A steep learning curve for landlords
Owners of student homes are cashing in on rents but there are still pitfalls to avoid
OCTOBER is just around the corner and soon the country’s 2.5 million students will be heading off to university. that’s good news for those young people who can look forward to their years of study and fun. and it’s even better news for anyone contemplating renting a property to students.
Rents have risen by 61 per cent over the past decade and many landlords have made good money out of their investment. so how do you go about renting to students?
First, you need to find out what demand is like in the town or city you have in mind. refer to a study published by money.co.uk comparing the number of dwellings in each UK region to the number of properties occupied by students.
This reveals that the most lucrative cities are exeter, nottingham and newcastle, followed by oxford and Leicester. the days when young people would settle for a Young ones- style, overcrowded doss house are over.
‘A lot of our clients are quite wealthy and they will ask for en suites, dishwashers, driers and a good standard of decor,’ says emma Croft-Pearson, of the finders Keepers agency in oxford. ‘and the market has changed enormously post-Covid. they also prefer to share with just two friends, instead of a large group.’
Croft-Pearson advises new landlords to choose a property in a convenient location, preferably within cycling range of both the university and the nightlife.
Budget for wear and tear on furniture, buy durable, hard-wearing white goods and assume you’ll need to pay for professional cleaners when each group leaves.
‘And very important, show the students how the heating and ventilation system works,’ says Croft-Pearson. ‘ Condensation spoils the fabric of a building and it’s often caused by students not knowing how to turn on fans or radiators.’
CROFT- PEARSON advises landlords to find out exactly what the council requires before granting a House of Multiple occupation (HMo) licence. You will need insurance for an HMo. Get a solicitor to check your tenancy agreement and ask for guarantors from students. according to accommodation for students (afs), the average price of a room iin an HMo is £113.85 pw before bills.
However, there is a new big beast in the world of student rentals: the Purpose Built student accommodation (PBsa), an apartment block, built with students in mind. the average price of a room is an eye-watering £144 a week.
‘ they offer students a different experience,’ says David feeney, a partner in the Cushman & Wakefield student accommodation team. ‘ students have their own bedrooms and bathrooms. there may be fitness studios and social spaces. some even put on events programmes — like cooking classes.’
Feeney points out that PBsas offer several benefits to the student. they have fixed utility costs. the tenant may also save money on gym membership.
James forrester, at stripe Property Group, who has PBsas in newcastle and Birmingham, says that investors in PBsas should expect a yield of 7 per cent.
If you are contemplating buying an HMo property, you should be aware of two pieces of legislation in the pipeline. first, there is the renters reform Bill which, if passed, will do away with fixedterm tenancies. at present, students sign tenancy agreements for, typically, a year.
Also, by 2025 it will be a requirement that each HMo has an energy Performance Certificate of at least C standard. Meeting that in older properties is likely to mean structural work such as installing double glazing and insulating the loft. this could cost £15,000 or more.
What is it like renting your property to a group of students?
‘Don’t imagine it just means handing over the keys and pocketing the rent,’ says John Curtis, who owns several student houses in oxford. ‘I own Victorian terraced houses and repair work to the house or furnishings always needs to be done, be it mending a roof, replacing beds or buying new freezers.’
On the bright side, Curtis says: ‘I get a lot of satisfaction helping young people settle into their first years at university. It’s good fun.’
ARE you in the dog house? Well, that might not be such a bad place after all. Around half of all British households have a pet, and our furry friends have never been so pampered. But one thing all owners howl about (sorry) is the mess that four-legged friends tend to bring with them. So what can you do to stop your sofas being destroyed and your carpets being covered in mud?
BUILD A SHOWER ROOM
ACCORDING to interior designer Emma Sims-Hilditch: ‘A pet shower never goes amiss in a household with dogs.
‘These are often positioned in a boot or utility room and are a must-have for those wishing to keep a clean and tidy home, particularly after long and muddy walks.
‘The shower can be integrated into the design of the room by using the same tile on the floor and walls of the shower. not only does this look great, but it makes the shower practical and easy to clean.’
You want a dog-height shower, with a sturdy waterproof barrier around it, and preferably a good-sized towel warmer. Set the shower at waist level so you don’t have to kneel to clean your dog, and a little step would be handy so they can walk in, rather than you having to lift them (and it can be used for muddy wellies, too).
Victorian Plumbing has a 3-Spray Dog Shower Handset (pictured below) for £96.24 ( victorianplumbing.co.uk).
READY-MADE SPAS
If you don’t want to build a doggy spa, you can buy a ready- made, enclosed washing cubicle to keep in the garage or basement. you just need to connect it to the water supply and drainage.
Vevor produces a range in stainless steel, such as the 50 in Pet Bath Tub, big enough for a large dog, which comes with a shower attachment, straps to hold your pooch in place and steps so they can clamber in (£917.99, vevor.co.uk).
TRY A PET ‘CAR WASH’
DON’T have enough indoor space for a shower room? Consider building a washing zone outside, with a shower connected to the hot water supply.
To make light work of it, try the Woof Washer 360, a hand-held, hoop- shaped hose that you pass your dog through, a little like a car wash (£22, amazon.co.uk).
CHOOSE FURNITURE WISELY
ASK a dog or cat owner where Rover or fluffy makes the most mess, and nine times out of ten the answer will be ‘the sofa’.
you might be able to keep your canine pal off a fabric settee (try telling a cat where it can and can’t sleep . . .), but those hairs will still somehow find their way on to the cushions. And good luck trying to vacuum them off.
So choose smooth materials, such as leather, or hard-wearing short, synthetic fibres, and stay well clear of anything that will trap dirt or fur or can be scratched (deliberately or inadvertently) by sharp little claws. That means velvet and velour are definitely out.
Wooden or cane legs are also inviting for doggies who fancy a chew, or cats who want to sharpen their claws. Stick to metal frames if you can. A dedicated scratching post is a must for cats.
‘The choice of flooring is key,’ says Emma Sims-Hilditch. ‘We recommend avoiding loop pile carpets, which can be damaged easily by your pet’s claws.
‘Instead, we suggest laying a natural stone floor. These not only look great in a garden room, kitchen or boot room, but are incredibly durable.’
ZONE YOUR HOME
YOUR canine chum needs their own space sometimes. you can keep all of their toys there, too, so they don’t infiltrate every nook and cranny of the house.
A play pen will do the trick, such as Lords & Labradors’ Wooden Puppy Pen in white or grey (£129.99, lordsand labradors.co.uk).
One reason that dogs often climb on to sofas is because they like elevated places for sleeping. If you buy a nice raised bed for them, they will be less tempted to climb on to the soft furnishings. The Dog Bed Company does an attractive, large, handcrafted oak bed with Queen Anne legs for £ 299 ( thedogbedcompany.co.uk).
WATCH THE WALLS
CATS often stalk along walls, while dogs get overexcited and crash into them. Either way, if you have expensive textured wallpaper, it might take the brunt and end up dirty or torn. So stick to washable paint, such as Dulux Easycare (brilliant white emulsion, £50 for 10 litres from B&Q, diy.com).
BANISH THOSE HAIRS!
PET fur can get absolutely everywhere. Tackle the problem with the Dyson Groom attachment, which allows you to vacuum your pet for stray hairs. Just what he or she thinks of it all you will only find out when you try (£65, dyson.co.uk).