Everyone is back in school. Packs of roving children roam across the cities and open areas at home time in an adorable way. But how long before they’re grown up and they’re off to college?
Where will they stay?
Could we profit from this?
I’m sure most of you have Student living stories, either renting out to students or being a student yourself and living in your own place.
“When you live out, for the first time…
in a basement apartment with one of your friends…
and the tap drips all night- water torture in the sink-
the furnace is burning but it’s still cold…
(Sarah Harmer: Basement apartment)
Clearly whoever rented out this apartment failed on various levels as even the most basic Inventory would have picked up on all of these issues.
But there are key things that should be done to have a good tenant landlord relationship.
1: As with all properties, ensure it is up to standard. Has the Gas safety certificate been filled in? Are there Smoke alarms where there need to be? Does the property have the required HMO License (If needed) PAT testing, Legionnaires and Asbestos checks? And not to forget the big one: Air bricks and ventilation, has the property made enough provisions to prevent damp and Mould?
2: Keep in mind for many students this is the first time they have a property. Make sure they are aware of the responsibilities of renting a property and above all Document everything.
3: A lot of students will need a third party as guarantor, (Very few new students have extensive rental histories) so it’s good practice to manage a relationship with the third party. At the very least keep them in the loop in most things, as if something goes wrong they will most likely be the ones knocking on your door. Or vice versa.
4: Remember to whom you’re renting. Try to get hard wearing flooring, easily wiped clean sturdy surfaces and Basic white goods.
5: Finally, above all else, get a complete inventory of the property