Choosing to let a property out to students comes with an extensive list of both advantages and disadvantages. Student houses are typically easier to fill and don’t require the latest fixtures or furniture. However, students tend to be far less responsible than mature tenants.
Since we first offered a professional inventory service in Milton Keynes and London, Yellow Oak Inventories LTD has dealt with many of the student properties clustered around the Milton Keynes campus operated by the University of Bedfordshire as well as multiple locations in London. From our years of experience, we can offer the following advice to prospective student landlords.
Prioritise size and location
If you’re currently looking for a property, remember that students enjoy being close to both the university and each other. Try to determine where most student properties are currently located in order to find a place with long term potential.
You should also attempt to find a larger property with multiple bedrooms. Students prefer to live in larger groups, and are known to accept smaller rooms if they’re able to live with all of their friends. Larger properties are often easier to fill, and will yield higher returns.
Most universities maintain a list of accredited landlords that are recommended to students. Students usually place a lot of faith in these lists, as this will typically be the first time they’ve rented.
Getting on these lists is generally a relatively easy process, though you will have to contact the university in question in order to be informed of the exact requirements.
The most common risk associated with letting out a property to students is that they might not bother to take care of it. Damage to furniture and flooring can be all too common, so it is important to take advantage of an inventory service provider, such as Yellow Oak Inventories LTD. Our clerks take extensive notes and colour photographs to help ensure that there are no problems when the property is vacated.
We are one of the most professional inventory services that operate in Milton Keynes and London, so we’re well aware of the ways in which tenants try to hide damage from their landlords.
To learn more about our professional property inventory service simply contact us today.