Many landlords often worry about letting out their properties to students and other young people, fearing that they will not receive rental payments, or that their houses will be destroyed during wild parties. However, issues like these are exceptionally rare. We thought we’d dispel some of the popular myths about renting to students in this blog post.
Damage to the Property
A landlord’s worst nightmare is undoubtedly that their property will be destroyed by a particularly wild party. However, with the rising cost of living, young people are increasingly opting to drink and party less, with some studies suggesting that 30% of the student population does not drink at all. With less spare money, young people are also more conscious of the need to care for their house to protect their deposit.
A recent survey by utility supplier Glide also recently showed that 82% of students and young people would rather stay in to binge watch TV and films than go out to party. Therefore, the chance of a landlord’s property being ruined is now much reduced.
The typical image that society has of a student or young person is of one surviving off pasta because they’ve spent all their money on alcohol. That, alongside the fact that this is the first time many will have had payment responsibilities before, leaves landlords worried that their student tenants will not have enough money to pay their rent. However, such issues are actually relatively rare in such properties, because tenants receive student loan payments termly. Furthermore, if they do miss their rent payments, they are almost always backed by strong guarantors – their parents.
Students and young people are typically known for playing loud music and screaming and shouting late into the night. But as they reduce their alcohol intake and opt to stay in for film nights with friends, landlords should actually see a reduction in the number of noise complaints they receive from neighbours.
Finding the Perfect Tenants
One of the best ways to look after your property is to engage with your tenants. If they feel like you are listening to their queries and worries, they are more likely to trust you and therefore respect both you and your property. Having a good relationship with their landlord is one of the key things students look for when renting a home.
Still Have Concerns?
If you are worried about letting your property to students and young people, come and speak to the experts at Pick My Pad estate agents, Walkden.