How to look after student tenants - and the property you house them in

With exams out of the way, students’ focus now turns to next year’s accommodation and how to ensure it makes the grade.? So here are a few tips when it comes to renting your property to the future custodians of our planet.

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1: Revisit and maintain your property while the property is empty

Unless you want to invite more costly problems further down the road, not to mention unhappy tenants, it’s time to inspect your property and work on any outstanding maintenance before the property is filled. Schedule your activity and document your upkeep routine so that you can let your clients know the work you’ve done to ensure their happiness. This will preserve your property’s value and foster a respectful relationship with your tenants, which is important because…

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2: …? Poor communication with tenants leads to a poor relationship

Without maintaining an approachable, open channel of communication, you instead open the door to misunderstandings and dissatisfaction. A responsive approach, including regular enquiry and feedback at the outset will inspire confidence in tenants who are a little more vulnerable than average. Many will be away from home for the first time and I would argue, student landlords have an increased duty of care. Regular check-ins can also help address issues before they escalate, but respect boundaries and it will be repaid in kind.?

And to ensure a strong relationship…

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3: … Perform adequate tenant screening

If you’re looking for responsible tenants more likely to respect your property and pay rent on time, then screen prospective tenants carefully. Wheedle out those unreliable individuals with a comprehensive screening process, including credit checks, background checks, and references from previous landlords. Do all you can to avoid late payments and property damage down the line.

But even if you do this, there’s always the chance you’re taking on a trouble tenant. So…

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4: … Create an understandable tenancy agreement that provides sufficient coverage

A generic tenancy agreement can leave you unprotected through the failure to include important clauses such as rent payment, maintenance responsibilities, late fees, and rules for tenant behaviour. You might wish to consider hiring a legal professional with understanding of local laws and the structure of a detailed AST that is tailored to your property and local laws. This will ensure your agreement is thorough and compliant with local regulations.

And establish a strict rent collection policy that you communicate to your tenants at the outset. Leniency will lead to problems down the line and very likely create resentment on both sides. Online systems can streamline the process and save on any unnecessary negotiation.?

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5: Handle security deposits carefully

Put simply, you can get yourself into legal hot water if you mismanage security deposits. So familiarise yourself with local laws regarding security deposits, including how much you can charge, how it must be stored, and the conditions under which it can be withheld.

This will be crucial if you run into legal issues, or find yourself in disputes with tenants that lead to eviction. So…

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6:… Swot up on landlord-tenant laws

You can avoid unintentional violations and legal troubles by educating yourself on UK-wide and local laws governing property rental. Find a good resource and stay updated on changes to regulations to ensure you - and your new clutch of students - are in compliance. Local landlord associations provide the type of support you may require.

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7: Keep up with property inspections

Students are busy and - as anyone who has seen the timeless documentary series The Young Ones will tell you - famously a little more neglectful than young professionals and families. Regular inspections will help you to catch damage or lease violations early enough to discuss and deal with them. Periodic, scheduled inspections ensure a well-maintained property occupied within the terms of the leasing document. Adequate notice before inspections as required by law of course.?

Regular inspections also give your tenants a chance to air any issues.

Organisations such as Hybr exist to help students find a good base for their studies. But at the basic level, being aware of these issues and protecting both your new student tenants and your property investment will lead to positive relationships and increase the likelihood of a happy student comfortable with their first stint away from home.?

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For more information on the topics discussed in this interview, or to learn more about energy efficiency solutions for your home by visiting The Green Landlady website. To book a home assessment or learn how to make money through green property investment, get in touch here.