A large number of landlords prefer letting their house properties to students, in Dunedin. This helps them to maintain the asset values of the property and to earn a fixed amount of money per month, as rent.
But, landlords have to know that renting properties to students is not as simple as renting to a normal family. There are many important factors to consider by the landlord before going for student property renting.
Consulting professional Dunedin property asset management firms or Dunedin property managers for students, is one of those considerations. These are the best when it comes to dealing with renting house properties to students.
6 Unique Elements to Assess for Renting a Property to Students, in the Right Way
It is important for every type of landlord to know the right way of letting their house properties to students in Dunedin. So, considering the following factors is always necessary for property owners.
- General Duties of the Landlord
Renting house properties to students is different from renting a property to an average tenant. A landlord has many different responsibilities to perform while letting their house assets to students.
Common landlord duties include deposit protection for tenants; fire safety system and regulations; LPG/cooking gas line safety. If the students are foreign nationals, then the landlord also needs to check the immigration of the tenants.
If possible, then the landlord can also check the financial support of the student tenants, before letting the property to them. They can also consult professional Dunedin property asset management firms, for renting their properties to students.
- Preventing Unacceptable Behaviours From the Tenants
Showing any kind of anti-social behaviour on the property, must be a big “NO” for the student tenants, from the landlords. It is mandatory for the landlord to prevent anti-social behaviours from their tenants.
This may include having late night parties on the property; not the using the dustbin/recycle bin for throwing garbage.
Preventing anti-social behaviour will help the landlords to protect their reputation and prevent legal/police cases against them.
- Multiple Tenant System
This is one of the biggest benefits of renting house properties to students in Dunedin. Landlords will be easily able to convert two or three person rooms into a multiple occupation space.
This ultimately means that the landlord will be able to divide the risk among multiple students, instead of just one bearing all risks. If one student leaves the property in the middle of the agreement, landlords will keep receiving the monthly rent from the rest of the tenants.
Multiple tenant systems provide reliable rental income to the landlords, as per the agreed terms and conditions.
- Furnishings and Other Amenities on the Property
As the property will be rented to the students, there is a high chance that they will bring something more than just bags and books with them, while accommodating. This can include a big-size piano or a giant corner sofa.
So, it is necessary for house owners to furnish the property according to the convenience of the students, before putting it for renting. This not only enhances the attractiveness of the property for the student tenants. But, it can also help landlords in modifying the total rent amount to be taken from the students.
Also, it is necessary for landlords to conduct a full inventory survey after the tenants leave the property. This will help to ensure that every furnishing item and other amenities are in proper working condition.
- Marketing/Advertising The Property
This is a very important factor to consider by all kinds of landlords in Dunedin. Marketing/advertising the property for letting helps in finding the right tenant party.
To do this effectively and efficiently, landlords can consult top-ranking Dunedin property managers for students. They can also consult professional Dunedin property asset management firms to promote their house properties, for student renting.
By promoting in the right way, landlords will be able to find student tenants, who will be staying on the property, throughout their session. Also, they can bring other tenants on the property, if the services on the property are good.
This, in return, works for the promotion of the property.
- Rent Agreements And Legal Considerations
Creating rent agreements is a very crucial task for developing a healthy relationship between the landlord and the tenant party. This will help to bind everyone equally, with clear communication and shared expectations.
Landlords have to ensure that the duration of the rent agreement should last till the end of the academic session of the student tenants. It should also include clauses for property maintenance; outside person visit; and limits for noise generation, on the site.
Conclusion
Landlords must follow different factors and consult with a reputed Dunedin property asset management firm, before renting their house properties to students.
Considering these, will be beneficial for the landlords to accommodate appropriate student tenants. These tenants will reside on the property with proper care, discipline and comfort.
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