Renting to the student community
Renting to the student community can be a great way of maximising the rent you receive from your investment properties. However, you need to know what you are doing. Below are some basic guidelines when entering the student rental market
Area
Students will want to live in a property within walking distance to the university, or within walking distance to a direct bus route. Careful consideration, and expert advice should be obtained before committing to a property.
Timing
A typical student term starts in September or October. However, a lot of students want to reserve a property as early as January for the coming academic year. They also may want to move in earlier than the start of the term, to get used to the new area.
How much rent can be achieved
The rent calculation for student properties is based on the number of rooms, the condition, and also the area the property is in. Speak to a letting agent that deals regularly with student areas to get the likely rental figure.
Fixtures and fittings
Students sharing a property will expect the property to be fully furnished with everything they need. This includes furniture & appliances for all common areas, plus a bed, wardrobe, chest of drawers, desk, & chair in each of the bedrooms. The better the quality of the furniture, the easier it is to obtain quality students.
Term of the contract
You may have to consider the void months during the long summer holidays. A typical contract is 10 months. However, longer contracts will be considered by students if the property is of a really high standard. Again, speaking to student rental experts can guide you in this area.
Making sure you get your rent
A lot of landlords are worried about letting to the student community. However, there are plenty of safeguards in place that can protect your investment. Insisting on parental guarantors can give landlords extra security. Great student letting agents will know how to ensure you receive your rent promptly.
Merrick Binch Lettings are based in Earlsdon in Coventry. This is a superb location for both the Coventry University, as well as the University of Warwick.
If you are a landlord considering the student market, or an experienced student landlord, we can help. Call the Merrick Binch Lettings Team on 02476 578888.
Student experts
Since opening in 2009, Merrick Binch lettings have become the specialist student experts for both Warwick and Coventry university landlords. This is down to 3 main reasons:
Office location. Located on the corner of Hearsall Lane and Earlsdon Avenue North, we are in the prime location for students who study at both the universities. The number 12 bus stops directly outside our office and the amount of student footfall is extremely high.
Experience in the student market. Since 2009, we have seen both universities thrive and this has bought more and more students looking for accommodation. We have also seen the increase of specialist student accommodation being built and renovated over the last 7 years. This gives us the excellent knowledge of knowing exactly what the student market wants and what students are willing to pay for the right accommodation.
Knowledge of HMO (Houses of multiple occupancy) rules and regulations. Having years of experience in the student sector means we know all the rules and regulations required of landlords when letting to the student market. We can ensure that follow guidelines to ensure you are protected against the pitfalls of being a student landlord.
Getting the very best rent for your student properties
The requirements of students are always changing. Knowing these changing needs is the key to getting the very best rent possible. We can advise student landlords about how to present and furnish your properties to the requirements of today’s student.
It is also vital that a student property is marketed correctly on Rightmove and other portal websites to attract the maximum amount of enquiries. The team at Merrick Binch know the correct descriptions to write, and the correct photos to take to get the high level of interest.
Massive student database
Since opening in 2009, we have gathered a massive student database of both Warwick and Coventry university students. We also have contacts at both of the universities. This means that when we take a new student property on the market, we can email our database to get viewings for your property as soon as possible. We understand that student landlords must get their properties let before the student year begins and we will do everything in our powers to ensure landlords do not get any void periods.
12 month student ASTs (Assured Shorthold Tenancy agreements)
Having a void period during the summer months can be annoying and also expensive for student landlords. All of the Merrick Binch ASTs are for 12 months. We will usually do a reduced retainer for the summer months of July and August. This keeps the student landlords happy as they will potentially avoid any council tax charges. It is also beneficial for the students as it gives them a place to store their belongings whilst they are away on their summer break.
Total peace of mind with our Fully Managed Student Service
Apart from your own home, your student properties will probably be your largest and most valuable assets. We want them to stay that way. It starts by getting the right students in the first place, but is then consolidated by choosing our Fully Managed Student service. We will:
Collect a security deposit to the equivalent of one month’s rent plus £200.
Undertake a detailed and professional inventory. The inventories are done by using a state of the art software system loaded on a tablet that time stamps all photos and text making deposit disputes unlikely at the point of the tenants checking out.
Inspect the property after the first 3 months of the tenancy, and then on a quarterly basis thereafter. Copies of the inspection reports will be sent to the landlords.
Collect the rent on behalf of the landlord and chase any late payments or arrears. We will also get parental guarantors for all UK students giving you extra peace of mind.
Notify all utility companies and the local authority that your students have moved in. We also take the meter readings at the point of moving in, and also when they eventually vacate the property.
Hassle free property management. We understand that your time really matters. Therefore we will take care of any maintenance issues that may arise from time to time. We have a team of approved insured tradesmen that can deal with the smallest or largest of maintenance jobs. Of course we will always get your approval of the cost of undertaking a repair before any work is carried out.