letting to students derek goss and jackie warden university of kent

Letting to Students

Derek Goss and Jackie Warden

University of Kent

Higher Education in the UK

• 2.3 million students in Higher Education

• 116 Universities

• 43% of UK 18-30 year olds are students;

• 1.2 million full-time undergraduates

• 600,000 part-time

• Postgraduates: 250,000 f/t, 250,00 p/t.

• 230,000 non eu international students,

• 110,00 from the EU.

• More women than men.

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University of Kent

• Leading University

• Strong international impact

• 17,000 students and over 2,000 staff

• Students from 130 countries and staff from 70.

• £160M Turnover

• Excellent locations at Canterbury, Medway, Tonbridge, Brussels and Paris

• Developing a European identity

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Typical student room at University

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Another one

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Internet access - really important!

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Student housing in Medway

• 604 rooms in Medway for first years and international students

• Year 2 & 3 students have to rely on the private sector and want to be near the campus with friends

• So walking distance or on a bus route

• Average rent for a single room in a shared house is £65 to £85 a week

• Deposits are usually equivalent to 1 or 1 ¼ months rent

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So why should I consider letting to students?

• Location of my property

• Possibility of higher rents

• Eg £75 pw = £300 per room pcm

• Affinity with type of tenant

• Lower tenant expectations

• Lower risk of non payment

• Tenants move on at end of tenancy

• Re-assurance of advice from University

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What do I need to do?

• It’s a business!

• Meet current housing legislation

• HMO regulations 2006

• More active management required by you or your agent

• P/permission required after April 2009

• Install hard wired fire safety system

• Invest in gas and electrical safety

• Cover garden maintenance

• Join the Accreditation scheme

• Advertise with the University

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What does the University do?

• Source of tenants

• Cuts out the middleman - saving 12 to 15%

• Offers advertising service to landlords

• Guidance and information on letting to students – handbook

• Supports Accreditation

• Will represent students

We do not

• Offer landlords a property management service

• Act as rent guarantors or guarantee finding tenants

• Tolerate discrimination or unfair treatment of our students

• Accept liability for damage to property

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Safety is essential!

• University Accommodation Office wishes to protect the health & safety of its students

• Inspects property before advertising it

• Requires copies of gas and electricity safety certificates from landlords

• Expects hard wired fire safety systems in houses

• Supports Accreditation and good landlords

• Reserves the right not to advertise if it lacks confidence in the landlord or their property

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Important issues

• Student house hunting season

• January to April or in September

• Housing Fairs January and March

• Contract length September to June

• Be prepared to let to groups or individuals

• flexible contract arrangements eg rents to include cost of utilities etc

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Professional landlord/agent?

• Level of service offered?

• Is the property Accredited

• Convenient Location

• Decent state of repair

• Fair rent and contract

• Is the heating and hot water system modern & O.K

• Are there adequate cooking/refrigeration facilities

• No damp or condensation

• Secure doors and windows

• Fire safety equipment

• Safety certificates

• Speedy maintenance service

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Please spend some money on the décor!