An HMO (3 bedrooms or more) property in Marchmont with double bedrooms, good décor and well maintained throughout should command £400.00 per room minimum. If advertised with good pictures on the major portals like www.citylets.co.uk and www.zoopla.co.uk the phone will be ringing red hot.
We have recently rented two 5 bedroom properties over looking the Meadows for £475.00 per person creating a £2375.00pcm rental. We had tenants qued outside the door prior to the viewing and had to run the viewing on a one in one out system as there were so many interested students.
Most students ask if possible for a lease to run from Aug/Sept to May/June the following year. ACE run student properties on 1 year leases and once discussed most students are able to accommodate a year. Make sure though that during inspections there are no rooms being sub-let. Tenants with placements abroad during the summer months often try and move someone else in to take over their liability for rent. The new tenant could cause damage and disappear leaving a headache for an agent or landlord to resolve at the end of a lease.
Make sure inventories and photographs are completed and agreed with student tenants at the start of a lease. It is not unheard of for students to throw a party during the year and for the property to take a hit! Don't get me wrong some student properties are clean and tidy all year with tenants handing a flat back in just as good if not better condition than they got it. But there are some that need a professional clean and repairs done on exit so the inventory and pictures become extremely important. The Tenancy Deposit Scheme will handle deductions and disputes so make sure everything is set up correctly at the commencement of the lease.
During a student tenancy access for inspections and maintenance will be required. Believe it or not sometimes students don't answer their phones or EVER get back to you. I'd recommend always e-mailing a tenant so that there is a trail of communication and you can prove that you have tried to make them aware that access is needed. Try to avoid going into a property without consent unless there is an emergency. Communication with your tenants is crucial to keep relationships strong.
Many landlords try to stay clear of students. Our portfolio www.acepm.co.uk has a strong mix of professional and students lets and both provide different problems every now and then. When renting to students be sure to get previous landlord references, guarantor agreements and increased deposits when required. I can not stress enough that setting everything up correctly at the start of a lease will reduce the chances of problems during and after a tenancy.
Tenancy Deposit Scheme