Choosing to rent to students
Cardiff is a city that’s bustling with student activity, and this makes it a great location for landlords looking to target the student market. However, landlords also need to be aware of how they can best accommodate the needs of student tenants - especially with growing competition and opportunities to retain the same student tenants throughout their university years.
Many landlords approach student letting with caution, and this should be the case with any sort of letting plan, but as Cardiff’s largest letting agent our experience has led us to believe that the reputation of student tenants should be far more positive than it’s sometimes made out to be.
Students spend a significant percentage of their outgoing on their accommodation, which usually results in them viewing the property as an important investment they need to take very seriously. We believe the negative clichés that often surrounds student letting such as property damage and wild parties isn’t a fair assumption. Most students are incredibly keen on protecting their deposit, especially considering how much money it is to them.
Despite the vast majority of student lets sailing through with no problems whatsoever, as with all markets, things can still potentially go wrong for one reason or another. Below we’ve highlighted several different ways you as a student landlord can minimise the risk of a problem arising.
Take the situation into consideration
Moving away for university tends to be the first time many students face the need to take on more responsibility with their time and money. They are unlikely to be fully clued-up on property maintenance at the start of the tenancy, but with the right information and guidance from their landlord they are willing to learn and adapt.
Lay out home or garden maintenance expectations
Ensure your tenants are fully aware of any general maintenance that may be required and when it needs to be done. For example, the property may have a garden with grass that needs mowing. All tools that are needed will have to be provided. Other basic maintenance may include topping up a boiler with low pressure or making tenants aware of specific light bulbs that need to be used.
Create a set of rules
Set out the things that your tenants need to abide in simple, clear terms. Make your tenants aware of the consequences of any rules not being followed. Also, ensure you make your tenant aware of the rules that you’ll also be following as a landlord to help their tenancy be as enjoyable and problem-free as possible.
Remain transparent
Set an example to student tenants at the very beginning by being proactive and showing them how you are assisting them. Confirming that you’ve secured their deposit for is a good example, as these sorts of things help create a mutual respect and partnership that can go a long way towards building a stress-free tenancy for all parties. Many students would’ve heard stories of nightmare landlords much the same way landlords hear stories of nightmare tenants, so prove your reliability as early as possible.
Communication is key
Finding a middle ground with your tenants can help keep issues at bay. Regular, casual checks will allow you to be less intrusive overall, while ensuring the property is in order and that any problems or repairs that are needing to be carried out are being rectified straight away. Communicate that short, regular checks benefits both you and them, and will better ensure that they will receive their full deposit at the end of the tenancy.
If you’re a landlord in Cardiff looking to find the perfect tenant, or if you’re looking to add to your portfolio of properties, don’t hesitate to get in touch with our expert team here at CPS Homes. Call us on 02920 668585, e-mail enquiries@cpshomes.co.uk, or pop into one of our three branches.
The information contained within this article was correct at the date of publishing and is not guaranteed to remain correct in the present day.
