With Cardiff being a city dominated by students from three inner-city universities, there is a large student demand for short-term rented accommodation. Therefore, as a landlord or second-home-owner, it could be worth considering renting your property in Radyr or Whitchurch to students who need housing.
Here are some advantages and disadvantages of renting to students.
Sometimes students can be immature when they move away from home because they are used to living with their parents. This can be intimidating, however by arranging a meeting with potential tenants you can often gauge their personalities and whether they seem the respectable type or the party type. Remember, you have full control over which students you would rent to.
- Lack of concern for utilities.
Utility bill amounts will generally be much higher if you rent to students because they do not have experience of paying utility bills so don’t understand that electricity, gas, and heating costs money! If you rent to students, it is wise to say that their monthly rent does not include utility bills and that they will need to pay this to you separately- that way you can’t be caught out but an unexpected surprise.
- No rental history
Students will more often than not have no prior history with renting a property. They also are unlikely to have full-time jobs so will have no financial history either. This can be scary for a landlord because you have to trust the students and determine their reliability. However, this can be overcome by making an agreement with them that if they are unable to pay at any point, their parents will step in.
- High Demand
It will be very easy to find tenants if your property is near to the university because there is always a high demand for nearby housing. Students like convenience so will be satisfied with houses in near proximity. Students also talk- so if you rent to one group then it is likely you will have demand from people that they know the following year.
- Satisfied with less
Students tend to have lower expectations than other tenants. They are living on a budget so do not expect to rent a home that is of high quality. They will often overlook certain faults that other tenants might focus on.
- Empowering a Younger Generation
You’re helping people out. Students dedicate so much time and money towards gaining an insightful education that can benefit their future. By renting your property to them this supports their decision to become independent and supports them through their studies, as housing is a vital part of living in a new city.
Whilst you may be concerned about students paying their rent, as a landlord you can ask them to include a guarantor who is responsible for paying their rent if they cannot make the payment. Therefore, you have peace of mind that you will be paid which will minimise how much you worry about collecting student rent.
To rent your property today or to search for a rental property, go to Thomas H Wood. We can ensure you find the property that meets your needs, or if you’re a landlord we can help you to find the right tenant. https://www.thomashwood.com