Renting Property to Students in Edinburgh; Considering Pros and Cons
The number of students visiting Edinburgh to study is rising every year as the government is encouraging more foreign students to study. With this there is a growing demand of student properties. These are particularly the ones, which are close to universities, colleges, public transport etc. Besides this there are many landlords who prefer to rent out there properties to students, as they are rented out almost the entire year.
There is a number of purpose built accommodation for students, like, halls of residence, houses of multiple occupation. Still there is demand of student properties. This is where private landlords come in.
Plus side of renting property to students
The rents of student properties are increasing as there is an excess of demand over supply. Moreover students don’t mind sharing living rooms, kitchen etc, hence there can be more tenants in a student’s let and accordingly yields will be high. Having students as tenants mean that you will not be committed into long term contracts. Also the fact that student’s are tolerant, undemanding and easy going.
Downside of renting property to students
Sometimes student tenants can be noisy and disruptive and you might have to face penalties from your local council for that. Student properties are mostly empty during the summer vacations. Moreover, student tenants also have problems providing credit references. Maintenance bills of such properties are mostly high, as students are careless and they are mostly living in the form of groups. Researches have also shown that with the growing number of private purpose built student accommodation, the demand for private lettings is reducing.
Playing safe when renting property to students
If you want to rent out your property to students, then you must take certain steps to be on the safe side. Letting out property only to students that have been recommended by their colleges is a good way to start. The landlord must clearly explain them their responsibilities and give them the house pack. Ask them to provide for references, if they fail to do so then you must ask for a guarantor in case they are unable to pay the rent. The landlord must create and inventory of the state of the property and its items and explain the tenants that they will be responsible for any repairs and damage to the property.
In a nutshell, the students are looking for good value for money and convenience. They prefer areas which are in close proximity to their universities and other friends. Also areas which have shops, restaurants, cafes, local stores, banks close by, as most of them don’t have cars.
Graham Lamont - About Author:
Graham Lamont is a marketing officer for Greenlet, property lettings website in Edinburgh. If you want more information on edinburgh flats to rent, please visit rent flat edinburgh.
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