The University of Gloucester has more than 12,000 students shared between its Cheltenham and Gloucester campuses, making this demographic popular with Cheltenham landlords.
If you have a rental property in Cheltenham and you’re thinking about letting it to UoG students in the near future, we’ve got some tips to help you make a success of it. Renting to students is a little different to “regular” renting, although it’s just as rewarding, so here’s your student lettings 101.
Research your local student market
You need to know how many of your area’s students need off-campus accommodation. The University of Gloucester is a campus uni, but many third-year students and postgraduates will want to live in a houseshare or an apartment.
You also need to know what the usual student rental season is. Postgraduates tend to want to stay in their rentals over the summer, while undergrads will usually want to live in your rental from September to June or so. What will you do with the property over the summer if you’re renting to undergrads? Will you take a retainer, for example, or let it out to tourists? You need to think about how you’ll get the most out of the property, all year round.
Make sure you have student-friendly features
Most students don’t come with their own furniture, so you’ll almost certainly need to offer fully-furnished accommodation to them. Make sure there’s desks, chairs and beds at least, as well as kitchen appliances. One absolute essential is high-speed broadband if you want students to come back for the next academic year!
Get ready for multiple tenants
A student houseshare usually involves at least three tenants so you need to make sure each student knows what their responsibilities are. Explain to each student what they need to do to maintain the property, when their rent is due and when they need to leave. They also need to know how much noise is acceptable and what to do if there’s a problem – most students are away from home for the first time so they need more guidance than most tenants.
Make sure the property is safe
As a student landlord, you’re offering a home from home for people who are still very young and haven’t really left home yet. Make sure they’re safe and secure in your property by installing secure locks, fire safety measures and good lighting both inside and outside the place.
It’s also important that your student tenants know what to do and who to contact if something goes wrong at the property, so spend some time explaining this and put up a printed sheet in the kitchen with essential contact numbers.
Location, location, location
Your undergraduate tenants will really appreciate living near to their departments, as well as near to shops, clubs and libraries, so think carefully about what your postcode can offer them. If your rental property is a little way outside Cheltenham, you might be better off letting it to mature students or postgraduates.
