Students require special considerations especially given that for most of them, their parents will be covering their rental. It must also be noted that for many, moving into student digs will be the first time that they will be living alone, and likely far away from their home base and other support groups and systems.
1. Furnished or unfurnished
The debate is furnished or unfurnished? There are advantages and disadvantages. Furnished apartments may allow you to add a premium, but damages are inevitable, meaning replacement costs can be difficult to manage, especially if there is a high turnover in tenants.
Advice: Offer a partly-furnished apartment, with built-in fixtures such as a desk and even seating. Stay away from providing appliances as these tend to experience the highest wear and tear.
2. Floor coverings
It is rare to find a student tenant that is particular about cleanliness. Either this is because they don’t have the time due to varsity commitments and study, or they are just simply plain lazy. Carpeting is not advised as you will need to have them cleaned regularly and you cannot depend upon a student to motivate for this with the lease-holder.
Advice: Ensure floor coverings are visually attractive, durable, easy to clean, and slip resistant. Tiles are the best solution but stay away from light colours.
3. Security
One of the major concerns for parents and guardians is whether their child is going to be safe. Security doors and working locks, as well as windows that close are crucial to the attractiveness of a property.
Advice: During the mid-lease inspection, do not forget to check all security aspects, and consider installing external camera’s at the door and other external entry/exit points.
4. Internet
By far the most important value-add, is a stable and efficient internet connection. Whether right or wrong, students today consider access to the internet as a basic right.
Advice: The monthly cost of connectivity can be recovered by being incorporated into the rental, and generally provide an unlimited package.
5. Amenities
Beyond the internet, it is a good idea to limit cooking facilities, providing instead those that do not pose a fire hazard.
Advice: Induction cookers and microwaves are safer than a traditional hotplate/oven combo, but do come with maintenance needs.
6. Year-to-year
The ideal is to secure the same tenant for the entire length of their study - so from 3-4 years. This may mean needing to be flexible in considering requests (be that maintenance or additions) from the student, or supplying items that will encourage them to stay for the long term.
Advice: Check in with the student regularly. Not only is this reassuring for the tenant and the parents, but it also encourages longer term tenancy because you care about their wellbeing.
7. Communication
Without doubt, being responsive to messages from your student tenant is crucial. If they have a concern it should be addressed immediately, and which will prevent the need for the actual lease signers to become involved.
Advice: Do not treat the student as a child. They want to be able to stand on their own two feet and be recognised as an adult who can make decisions and negotiate. Be patient and provide them with guidance but do not tolerate disrespect.
8. Breaches to the rules
Some students are quiet and studious, others may be rowdy and intentionally disregard the rules. In the first few months of university/college, students are inclined to be far more social, and in bigger crowds as they start to explore being alone. They often do not understand the importance of how their activities and noise levels impact on neighbours.
Advice: Ensure that the rules are clearly laid out, and verbally explained to the student so there is no misunderstanding and clarity on expectations. Entertaining in the apartment should be limited to the best number for the size, eg: in a bedsit no more than two.
9. Insurance
It is always a good idea to review any insurance policy you have related to the property. There are many unknown potential incidents that can occur because a student does not have the experience or knowledge of threats, such as overloading electrical connections that can cause a fire.
Advice: Chat to a financial or insurance advisor about the different potential scenarios that may threaten the property and insure accordingly.
10. Maintain compliance to legal obligations
Always refer back to the lease agreement in disputes, with either the tenant or the person that signed the lease. Even if you do not wish to have any kind of relationship with your tenant, it is important that you protect your investment property by following the relevant legislation.
Advice: Ensure that the lease agreement includes special conditions if you have those. It is always best to have the lease drawn up by a professional who has experience in student rentals. Familiarise with the Rental Housing Tribunal to ensure you are aligned with the law.
