Being a landlord can be one of the most satisfying careers, but isn’t without its concerns.
Whether you are a new landlord or a seasoned professional, the potential issues are likely to be the same, particularly with student tenants who are living away from home for the first time. Broadband and utilities provider Glide has delved into the top concerns for landlords to dispel the myths around renters.
It’s no secret that rent payment is a concern, especially for student tenants, who may not have had to deal with the responsibility of regular payments and arranging bills before. However, the stigma around students being irresponsible is outdated and not reflective of the current generation.
CPS Homes of Cardiff, said that “Students make for reliable, almost guaranteed tenants each year due to the academic cycle. You know that if the current tenants are planning to leave at the end of their tenancy a new group is just around the corner, ready and waiting to move in at the start of the next academic year. And contrary to the beliefs of many, they are usually very prompt payers of rent because they’re in receipt of a student loan that they receive termly.
Having confirmation of this student loan is far stronger than an employment reference because people are far more likely to quit/lose their job than drop out of university. If they ever do get into trouble with their rent payments, a parent or guardian will have usually agreed to act as a financial guarantor at the start of the tenancy. This means a landlord can approach said person and demand full payment of the balance owed.”
Your instant reaction to the thought of renting to students is raucous house parties that end in smashed windows and damage to the property. However, with higher fees than ever and the rising cost of living, students are drinking and partying less, which means there is less chance that your property will end up ruined. More students prefer to relax with their friends, and socialise with a Netflix series instead. In fact, 82% of students Glide surveyed recently said they would rather binge watch TV programmes than go out. So hopefully that’s reassurance in knowing your property is less likely to get damaged than in previous years.
Blaring music, shouting and screaming at the top of their lungs and parties going on until 5am” - a complaint you don’t want to hear from the neighbours who aren’t students and have to be up at the crack of dawn. This generation aren’t the rebellious youth of yesterday, there’s a decline in youth crime*, as well as drinking. This generation is steering it to be their best future and don’t want to be derailed by being involved in actions involving the police.
Finding the perfect tenants
Whether they are students or not, building relationships with your tenants is the key to success. Our What Students Seek survey found that building and maintaining a good relationship with their landlord is one of the most important things when looking for their house. If you make sure you’re communicating with your tenants and are easy to reach, you’ll naturally build a good foundation for respect.
The changeover period
There is often a concern around paying for energy in between tenancy changeovers, which is why Glide has introduced Switch. We manage that void period for you, so not only does your admin reduce, we have the energy covered so you don’t have to worry about paying.