0 Fast broadband is now considered a standard requirement in student lettings.\u00a0 \u00a0\u00a0Universities and college accommodation offices usually have standards for approved rentals which are worth consulting.<\/p>\n

All-Inclusive<\/h4>\n

As previously mentioned, often student tenants will be very focused on the cost of living and will find a \u201cno-surprises\u201d, all-inclusive deal very appealing. Not only is there a marketing benefit but it ensures any utility debts associated with the tenants don\u2019t impact future residents of the property, avoiding issues associated with liability split across a group of people who were not previously familiar with each other. As a managed service this should include a margin to account for worst case scenario utility usage.<\/p>\n

Referencing<\/h4>\n

As it not always possible to reference students, although that doesn\u2019t mean an attempt shouldn\u2019t be made, it just means landlords should look for a guarantor for the tenancy from a parent or guardian.\u00a0 It will be possible to reference the guarantor in the same way as we would do any other tenant with the different levels of service available from MyNative<\/a>. Also the guarantor will be responsible for fulfilling the rental agreement should the student fail to do so, you could argue that this gives a better level of protection that normal rental agreements, being secured against two individuals.<\/p>\n

Insurance<\/h4>\n

Full insurance gives landlords piece of mind, however, it is important to ensure the policy covers student letting. \u00a0\u00a0Some policy do not cover renting to student and if undeclared can nullify a claim.<\/p>\n

Mainstreaming Student Lettings<\/h2>\n

Student letting is moving from being a niche corner of the private letting industry to become more mainstream.\u00a0 However renting to student still has its challenges and special considerations that landlords considering a move into the market must take on board.\u00a0 Is important research the market well.\u00a0 Landlords can benefit from the advice of a student letting agent specialist for details about locations with the highest potential for growth and rental yield.<\/p>\n

Student lettings also need more in terms of management and maintenance due to the higher rate of turnover.\u00a0 However, with the right property in the right area landlords have a lot to gain from renting to students.\u00a0 If you are considering student letting or expanding your student buy-to-let portfolio get in touch with us.\u00a0 We can help with all aspects of your student buy-to-let from referencing, insurance and legal services.<\/p>\n","protected":false},"excerpt":{"rendered":"

Renting to students was traditionally seen as a no go area for many landlords.\u00a0 Students were often viewed by many landlords as a high-risk tenant with the potential to cause trouble.\u00a0 However, the steady growth in the student buy-to-let sector over recent years has many landlords reassessing this situation.\u00a0 Student numbers are at an all […]<\/p>\n","protected":false},"author":2,"featured_media":11204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1404,1],"tags":[],"yoast_head":"\nTop Marks for Student Lettings? - Legal For Landlords<\/title>\n<meta name=\"description\" content=\"Student lettings were traditionally seen as a high-risk tenancy. 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