A Guide To Renting Your Property To Students: What You Need To Know

Renting out your property to students can be an excellent way to generate income. With students often moving to a new city for university, there is a high demand for rental properties and an opportunity to create a steady income. However, it is important to do your research before taking on student tenants, as there are some unique considerations to take into account. In this guide, we will explore what you need to know when renting your property to students, from arranging the appropriate student landlord insurance to ensuring your property is well-maintained. With the right approach and preparation, renting your property to students can be a great way to earn income.

Contact Your Local Council For An HMO Licence

Before you start advertising to potential tenants, you need to be certain that you have the correct licence. If you have more than two unrelated tenants renting a single property, it is likely that you need an HMO (Household Multiple Occupancy) licence. To find out if your property needs an HMO licence, contact your local authority for more information.

Arrange Student Landlord Insurance

Before you sign a tenancy agreement with any student tenants, be sure to arrange the correct student landlord insurance. As a landlord, it's important to get student landlord insurance, as it will protect you from any potential loss or damage that could occur within your property. When renting to students, there is a higher chance of damage occurring, such as a broken window or damaged wall from a drunken night out. Student landlord insurance is designed for this scenario and covers a wide range of risks. With the cost of renting out your property to students, it is important to take out student landlord insurance as it can protect you from financial loss.

Work With A Letting Agent To Draw Up A Tenancy Agreement

While you can draw up your own tenancy agreement, working with a letting agent can help to ensure you are following best practices and protecting your interests as a landlord. A letting agent will have experience in working with tenants and signing tenancy agreements and can help you avoid common pitfalls. A letting agent is also a great resource if you have any questions about how to manage your rental property best and meet your legal obligations as a landlord. 

Connect With Local Universities To Become A Trusted Landlord

Before renting out your property, it is important to connect with local universities to become a trusted landlord. You can do this by contacting the universities directly or by filling out a form on their website to be connected with students looking for accommodation. This way, your property will be seen by more students, and they'll be more comfortable renting from you as you are a trusted landlord the university has paired them with. 

Consider Fully Furnishing Your Property

If you are renting out your property to students, you may want to consider fully furnishing your property. Fully furnishing your rental property is an excellent way to set yourself apart from other landlords. When you fully furnish the property, it gives the tenants the feeling that it is home. This can be particularly important for students who are likely to be away from home for the first time.