Tips For Landlords: Keeping up with student tenant demands

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Tips For Landlords: Keeping up with student…

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As a busy lettings agency we are continuously focussed on delivering the best advice and service for our Landlords, especially when it comes to avoiding empty properties. We've seen a rapid increase in working professionals renting rooms in HMO's/Co-Living properties and families renting their new homes, however the student market is trailing behind massively.

It'll come as no shock to learn the Covid-19 pandemic pretty much single handedly flattened the student rental market, with more and more courses moving online, the international student intake is down by a staggering 80% across the board resulting in an influx of available accommodation floating on the open rental market. We're in a rare state where the tenants are dictating the terms to agencies and Landlords on a "take it or leave it" basis.

Landlords need to be more flexible to ensure longevity in the investment and reduce those voids. Here's a couple of tips or things to consider when renting a HMO/Co-Living property to students:

  • Incentives - The most common things we're being asked for are either rent free periods during the summer months or reduced rents across the tenancy. Usually students go to their respective homes once the Universities kick them out of halls on the 30th June. Consider things such as half price rent from 1st July to 1st September. Reduced rents over the duration are always requested, consider the best option for you in the long run.
  • Desk Sizes - With more and more classes being hosted online, the desks need to be a decent enough size to allow for a laptop, note pads, keyboard, mouse space and even 2 monitors, most online PC gamers will want this type of set-up.
  • Additional Fridge/Freezers - I think it'll probably take a while for tenants to get back to the usual habit of eating out for lunch and tea/dinner, resulting in more cold storage space being required. Consider providing an additional fridge/freezer to accommodate demands but be careful and avoid putting small fridges in rooms, anyone who's had an inspection by the council will know what I mean here!
  • Tumble Dryers - These are becoming the "must have" item and should strongly be considered primarily to help reduce your gas bill, plus, you'd be amazed to see how many complaints of "damp" are just poor ventilation issues caused by drying clothes on radiators.

Always happy to share industry insights. Feel free to get in touch with any questions.

  • co-habitation
  • Lettings
  • Student housing
  • HMO
  • Invest to Rent

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