We dispel the myths about renting your property to students and help explain why students make the best tenants if you’re a landlord.
1 – Students don’t respect their property
While student renters may have a bad rep for not looking after their properties, this just isn’t true in the majority of cases.
As with all tenancies – trust us, there are plenty of working professionals that don’t look after their properties either – the landlord can take a deposit of six weeks’ rent to cover any unexpected costs.
A thorough inventory at the start of the tenancy will also protect you against any damage to the property when the tenants move out.
2 – Students aren’t secure tenants
The majority of student renters we deal with will involve their parents in their property search.
For us, a large part of student renting is managing parents’ expectations, which is good news for landlords, as they are often invested in making sure that the property is looked after, acting as a guarantor, or even being responsible for covering the rent.
At Foxtons, we require international students to pay 6 months’ rent upfront for added security.
3 – Students are happy with lower-standard accommodation
This just isn’t true. In fact, a lot of the properties we rent to students are some of our nicest and most modern.
A lot of overseas students (who also pay very high fees to study in London) expect properties to be of a high standard and are willing to pay for this.
They will also look for accommodation close to their university, and with many universities, like Imperial College and Central Saint Martins, in the centre of London, students will already be prepared to pay a premium.
4 – Students only want to rent short term
A lot of students in London know that renting in the capital can be expensive, so they will often want to secure long-term rental deals to guarantee the rent they are paying for the time they are studying.
If students are locked into a lengthy degree, then they often prefer the security of a long-term tenancy until they finish their studies.
5 – You don’t need a HMO license if you rent to students
If someone tells you that you don’t need a HMO license for a student property, they are wrong.
Most student properties are typically Houses of Multiple Occupation, as they are defined as properties where one or more households live together.
You will need to check with your local council for specific regulations relating to your rental property, but a HMO license is usually needed if you have three or more tenants and they are sharing facilities like bathrooms and kitchens.
