Your Guide to Becoming a Student Landlord
Being a student landlord can prove very lucrative, especially if you are renting a property in a university city with a large student population where the demand is high.
Before starting out, there are some key points to consider and some worthwhile tasks to complete before handing over the keys.
Before getting the agreement signed, make sure it is the right one for you; for example, some landlords require 12-month agreements, while others like to have the property back in the summer months for holiday lettings.
Other things to include in the agreement are damage and liability for unpaid rent. Covering yourself is a good investment and gives you peace of mind.
It is a legal requirement for UK landlords to lodge their tenants’ deposits in a government-protected scheme. Once you receive the deposit, you have 30 days to pay it into the scheme and be able to provide proof to your tenants if requested.
University students are often under pressure and living away from home for the first time, so making the process easy and straightforward will benefit both them and the landlord. Some students may be settling into a new routine after a gap year or be returning to study after some time out.
Electric and gas regulations
It is the owner’s responsibility to make sure the electric and gas safety regulations are met and monitored throughout the tenancy agreement period. All appliances supplied need to have a CE marking; in addition, an annual inspection should be undertaken by a qualified engineer and logged.
An inventory is not a legal requirement; however, it will protect both you and your belongings and your tenants in the case of any damage. Taking photographs of the condition of the property is also a good idea. Property inventory software for landlords is available from providers such as inventorybase.co.uk, making this process simple and convenient.
On the day your tenants move in
Make a record of any meter readings and make sure the tenants know how to use the utilities, such as the hot water and heating.
Fixing problems as and when they arise will protect your property and build up a good relationship between you and your tenants, so always respond to any queries as quickly as possible.