Most landlords are somewhat reluctant towards renting to students. but believe me, as a landlord you are missing out on one of the highest demands in the market. Students are one of the neediest people for the rental property and are always willing to pay a good amount for it. The main reason behind this high rent is that they don’t get better options and most of the buildings even refuse to accommodate students. Mostly students are associated with parties, accidental damage, and unreliability. But that problem can be solved by getting good Insurance in London services from one of the most reputed landlord insurance providers.
Why Consider Students?
There is no doubt that students bring a risk with them, but student housing is one of the most profitable business in the market. If you are a bit careful, you could make a fortune in this business. some of the advantages of providing student rental properties are discussed ahead in this article. They would help you to understand why you should rent out your property to the students than any other person.
When we talk about students there are millions of students in need of housing. Their numbers are growing day by day and the market demands are much higher than any other tenant. So, if you offer rental housing to the student you would not have to worry about finding tenants. There are always students looking for new and better rental houses. So, you have yourself an unlimited supply as the number of international students is increasing in the UK every year. Moreover, if you are unhappy with an occupant you could find a new one in no time.
Low Risk of Debts
Students fall in a low-risk category of rental arrears. You would not believe me but that is a fact as most of the students live together in a place it is much easier for them to arrange rent on time. On the other hand, if you rent out to some family or couples then the risk of undue rent is much higher as they don’t have any outside support. Whereas the students do have financial support from their parents as well.
Ease of Marketing
Most landlords spend much higher on advertising than their insurance premiums. However, when you rent out to students you will more often sign a yearly contract with them. if everything goes well you might end up signing a whole academic tenure contract. This helps you to save the most of marketing and advertisement. Moreover, you don’t have to deal with every new tenant for six months. You could link your property with a university or student housing website. This would give you a steady supply of tenant especially during peak times such as the start of new academic terms.
The one basic purpose of offering your property on rent is to generate profit and the student’s housing is one of the most capitative high yield markets. As there are many tenants looking for a standard rental agreement. Their high demand increases the profit of rental property owners. This would allow you to make the most out of your initial investment which is very important for you’re the success of your business.
Getting the right Insurance in London services you could minimize the risk of renting to students. A good rental insurance policy would help to protect your assets in case of an accident. Insurance is a great way to have peace of mind. You don’t know what kind of students are residing in your property and what kind of damage they could cause. Moreover, there is always a risk of natural calamities, so you need protection in every scenario. So always find the right insurance policy best for your business.
If you are looking for the best landlord insurance, then I would recommend Cubit Insurance. As they have a lot of experience in providing insurance policies for rental properties. They would also help you to select the best possible covers needed for the property.