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The real estate market is swarming with students as more and more students are investing for higher education. Starting from September a vast majority of students are looking for spacious individual rooms close to their university yet close to the city. On an average 50% of the students prefer to live in houses and or shared apartments close to university or college.
More and more students are choosing to live in private accommodation as compared to on campus residence accommodation as they are willing to cherish the independence and also because it is much affordable. Living in a apartment or a shared home also empowers them with responsibility. But one of the major hurdles landlords face in renting out the property to students is the lack of trust. As students are new to the country it is stressful for landlords to find tenants that will obey their terms and often credit, personal credential checks are impossible to conduct. When it comes to students, things are a bit trickier so more than trusting on an instinct it is important to build rapport to ensure you will receive money guaranteed each month.
Along with an elaborate advertisement make sure you have a great pictures and in detail list all the amenities and utilities with the rent. Also when choosing to rent a property to students make sure you to communicate the house is available to students only. Ideally, also narrate the benefits for students and encourage groups of students to share the house whom they know as they will be sharing common areas. When you have made up your mind to rent to students the below mentioned tips can help to find great students as tenants;
Identity Proof: The most universal identification proof is a photocopy of the passport. You can also ask for a student card and or college/university acceptance letter.
Deposit: Make sure you ask the tenant to pay the first and last month’s rent as a safety deposit as many student tenants seem to change minds and in such a case the deposit money counts towards the ongoing month’s rent and is often non-refundable.
Contract: Sign a lease contract with the student tenant for a term of 1 or 2 years stating the monthly rent payment. Also clearly notify the tenant the repercussion of non compliance of the terms and conditions.
Address: Get information about the most recent addresses the tenant has lived within the country if applicable. Also make sure to note the information of a next of kin or a guardian to contact in case of an emergency.
Expectations: If as a landlord you do not wish that the tenant to have pets or smoke or organise parties make sure to clearly communicate.
Following the above mentioned simple steps you can avoid the stress of finding the perfect tenant. Don’t forget to share your tips or experiences of finding an student tenant. While you are here check our amazing new listings.