The Association of Residential Letting Agents (ARLA) has issued advice on the UK student lettings market to first time landlords.
UK Landlords should look to the student lettings market in order to get their empty properties rented out, according to ARLA.
With over 600,000 students starting university courses in major UK cities this September, the student lettings market is a thriving business sector.
UK landlords who are used to renting to working tenants and securing the rent with Rent Guarantee insurance may be wary of entering the student rental market but ARLA insist that the student rental market is a thriving business concern.
ARLA has issued advice on the best steps to take when renting to students that is invaluable information, especially for new or first time landlords.
Guidance for landlords includes ensuring students understand their obligations as tenants, (even when they are likely to be away from the property during long university holidays), joint or several liability clauses, in case students leave the property unexpectedly and conducting a comprehensive inventory, as students don’t always have the best reputation for looking after properties.
Specialist UK Landlord and Letting Agent service providers, Legal 4 Landlords, also urge new or inexperienced landlords to seek advice from a reputable property managing agent, with a proven track record in successful HMO and student lets, before entering the student lettings market and advise landlords to enquire with the relevant local authorities about licensing and compliance with any local legal requirements.