Benefits and Drawbacks of Letting UK Student Accommodation
The major share in the rent market is that of students. They comprise a larger portion of tenants. When a person moves out his house for the very first time in his lifetime is that when he is a student. Studying in an institution that is not near to your house makes you to stay in rented homes for students. There are many choices available for students. It is, therefore, beneficial to let your home to students. However, there are many advantages as well as disadvantages of letting your home to students. It is on the whole a good business. But the landlord must be mindful of the prospects of letting to students and also of the drawbacks of the same. Whether you wanted to rent rooms in your home, or providing full UK student accommodation or going to invest on property for renting it out to students you must think over the following aspects of renting to students.
The number of students in UK is increasing day by day. The credit goes to the government who is working in the education sector more efficiently and encouraging local people to study at higher levels. Besides, there are many students outside UK who want to study in renowned educational institutes of UK. Each year many students come in the UK educational institutions and the percentage is reached to seventy percent almost. The number of students in UK will grow more. For residence of the student, there are many options. There are halls of residence and private UK student accommodation. In private accommodation student usually opts to share a house which are known as Houses in Multiple Occupation. As the students are increasing in number at a quicker speed there is less space in halls of residence. This situation is encouraging for the private landlords because students now look for private renting.
Homes for students need not be built and decorated in contemporary style. Even old-styled buildings are fit for student accommodations. If there are more rooms in your homes for students, it is ideal to let it to multiple numbers of students. Usually student share the accommodation with others so as to minimize their burden towards rent. Boost in the renting market also increases the rent. So letting to a number of student tenants yield high rent as compared a one single tenant of other kind. If your property is an area that is adjacent to a university or college your property will highly be chased after by the students. You need not to manage time in searching of a good tenant. The other benefit is that student usually takes the accommodation for a short term i.e. according to the duration of their course. Short term tenancies are in a way beneficial to a landlord.
On the other hand there are many drawback of letting to student. One is no income from rent during summer vacations. As the student left the accommodation for their homes, there will be no tenants with you in the vacations, hence, no generation of income. As your homes for students will be used by multiple student tenants, you have to maintain the property very often resulting in spending more money on maintenance of your property. Similarly students usually don’t have references with them who can give surety of rent. Landlord is also subject to punishment from the local councils if the students in your property are creating nuisance. Because of the high number of tenants many business sectors are investing in the field and building properties especially meant for UK student accommodation. As a consequence thereof, there is decrease in the number of students looking for private landlords.
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