The academic year is about to get underway. You’ve probably filled most if not all spaces in your property or properties. Whether you rent to first, second or final year students, undergraduates or postgraduates, you are likely to experience dropouts at some point. Leaving the course is highest amongst first year undergraduates, but that doesn’t mean that other years and PG is unlikely.
How do you handle student dropouts, do you let your existing tenants vet and choose? Ideally, you need to be part of this process. Here are several good reasons for why you should get involved too.
It Shows You Care
The main reason you should have a final say over student tenants is that it shows you are a hands-on sort of a landlord. If you vetted your current tenants including the one that dropped out then you certainly should vet their replacement. Students staying in their first private property may not always choose the best person for you, merely a friend in need that they like. It will also give you the chance to check that everybody is happy with the new arrival.
You Need To Ensure They Are A Student
It may seem like a simple thing, but you need to make sure that the person put forward by your student tenants is also a student. If it is the (working) partner of one of the students or an outsider in the same age group, it could create complications for you. Student HMOs are exempt from Council Tax. When a non-student moves in, many things will change and it will create an unnecessary headache for you.
You Need To Ensure They Are Suitable
Meeting them in person is the best way to ensure that they are genuine. Vetting them in advance of replacing your lost student is your only chance to pick out any red flags or bad vibes. Most landlords don’t really care about harmony in the property so long as nothing gets damaged and the bills get paid on time. Unsuitable students may lead to problems; you certainly don’t want to be the person expected to sort out domestic disputes, that is not part of your obligations as a student landlord.
Your Chance to Explain The Rules and Answer Questions
As well as ensuring the replacement is the right one for the household, it is their chance to ask any questions they might have. If there are problems, it may be too late once they’ve signed and moved in to discover that it isn’t quite suitable. They should have checked that they could get to campus, for example. Other problems they may not have considered are issues with parking (not enough spaces), internet connection and coveragem and other things out of the control of your student tenants.