Do you own a property in Lancaster? Looking to rent to students for the first time? Well, look no further, here are our top tips for current or new Landlords wanting to enter the Lancaster student housing market from our expert team with over 25+ years of experience. For many landlords, renting to students is a great avenue to explore as opposed to privately renting. Students make great tenants, and in a city such as Lancaster with 2 universities (one being ranked 11th in the UK!) there is always a huge demand for student housing.

Make sure your property is in the right area for students!

Location is key when considering renting out your property to students. Lancaster has specific areas which are really popular with students so its key to do abit of research or ask your letting agent if your property is located in a student popular area. One of the main things to consider is that often students want to be close to the centre of Lancaster, but still close to their university. Usually, areas in the south of Lancaster are the most popular with students, areas close to pubs, shops and takeaways also go down well too. Careful consideration on where your property is located and if it would be a prime location for students is key.

Applying for a HMO and license

Whether you’re going from a private let to a student let, or you’re a completely new landlord, ensuring your property has a HMO (house of multiple occupancy) is necessary. If you have a bigger property (5 bed or more) you will also need a license, these can both be applied for through Lancaster City Council. One thing you need to consider when applying for a HMO is that local authorities can restrict the conversion from a family let to a HMO if there are already too many existing HMOs within that area, therefore checking this in the first instance is key in deciding whether renting to students will work for you. A letting agent should be able to give you guidance about this, for example, here at IPM we support  our landlords through every step of the process.

Becoming accredited and compliant

All IPM student houses are accredited by LU Homes (Lancaster University Homes) and this is something as a company we can work with you to achieve. Being LU Homes accredited is great for landlords as it gives both them and students the reassurance that the property is supported and backed by the university. All LU Homes accredited properties are recognised by both Lancaster university and Lancaster City Council and all the properties are quality checked for safety and management practice.

Find the right letting agent for you!

We understand that finding a property agent to manage your student property can be overwhelming and stressful, and it’s essential that you find a letting agent that best suits you! Here’s what IPM can do for you:

IPM’s fully inclusive package means we deal with all the extra costs that come with being a landlord, IPM cover gas and electric, wi-fi, tv license, insurance, gas and boiler cover, day to day repairs/maintenance (up to £100) and much more! The Inclusive package that IPM offer allows landlords the peace of mind of knowing your student accommodation, facilities and services are fully managed and maintained. We work hand in hand with our letting partner Escape Campus to ensure your student home is let, and we have an 100% letting rate!

Having Inclusive Property Management as your letting agent allows you to sit back, relax and take a hands-off approach to property management. IPM deal with the vast majority of issues that may arise in your student home, and if you wish, we will only contact you to authorise jobs or if there’s something critical you may need to know. The IPM team have been letting and managing student houses in Lancaster for over 20 years and have a vast wealth of knowledge and experience in this sector. Supporting both landlords and student tenants in any way is our priority, and we feel confident in letting, managing, and sustaining your student home.

Give IPM a call on 01524 928328, send an email hello@ipmlancaster.com or visit our website here to see what we can do for you and your property.