Students make reliable tenants
Contrary to popular belief that student tenants are a risky group to rent your property to. Students do in fact make extremely reliable tenants despite Landlords’ concerns that they may cause the most issues.
Statistics released by Total Landlord Insurance show that the average claim value for properties tenanted by students is recognised as the lowest of quantified demographics, with only 9.6% of claims coming from these properties.
The average claim value for student properties is £2,090.18 which around a third of the claim amount for DDS (Department of Social Security) tenants at £6,072.97.
This statistics support the theory that students do make great tenants, which may very well influence a landlord’s decision when investing in new properties for the student let sector.
The NLA conducted a survey last year which established that students were the least likely demographic to skip rent payments, and offered the highest yield.
Considering that students do tend to occupy their homes more frequently than a full time employed professionals, they are therefore more likely to notify a landlord as and when an issue arises.
Properties that are checked regularly and have routine maintenance carried out are less likely to claim because the problems can be prevented before they escalate, backing up the notion that students are reliable tenants.
Eddie Hooker, CEO of Total Landlord Insurance discussed his opinion on why students are reliable tenants, despite potential disputes. The CEO said that “Students tend to live in properties for nine months of the year then move out, giving landlords the summer months to carry our necessary maintenance work for the following back of students. This is something that many other residential landlords might not get the opportunity to do as frequently.”
Eddie Hooker also added that, “Students usually have their parents as a guarantor when renting a property which, as well as covering unpaid rent, usually extends to other conditions such as damage caused to the property. Therefore, any problems that arise can often be settled outside of an insurance claim.”
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