The student housing sector - How does it work ?

The principal difference with student lettings is one of time scale. With traditional lets, tenants generally look for a property approximately 2 - 4 weeks prior to the start of their tenancy and then sign, pay and move in within that period.

The university term starts in September and the majority of first year students go into Halls of Residence for that first academic year. In general, students get together in groups of two or more to secure a property for their second year and look for accommodation as early as December with the majority securing properties early in the new year. Most tenancies will start in September, however, they can commence in July or August if the property is available and this meets your requirements.

Lets can cover a 12 month period. In the past, tenancies often covered just an academic year, with the summer months vacant. However, as the quality of student property has improved, so has the acceptance that students should pay the same period as a professional let.

Tenancies will start around the start of the academic year, and can last for 10 - 12 months depending on your requirements. There should be virtually no void period, just the time taken to change tenants and carry out any repairs. There is a likelihood that existing students will renew for a further year.

Varsity Student Lets will reference students’ guarantors and supervise the signing of both the Tenancy Agreement and Agreement of Guarantee and receipt of initial monies prior to the let commencing.

The property will require an Inventory and Schedule of Condition and a check-in will be completed with the tenants to approve the detail of the inventory.

Flexible management packages can include monthly cleaning of communal areas, regular visit reports, and inclusive or exclusive utility packages.

At the end of the tenancy, the original check in will be compared to the condition of the property and any damages assessed, agreed and deducted from the tenants’ security deposit.
 

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