Chichester is home
to just over 5,000 University students, studying a variety of courses ranging
from Fine Art to Sports Science, and Primary Teaching to History. In such a
vibrant and thriving University city comes a very strong student buy-to-let
market.
Having worked with
many student landlords over the years, one of the most important aspects of the
lettings process I have learnt is that advertising timings and tight tenancy
renewal's processes are absolutely key to securing a successful tenancy.
Experience tells us
that the majority of motivated students looking for accommodation for
the next academic year will start their search early to ensure they secure the
best houses available. Approximately 80% of students will look to secure
their accommodation for next year during the months of January and
February.
If you are a
landlord with a student property for this next cycle here are a few
tips that have served us well in ensuring your property does not get left
behind when the window and interest closes (around late March/early April.
1. Have you
or your agent called the existing tenants to
determine their intentions for the next academic year? They
should be offered the option to renew at a price you have decided with the help
of your agent if you currently use one.
2. Ensure a
time frame for decision is agreed. As the marketing window for this period is
so sensitive it is always best to lay out the conditions under which the
renewal is offered. We recommend a decision by the 1st February with a new
agreement signed and completed. During this time the property should be
marketed and the tenants made aware, so that interest is generated.
3. Get that
signed agreement back ASAP! A tenant telling you 'yes we would like to renew',
is not a legally binding agreement. Every day that you don’t have
a signed agreement is another day wasted on marketing. If
you don’t have an agreement in place and the tenants decide to change
their mind, your property is caught in a bad marketing period and you may
struggle to secure new tenants for the following year. Tenants DO change their
minds for all sort of reasons. they drop out of their course, they decide they
need a change or they fall out with their housemates. It all happens and more
regularly than you'd imagine. A signed agreement ensures they are committed.
4. If your
tenant is leaving, do not delay the marketing and most importantly of all,
instruct a reputable letting agent (unless of course you are already using
one!). All new first year tenants will be guided by college mentors. This includes
advice on accommodation and the "do's and don’ts" when
renting a property. A decent agent offers them the security they are looking
for and gives your property the greatest shop window to achieve maximum return
- The World Wide Web of course!
If you are a
student landlord, or considering entering the student BTL market, please give
me a call on 01243 887887. We always give our advice freely and are happy to
assist with any questions or queries you may have.
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