Student House - Legalities etc.

Jowo_2

I'm very surprised that a landlord can obtain almost x3 the sum of the rent by renting to students for the same property compared to a family. Generally, its usually only the local market that determines market rent and very little other influences.

Where I live, there is plenty of private rental accommodation, including a generous supply of student orientated accommodation near the local Universities, and I have never witnessed any enormous levy on rental prices for those aimed at student tenants.
Student HMOs are going to be subject to much higher risks (greater wear and tear, arrears, summer voids) and so on that impact the return on investment.

mlz1413

olly300 wrote: »

It's the students who need to prove that they are not eligible to pay council tax not the landlord.

I agree.

But C/Tax always starts with owner so until house is rented it will be LL's bill and then I would recommend LL tells council who has moved in and when, so his liability stops.

Then it is upto occupants to prove they are students.

Mouseman

Seems very odd those amounts being quoted. That's £75 a week each. Unless the house is something special and depending on area of the country, I'd anticipate that to include gas, electricity, water, TV, broadband (with WiFi) etc etc.

Obviously dependant on the above factors, it's either that or you spoke to four stupid students...

Cookiecrumble

Talk to your local Uni. I have a large HMO, which I let to the Uni under their Unilet scheme, which is great. The uni manage the property pay the gas, electric & insurance also the gas & electric safety checks every year. I get a guaranteed monthly rent for 9 months of the year paid on time by the uni, not as much as your £300 per student per month. Also the uni put pressure on the students to hand back the property clean and tidy. It always needs a good clean in the summer and there’s always maintenance work to be carried out. I’ve been with the Uni for 8 years and wouldn’t do it any other way.

phlash

For those who think that the figures aren't believable....they are!

Have a browse here:

http://www.netletnottingham.co.uk/searchresults.asp?PT=1

The average weekly charge for students in Nottingham is £65. That excludes bills. With a retainer paid during the summer months, the average is £260 per month, averaged over the 12 month period.

To get an average of £300 per month, the price per week would be £75. The nice houses, in the right area are let for this and more in a number of cases.

peterc2609

Prices are defnitely right...

I'm in Liverpool so a massive student population.

ceh209

yep i agree the prices are right for exeter aswell... i paid £79 a week last year with no bills included...

I think it varies between area whether you'll get rent for the summer or not. I always got 10 or so month lets, whereas my sister in nottingham always had a full year.

tbs624

Mouseman wrote: »

Seems very odd those amounts being quoted. That's £75 a week each.

No, it's a tad over £69 per week, as monthly rent is generally per calendar month, not per lunar month. Pretty standard rental fig in many student towns/cities, exclusive of bills.

tbs624

peterc2609 wrote: »

Hi,

Just a quick bit of info.

Ive been speaking to some students recently who will be renting a house shortly for a year, at a cost of £300 a month each (4 of them) thats £1200. The same house would be rented to a family for around £450 a month.

Seems like quite a good business to be in.

What are the legalities surrounding renting a house to students? Any pitfalls etc?

If you are seriously considering letting a property to students talk to the Accoms Officer at your local Uni, to your local LL association and/or to the local Council. In many Uni towns/cities LLs have to be signed up to Code of Conduct (drawn up jointly by the bods mentioned above) to be listed at the Unis and most will require certificates of electrical safety as well as those for gas ( regardless of whether or not classed as an HMO).Guarantors are an absolute must.