Letting to students proves academic for landlords
As students head back to university for the start of the new academic year, the National Landlords Association (NLA) looks at what it’s like to be a student landlord.
The NLA’s latest Landlord Panel* research suggests that students are amongst some of the most reliable tenants.
According to the research, students are the least likely of all tenant types to miss a rental payment; only 38 per cent of landlords letting to students have experienced arrears in the last year**.
Student landlords also experience the lowest incidence of voids with fewer than one in three (30%) having empty properties in recent months***.
In addition, student tenants and Houses of Multiple Occupation (HMOs) offer the highest rental yield; 6.7 per cent and seven per cent respectively, considerably higher than the 6.1 per cent UK average.
The stats highlight how different tenant groups compare:
- **Landlords letting to students are least likely to have experienced arrears
- 38% of landlords who let to students have experienced arrears in the last year
- 59% of landlords who let to blue collar workers have experienced arrears in the last year
- 71% of landlords who let to benefit recipients have experienced arrears in the last year
- ***Landlords letting to students are least likely to have experienced voids
- 30% of landlords who let to students have had empty properties in the last three months
- 40% of landlords who let to families have had empty properties in the last three months
- 49% of landlords who let to older couples have had empty properties in the last three months
Carolyn Uphill, NLA Chairman, says:
“It is encouraging to see such positive figures reported by landlords who let to students. However, it’s important to highlight that letting property to students – indeed, letting to any tenant group, is not an easy win. As a student landlord myself, I know that it can be very hard work and requires the investment of time as many of your tenants are living away from home for the first time. It is this dedication to the relationship that makes letting to students so rewarding.
“As with all tenancies, it’s important to establish a good, professional relationship from the start. It is also essential that you set out fair terms in your tenancy agreement and that both landlord and tenant fully understand their obligations throughout the tenancy. If you get this right then the tenancy generally runs smoothly.
“I wish student landlords and tenants a successful start to the new academic year.”
*1066 online interviews with NLA members carried out between 14th and 28th June 2013
For further information, please contact:
Senior Communications Executive, NLA
020 7820 7903
NOTES TO EDITORS:
The National Landlords Association (NLA) is the UK’s leading organisation for private-residential landlords. It works with 39,000 landlords, of which 21,500 are paying members, ranging from full-time landlords with large property portfolios to those with just a single letting. NLA membership helps landlords make a success of their lettings business by providing a wide range of information, advice and services. The NLA campaigns for the legitimate interests of landlords by seeking to influence decision-makers at all levels of government and by making landlords’ collective voice heard in the media. It seeks to raise standards in the private-rented sector while aiming to ensure that landlords are aware of their statutory rights and responsibilities. Based at its head office in Central London, the NLA currently employs over 40 full-time staff and has a network of more than 50 regional representatives and branches throughout the UK.