There is an old saying that your university days are the best days of your life, you are footloose and fancy free without a care in the world. Days begin mid morning and nights are partied away. Where you live is a place to spend a few hours in between meeting friends and a place to crash at the end of a fun packed day. Little concern is taken of your accommodation except at the end of the school year when you want to get your deposit back. However if you are a landlord and renting your property to a group of students the prospect of them destroying your valuable asset is one that can cause many a sleepless night. However if you employ the services of a property management company you might be able to get more than your fair share of beauty sleep as they will take the stress out of renting problems.
With some properties it is entirely possible to manage the whole rental procedure on your own but if you are contemplating renting your property to students then it really is advisable that you hire a property management company to avoid losing a ton of money. Property managers are needed for student accommodation because often they are short term lets that only last a university school year, which is October to July, and this leaves a few months where the property is vacant. As previously mention, students in general do not really care for a property that they are renting and this can mean that a property depreciates in value due to misuse, which is a landlords worse nightmare. Even if your tenant starts off as a good tenant it is essential that you monitor the accommodation at regular intervals to assess if they are still maintaining the same standard as it was original rented out in. The higher than normal deposit that students pay reflects the fact that they are likely to be careless and thoughtless with a property and that it will need to be deep cleaned at the end of the year contract. This can often lead to tensions at the end of a term and another great reason why a property manager would be beneficial to mediate any negotiations in deposit refunds.
Often third year students are better tenants compared to new first year ones as they are coming to the end of their studies and need to concentrate on final year projects and exams. They will also have a few years of references which are handy to make sure that they have previously been good tenants. In some cases if you have a good relationship with the students you might find that they stay at the property for their entire three years at university and this allows you to sit back and relax without worrying what state your property is in.
Letting to students can be problematic but it does not have to be that way if you hire a property manager to guide you through the minefield.