Agent Assist, the nationwide tenant eviction and rent recovery firm, is advising landlords to capitalise on the opportunity to make renovations to their properties over the summer in order to maximise their yield returns over the forthcoming academic year.
The summer months represent a perfect time for landlords to make alterations to their properties to make them more attractive to students searching for suitable accommodation.
Student accommodation can be a lucrative sector for landlords, with strong levels of demand, full occupancy levels and good prospects for rental growth.
Graham Kinnear, Managing Director at Agent Assist says: “Summer is usually the slow season for student landlords and the perfect time to make alterations to their properties. Many landlords think renting to students is an easy way to making money but the reality is that students are a very discerning group nowadays and landlords should always look to upgrade their furnishings to attract the best tenants and yields.”
“Items such as flat screen TVs and Wi-Fi connections that only a couple of years ago were considered a luxury are now considered essential items and those landlords who historically could get away with furnishing a student house with second hand furniture they no longer wanted themselves will nowadays be highly unlikely to be able to attract a good quality tenant group.”
Throughout the summer months, landlords should also carry out necessary safety checks to electrical appliances, gas appliances, smoke detectors and carbon monoxide alarms to ensure they are functioning properly.
Agent Assist is also urging landlords to undertake their necessary homework in order to maximise their earning potential and avoid future arrears.
Stephen Parry, Commercial Director at Agent Assist says: “All tenants should be thoroughly referenced by a reputable tenant referencing firm to ensure they can afford their monthly rent payments and students are no different.
“We advise that student applications are supported by a Guarantor, often their parents, to ensure that the financial covenants of the tenancy can be met. Whilst it is relatively easy to obtain a judgement against someone for money owed it is very difficult to secure those funds from someone who is in full-time education and without any income.
“In our experience parents and guardians are normally quite willing to act as a guarantor for their offspring in these circumstances.”
Mr Kinnear adds: “The student market can be a great source of income for landlords with properties in university towns, and basic pre-planning can ensure that the experience is a positive one for all parties.”