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Students are Among the Most Reliable Tenants
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
The National Landlords Association (NLA) has researched what it is like to be a student landlord, as many students are going back to university for the new academic year
Students are among the most reliable tenants, according to the NLA’s latest Landlord Panel.1
Students are Among the Most Reliable Tenants
The NLA found that students are the least likely tenant type to miss a rental payment, with just 38% of student landlords saying that they have experienced arrears in the past year.1
Landlords letting to students have also seen the lowest amount of void periods, with less than one in three (30%) having empty houses in the last few months.1
The NLA also revealed that student houses and Houses of Multiple Occupation (HMOs) provide the highest rental returns, at 6.7% and 7% correspondingly. This is right above the national average of 6.1%.1
The NLA have also compared the different tenant groups, to provide a wider picture:
Arrears
59% of landlords who rent to blue-collar workers have witnessed arrears in the last 12 months, as well as 71% of landlords who let to benefit recipients. This compared to the 38% of student landlords.
Void
40% of landlords that let to families have seen their property empty in the last three months. Additionally, 49% of landlords who rent to older couples have had empty homes, against the 30% of landlords who rent to students.1
Carolyn Uphill, Chairman of the NLA, comments: “It is encouraging to see such positive figures reported by landlords who let to students. However, it’s important to highlight that letting property to students, indeed, letting to any tenant group, is not an easy win.
“As a student landlord myself, I know that it can be very hard work and requires the investment of time, as many of your tenants are living away from home for the first time. It is this dedication to the relationship that makes letting to students so rewarding.
“As with all tenancies, it’s important to establish a good, professional relationship from the start. It is also essential that you set out fair terms in your tenancy agreement and that both landlord and tenant fully understand their obligations throughout the tenancy. If you get this right then the tenancy generally runs smoothly.
“I wish student landlords and tenants a successful start to the new academic year.”1
1 http://www.landlords.org.uk/news-campaigns/news/letting-students-proves-academic-landlords
