Student lets are a popular investment choice, offering landlords strong yields and high demand. Here are our top tips to ensure a smooth student tenancy.
Student lets generate higher rental yields and stronger demand than standard buy to let properties, making them an increasingly popular investment choice.
However, running a student let comes with a unique set of challenges. Here, we cover 10 top tips to help protect your property, boost your profits, and keep your tenants happy.
1. Always secure a tenancy deposit
Ask your tenants for a tenancy deposit and protect it with a government-approved scheme. This will give you a financial safety net against any potential damage to the property during the tenancy and encourage your tenants to look after it properly
Furthermore, the deposit covers more than just damage and can cover any rental arrears or the removal of abandoned belongings at the end of the tenancy.
Remember that many students may be renting a property for the first time, so explaining how the deposit works and how it’s protected can help you manage expectations.
2. Ensure the property and the tenancy suit student life
As part of the tenancy agreement, landlords should include clauses and terms tailored to tenants to protect the property. This could be:
• No blu-tack or nails
• No candles
• No smoking
• Party policies
• Rules around subletting
Walk your tenants through these rules at the start of the tenancy and ensure all tenants have signed the contract.
3. Secure student landlord insurance
Student lets are complex, and therefore not all landlord insurance policies will cover them. Finding the right insurance is essential to protecting your property investment.
See how our partners can help you secure the right landlord insurance for your properties.
4. Complete a full inventory of the property
As with a standard buy to let tenancy, you, or your letting agent, must complete a full inventory with photos and details about the property’s condition.
If the tenants have anything to add, the must do so in writing before signing the full inventory. This sets the example of how you expect the property to be left at the end of the tenancy, allowing for reasonable wear and tear.
5. Leave a welcome pack and safety briefing
Providing your tenants with a full welcome pack shows your professionalism.
You can include:
• Fire safety practices
• Appliance instructions
• Meter readings (if bills are not included in the rent)
• Bin collection schedule
• An introduction to the local area (shops, takeaways, GP surgery)
• Emergency contact details
6. Help keep the property clean
A large number of deposit disputes come from cleanliness.
Recommending the following can set your tenants up for success:
• Create a cleaning rota for shared areas like the kitchen, bathroom, and lounge
• Create a shared pot of money for cleaning supplies
7. Prevent damp and mould in the property
Damp and mould are particularly common in student homes, often due to clothes drying indoors without ventilation and frequent radiator usage.
Providing drying racks and, if possible, a tumble dryer or small dehumidifier can help. You can also advise tenants to keep windows open when cooking or showering to help prevent damp in the property.
If your tenants do report mould, make sure you respond promptly.
8. Furnish appropriately for students
A well-maintained, clean property with good-quality furnishings will attract higher demand and rents. These days, students have much higher expectations and are more likely to look after a property fitted to a high standard.
To attract high demand, you’ll want to ensure the property has:
• Fast WIFI
• Double beds (if possible) in each room
• A desk and chair in each room
• Plenty of plug sockets
• Durable surfaces and flooring
Student properties see more wear and tear than in your standard buy to let, so you may need to redecorate or replace certain household items more regularly.
9. Carry out regular inspections
For student lets, due to the nature of these types of tenancies, it’s a good idea to book in regular inspections every 3-6 months. This gives you the opportunity to:
• Build a rapport with your tenants
• Spot any issues early on
• See how the communal areas are kept
You can use this time to address the tenants' concerns, see if they need anything, and check on smoke alarms.
10. Do a pre-end-of-tenancy inspection
As students often leave the property at different times, a pre-end-of-tenancy inspection can highlight any obvious problems. You can review the inventory with the tenants and point out cleaning jobs they can do in advance to help prevent any unexpected costs on both sides.
This gives your tenants the time to get the property in order and prevents the chance of a deposit dispute.
Explore the finance options
If you’re planning to invest in a student let or remortgage your existing property, speak to our team. With whole-of-market access, we can find the best rate to suit your needs. Call us on 0345 345 6788 or submit an enquiry here.
