Buying property to rent to students.

[matt21]

Anyone able to help?

Due to ever decreasing house prices I am thinking of buying a couple of property for student rent.

Benefits I see include higher total rental yield (3,4 or 5 paying all individually), regular turnover of students who sign yearly contracts, more reliable payment (funding often from parents), less likely to complain about every issue and constant demand for property.

The Uni in question I have targeted is ever growing and from my experience, finding good property is difficult.

I know there is a multiple of issues against doing this, else everyone would do it, but if people who are in the know, or have done this, could shed some light I would appreciate it?

[mybrainhurts]

matt21 said:

The Uni in question I have targeted is ever growing and from my experience, finding good property is difficult.

You need to check if plans are afoot for major accommodation construction, both private and university schemes.

Could reduce demand for student houses to nil.

[Nolar Dog]

I would think the first thing you need to do is familiarise yourself with HoMO regulations.

[m4tt]

Some lenders don't like students as tenants, so unless you are buying for cash it could be consideration.

[changingman]

I've done it, I've got quite a large number of rental properties on the south coast and did rent some of them to students. The first thing is very heavy "wear and tear", deposits often didnt cover damage and I mean things like doors off hinges, carpets actually missing for some reason, sinks off walls. As for them putting up with a lower standard of maintenance this seems to be true if you rent to boys (but then you get higher damages), in my experience if you rent to girls you will get more calls to fix even the most smallest of things. Regarding rent then, yes, you can get the parents to guarantee it but obviously doesnt mean you wont have problems. I had a lot of prospective student tenants wanting 10 month agreements leaving you with two empty summer months. I must say that in the end I gave up with the student let thing, too much hassle, always leaving, having to re-advertise. I've now got a good nucleus of tenants, some who have been there 4, 5, 6 years and just re-new automatically, something you dont get with students.

[Wings]

[quote=changingman]I've done it, I've got quite a large number of rental properties on the south coast and did rent some of them to students. The first thing is very heavy "wear and tear", deposits often didnt cover damage and I mean things like doors off hinges, carpets actually missing for some reason, sinks off walls. As for them putting up with a lower standard of maintenance this seems to be true if you rent to boys (but then you get higher damages), in my experience if you rent to girls you will get more calls to fix even the most smallest of things. Regarding rent then, yes, you can get the parents to guarantee it but obviously doesnt mean you wont have problems. I had a lot of prospective student tenants wanting 10 month agreements leaving you with two empty summer months. I must say that in the end I gave up with the student let thing, too much hassle, always leaving, having to re-advertise. I've now got a good nucleus of tenants, some who have been there 4, 5, 6 years and just re-new automatically, something you dont get with students.[/quote

+1 students are very hard work, with parents always supporting their little horrors.

In Bristol there are lots of empty student properties,through local universities having their own accommodation. I am now in the process of converting my properties into flats or back to houses for all year round family lets.

[topless_mx5]

Girls will deffo give you more calls, I know someone who called her landlord to change a lightbulb.

Also, different uni's will have certain criteria that need to be met, and they will give a house certification (e.g. UNIPOL). This is a big bonus when trying to find tennants.