Summer is usually the slow season for student landlords, as of the end of May most students will have finished their academic year and will be heading home. However, just because there are fewer students about in the summer doesn’t mean you should just leave your properties to sit there! So here is our guide to summer for student landlords:
Void Properties
If the tenants in some of your properties are in their final year you will probably find that they will want to vacate the property as soon as they finish their degrees. Furthermore, even if you have already arranged tenants for the next academic year they will not move in until the beginning of September, and so you will have a couple of months to carry out maintenance in your properties. Be warned though, the summer may seem long but organising work can often take longer than you think, so make sure you plan everything straight away! Even if you are finished early it means you can relax for the last couple of weeks of summer and know you are ready for when your next tenants come!
Summer Lettings
Sometimes you may find that your tenants will ask if they can stay in the property over the summer months, especially if they have jobs nearby. This is generally quite easy to arrange if they are also renting the property out for the next academic year, but if not you will probably have to move them to a different property, draft up a new Tenancy Agreement and inform your landlord insurance provider. The best way to organise this is send a letter to your tenants about a month before the end of term advising them that if they want to stay for the summer they have to let you know and that you will be happy to help on a first come, first served basis.
Short-term Lettings
If you own a student property in a coastal town such as Brighton or Bournemouth you may find that tourists will be interested in renting the property out during the summer months. This is a great way to make some extra money if your property would originally be empty for the summer, however it does mean you will have to make sure the house is cleaned as soon as your student tenants move out and then once again after your summer tenants leave. Naturally, this means that you will spend a good part of your summer maintaining your properties, so this is only a good idea for landlords who don’t mind the extra work!
Just because the student year has ended doesn’t mean you can’t make money off of your student properties, so see who’s around and don’t miss out on a good opportunity!