Advice For Property Owners Who Want To Rent Out Student Accommodation.

[Michelle Alden]

Privately owned off-campus student accommodation is in high demand. This is according to Adrian Goslett. CEO of RE/MAX of Southern Africa, who says that statistics have shown a consistently healthy return on investment over the years.
It is an added advantage if your unit has good security within walking distance of the campus and other amenities such as shops and entertainment.
Goslett offers the following advice to property owners who want to rent out student accommodation:
• Start advertising student accommodation from September onwards as this is the time of the year parents normally start looking for accommodation for their children for the next academic year.
• Property owners to apply same risk management principles that apply to their rental properties. These include coming to an agreement on what is regarded as acceptable tenant behaviour, signing a valid leases agreement, securing a deposit and agreeing on breakage costs to be paid in addition to the deposit.
• Inspect the property on a regular basis at a time that suits the tenant
• The timeous collection of rentals as levies, rates and taxes each month are also important
• Consider appointing a professional rental management agent, this can be a cost-effective and efficient solution to managing a rental property.

Please feel free to add any advice that you have to offer to property owners who are renting out student accommodation.

[Danny@Vision]

I would say that one thing you definitely need to consider when renting to students, especially in homes of multiple occupancy (HMOs) is a suitable area for rubbish disposal beyond just wheelie bins. And also make sure you have a clause in the tenancy agreement that anti-social behaviour (late night parties and BBQs) that would cause problems with neighbours will not be tolerated and that you will terminate the agreement should this occur. We have many clients who have had trouble with this in the past.