Independent inventories for student accommodation are crucial, warns AIIC

Independent inventories for student accommodation are crucial, warns AIIC

As students return to university for the beginning of the new term over the next few weeks, landlords and letting agents are being reminded of the importance of independent and professionally compiled inventories.

Regulatory trade body the Association of Independent Inventory Clerks (AIIC) says that as the student rental market continues to boom, it's important that landlords - and agents acting on their behalf - take the appropriate steps to protect their investments.

Following the publishing of A-Level results in August, some 416,310 new students have gained places on university courses for the upcoming academic year, according to Ucas.

It’s no wonder student lets have become increasingly popular with landlords due to the potentially high yields on offer. And according to recent research, student landlords can benefit from average yields of up to 12% in certain thriving university locations.

Despite the rising appeal of student lets, the AIIC is keen to remind landlords that it is important to put in the necessary groundwork and steps for protection.

Danny Zane, Joint Chair of the AIIC, said: "Thousands of students from all over the globe will be moving into accommodation for the next academic year over the coming weeks and we're taking this opportunity to remind landlords and letting agents of the importance of getting the pre-tenancy process right.

Student lets are different to traditional lets for a number of reasons. Firstly, they are usually only for the duration of the academic year so landlords can expect a higher turnover of tenants."

This means it can be more difficult for landlords to keep up with the contents of the property and any damage that has taken place - this is where inventories become invaluable. There are also often multiple deposits per property to think about as students commonly share with friends."

The AIIC also points out that for many tenants, their university years will represent their first experience of private renting.

Danny adds: "It's beneficial for agents and landlords to acknowledge this and explain the importance and workings of inventories, deposits and other key parts of the rental process.

Student landlords are also likely to experience more frequent void periods due to the nature of their tenants' movements and schedule, according to the AIIC.

Emma Glencross, Joint Chair of the AIIC, explains: "Student rental properties are often left empty for up to three months during the summer period - as well as over the Easter and Christmas holidays - and so the presence of an independent and impartial inventory is crucial for all sides of the rental agreement."

An independent and unbiased inventory details the condition of the property at the beginning and end of the tenancy, helping to ensure a fair move-in/move-out process for all parties. It allows landlords, agents and tenants parties to make a fair comparison of the property's contents and condition when a tenancy finishes, therefore reducing the chances of a formal deposit dispute taking place.”

Emma Glencross adds that in the event that a formal dispute does occur, deposit protection schemes are likely to look more favourably on inventories and check-out reports that have been produced impartially by an independent inventory clerk.

Danny concludes: "A booming student lets market is positive for the wider rental industry and if landlords take the necessary steps - including providing a professional inventory - they can benefit from the potentially high yields on offer with the peace of mind that their investment is protected.”

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Latest Comments

Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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