Letting out a property to students can be a particularly lucrative area of the rental market to get into and, with students on the increase, it’s definitely worth thinking about.
If you are considering renting out your property to students, then here are a few points to consider:
The Location
It goes without saying that, in order to attract the interest of students seeking rental accommodation, your property will need to be situated in a popular University City or Town with a thriving student population. Below we take a look a just a few of the most popular University Towns and Cities to give you a taster of what you can expect.
Newcastle – Newcastle is actually the most popular city with students which could quite possibly have something to do with the low living costs however, the awe inspiring architecture, heady nightlife and close proximity to the countryside and sea also go a long way to making this city a firm favourite.
Brighton – Brighton is an energetic seaside town with an already heaving student population who like to both work hard and play hard. As well as partyingBrighton is also well known for it’s trendy shops and bubbling gay communities.
Liverpool – Liverpool is a proud city boasting some incredible architecture including not one but two glorious cathedrals as well as a rich history and plenty of culture for the earnest student to sink their teeth into.
Glasgow – Glasgow offers everything the fun loving, party crazy, shopaholic student could wish for and boasts a nightlife that really should be labelled the ‘early morning life’ as revellers in this University City quite literally party from dusk till dawn. However, Glasgow is not all about partying and for those who prefer the quieter side of life there are plenty of green spaces and funky little coffee shops scattered around the West End.
Edinburgh – Whilst not quite as cool and street wise as Glasgow, Edinburgh has tonnes to offer from her breathtaking architecture and rich history to a plethora of superb restaurants and bars and is another firm favourite with academics.
Manchester – Manchester already boasts a huge student population which speaks for itself when it comes to the popularity of this bustling, cultured University City.
Lampeter – This picturesque market town may be small and unobtrusive but has become a popular choice with many students. Lampeter is just a couple of hours from Cardiff and is surrounded by lush, rolling Welsh hills.
Bristol – Bristol is another popular choice with students and, although rent prices can be very high, they do tend to reflect the high quality of the accommodation available. Bristol has plenty to offer from glorious architecture, lovely scenery and an endless supply of things for students to do in their spare time.
Cambridge – The stunning architecture, rich academic history and weekend punt rides down the calm, crystalline river makes Cambridge a top choice for many students however, the high cost of living often means it is more suited to the privileged.
Aberystwyth – A heady mix of old and new combine in this beautiful Welsh seaside town where students can take time out to enjoy the gorgeous beaches, plentiful wildlife and the stunning countryside.
The Housing Health and Safety Rating System
Before you can consider renting out your student property you will need to ensure that the property complies with the regulations set out in the Housing Health and Safety Rating System (HHSRS) and failure to do so could result in a fine.
The HHSRS regulations include:
- Dealing with the presence of any damp
- Ensuring there is no threat from carbon monoxide, lead or asbestos poisoning – these threats tend to be more of an issue in older properties
- Ensuring the temperature is suitable – not too hot or too cold
- Ensuring the appropriate sanitation and water supply are in place – again an issue which is more likely to affect an older property
- Checking for any signs of structural collapse – a structural surveyor will be required to undertake this particular check
- Ensuring the property is free from explosion hazards – it is imperative to check all electrical wiring, especially if the property is relatively old
- You will also need to make sure that the property has an up to date Energy Performance Certificate (EPC) as well as a Gas Safety Certificate, this check will verify that all gas appliances within the property are safe for use.
HMO Licence
If your property is three or more floors high and you have five or more student tenants living on those floors then you will also require a House of Multiple Occupancy (HMO) licence. The HMO licence offers a layer of protection for the tenants and, because the property is monitored by the local authority under the HHSRS, eliminates the risk of overcrowding. Should the landlord not obtain a licence then the local authority will have the right to manage the property instead.
The Purpose of the HMO Licence
The purpose of the licence is to ensure that:
- The landlord is a fit and proper individual or has employed a property manager who is taking care of the property.
- The HMO is suitable for the number of tenants stated under the licence
- The standards of management of the property are adequate
For more on student rentals and how you can start advertising your property to the Student market visit lettingaproperty.com and pick a suitable lettings package that meets your requirements.
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