Renting Your First Student Property

Source: Mark Moz

Many people’s first experience of renting a property comes from University. These property markets are usually different across various parts of the country, but you’re likely to find no short supply in the biggest student cities such as London, Brighton, Bath or Nottingham. Research has also suggested that students are the most reliable form of tenant, owing to their prompt payments and high numbers to fill properties quicker.

Renting your first student property is fun. Imagining yourself and your friends living in a particular house gives you your first taste of the ever changing property market. Now is the time pay attention, because developing an better understanding of how property rental works will serve you well in the future, as well as helping you avoid problems in the future.

First and foremost, most student rentals are handled via letting agencies. The nature of the business is that these agencies manage a large number of properties across a location, commoditising the constant influx of students looking to rent. This is particularly true in popular student cities, where the desire for suitable rental properties is much higher. Letting agencies are also prone to charging ‘administration fees’ for work that amounts to photocopying a few sheets of paper. Be very wary of any charges of this nature, and ask your agency to break-down the costs upfront. You have the right to report any excessive charges to your University accommodation office or trading standards.

Once you’re confident in what an agency is offering, you can move onto nailing down rental prices. The cost of rented student accommodation varies largely based on which University you attend, but averages at around £70 per month. You’ll expect to pay the most in the capital, where growing rental prices have put the average student accommodation at around £120 a month. For a better understanding of what you’re likely to be paying during your studies, consult your University accommodation office, as they should be able to provide you with the relevant figures.

Always arrange a viewing before you put down any kind of deposit. Despite what you have heard or what photos you have seen, you’ll never get the full picture unless you view the property yourself. This should help you be more aware of any problems with the property that would be easy to hide, such as mould or broken appliances. Most commonly in student properties, Japanese knotweed is a major pest which also poses a risk to humans, so make sure your landlord consults a suitable Japanese knotweed removal service before you even consider moving in.

If you’re happy with the property, you’ll move into signing your contract and putting down a deposit. Typically for student properties, your agency will want you to collectively sign an assured shorthold tenancy. This makes everyone in the property liable for rent, even if someone moves out halfway through your term. Your parents will also typically be asked to serve as legal guarantors, so make sure you check with them before even considering signing for a property.

Next you’ll need to pay a deposit. As is the law, your deposit is protected by one of several government-approved payment protection schemes. You have a legal right to know which scheme your money has been entered into within 14 days of payment, so ask your agency or landlord to keep your briefed. This is a legal requirement, so if your landlord suggests skipping the paperwork, don’t even consider it. Once your contract is up, you’ll need to ensure the property is up to the same standard as when you rented it to get your deposit back.

Once you have moved into the property, sufficient self-management is the key to a balanced living space, and your house-mates should be well aware of this. Between you, you’ll need to agree on a system of payment for household bills such as gas, electricity and water. There’s also payment for internet and TV licences that’ll need to be agreed upon. These can usually be paid jointly, which negates the need for one person to put their name down as sole payee.

At this point, the next step is to familiarise yourself with your new property. Your first renting experience is always exciting, so make the most of it and create a living environment that you and your house-mates can all be proud of.