Letting rental accommodation to students in Lancaster is an experience most Landlords consider to be a positive one. However, if you don’t know too much about Lancaster’s student letting market it could be a bit daunting, let Inclusive Property Management help you to understand why renting your properties out to Lancaster University students is a great decision.
There are many reasons why letting your property to students can be profitable, as well as a positive experience compared to traditional family lettings. With Lancaster having two universities in the city and Lancaster University being ranked 10th in the UK, according to The Guardian, there remains significant demand for Lancaster student accommodation. And whilst competition may be strong, there is a consistent supply of students seeking good quality accommodation. Student leases in the private rented sector tend to be for 48 weeks, and with many properties let around 9 months before their current lease terminates, there’s less pressure on landlords to be constantly searching for new tenants. Plus, when students are happy with their accommodation, they regularly renew their contract for another year.
Once a student household has graduated, a new student group will need to be found. However, due to the inevitable cycle of the academic year, Landlords are provided with an element of security in knowing the next student intake will need somewhere nice to live. Consequently, student lets can offer a consistent and regular income for those Landlords offering good quality accommodation in the most student friendly areas of the city.
Should you choose to rent a house or flat through Inclusive Property Management, we will ensure your rental income is protected through the requirement for each tenant to have a guarantor. Students tend to be excellent tenants and are good at paying their rent but can be difficult to reference as they don’t have a fixed income, and in most cases come from living at home with parents/carers. A guarantor (typically a parent/guardian) will be responsible for covering the rent if your student tenant is unable to pay.
Usually, in their first year, Lancaster students will live on campus. This gives them the opportunity to meet friends and settle into university life, but campus accommodation can be relatively costly. Consequently, in their second year and onward many students will choose to house-hunt with a group of friends for more affordable off-campus accommodation in and around the city centre.
Most households are seeking modern, well-maintained student accommodation that is close to both the university and the city centre. Student tenants expect their chosen property to be furnished, warm and welcoming, well maintained, clean and tidy throughout.
In addition to providing comfortable accommodation, there are some health and safety standards that need to be met. These relate to accreditation and licensing requirements as set out in the 2004 Housing Act and other related legislation. These standards apply to the letting of any House of Multiple Occupation and IPM can help ensure any property you own or buy to house student tenants complies with those related statutory requirements.
Inclusive Property Management provide our landlords and their tenants with the following services:
- Professional management
- Market leading letting services
- HMO Licensing assistance
- LU Homes Accreditation support
- Deposit and guarantor processing
- Rent collection
- Gas and Electric management
- Broadband with dedicated IT support
- TV License
- Day-to-day repairs
- Boiler repairs and certification
- Regular cleaning throughout the tenancy
- Landlords building and contents insurance
- Tenant contents insurance
In addition to those inclusive services that IPM provide as standard our landlords remain responsible for covering water charges, any statutory licensing costs, and a £100 contribution towards the summer cleaning of their property.
Renting a property to students through IPM means you as the landlord can be relatively hands-off, with Inclusive Property Management accepting responsibility for the vast majority of processes and payments throughout each tenancy. The result being you know your house or flat is being effectively managed, your tenants are happy, you are able to manage your cost basis and plan accordingly.
It’s evident that if you own rental accommodation in Lancaster, renting your property to students should be an option to consider. Especially when letting through IPM you can be confident we will do all the hard work, so you don’t have to!
If you are interested in Inclusive Property Management Lancaster letting and managing your student property, email ‘firstname.lastname@example.org’ and a member of our team will be more than happy to help! Here’s a link to our website to find out more.