It’s this time of year that students are finalising their rentals for the next academic year. Anyone who’s been a student living away from home has probably got a least one horror story to tell: mine was waking up one morning to find that mice (or possibly rats) had pulled a roll of loo paper through a hole in the corner of the bathroom. We moved out shortly after….
But it’s a huge business, and student rentals often outperform wider markets because they are commonly let on a per-room basis: this usually generates a higher rental income. But we’ve heard horror stories from the other side, and in particular the higher maintenance costs involved as students don’t tend to take as much care of the property as older tenants.
So it’s even more important for landlords of student properties to take out adequate insurance which would provide cover in the event of damage to their property. We wrote about this in our last blog and all the points made apply equally to renting to students.
And don’t forget burst pipes
And as we continue to struggle through this awful winter, it also raises the question of ensuring that student tenants know how to turn of the water supply as well as being completely familiar with the central heating system. Going by my experience of students, they might not even know a stop cock exists so lots of information and explanation could pay dividends if there’s a freeze.