Renting to Students: TDS Poll Confirms Common Issues and Reasons for Disputes in Student Lets?
A recent poll by the Tenancy Deposit Scheme (TDS) asked agents and landlords about their experiences when renting to students. The TDS poll discovered common disagreements, the top causes of dispute, and whether their experiences have encouraged or deterred them from renting to students in the future.
Have you made a deposit deduction at the end of tenancy?
The poll highlighted that a large percentage of landlords and agents have had to raise a deposit deduction, with 88% confirming they’ve raised a deduction at end of tenancy.
For those who had made a deposit deduction, the common issues were:
- 48% claimed for damage to property
- 36% made a claim for cleaning
- 9% deducted for redecoration
- 7% experienced rent arrears
TDS asked, do students take care of your property?
Despite the high percentage of deposit deductions, 60% of all respondents believed that in general, students took good care of their rental property, a common worry when deciding to rent to students.
Why don’t you rent to students?
Of those polled who did not rent to students, the reasons why they were deterred included:
- ‘Too much potential damage, could cause a problem with neighbours’
- ‘Prefer more reliable, professionals in my property’
- ‘Constant redecorating’
- ‘Tend to be unclean and irresponsible, too many late-night parties and elements of anti-social behaviour’
Our results show that the common concerns about renting to students are valid to some extent, with cleaning topping the deposit deduction claims. However, there were no antisocial reasons for disputes, no issues with neighbours, and redecoration claims were in a small percentage.
Inspections and Inventories
Positively, our poll observed that over three-quarters of landlords and agents perform mid-tenancy inspections. TDS encourages property professionals to conduct regular inspections and include them within your tenancy agreement.
Similarly, over half of agents and landlords polled confirmed that they attend check-in/check-out with the tenants present. TDS advises that detailed inventories and check-in/check-out reports are vital to managing a property, navigating a successful end of tenancy and avoiding the chance of deposit disputes.
TDS asked, will you continue to let to students in the future?
Finally, our poll revealed that 86% of agents and landlords surveyed will continue to let to students in the future. With over 2.6 million students in higher education across the UK, there is no question that the student housing market is still a great opportunity within the PRS.
NRLA and TDS Student Lets Guide
In partnership with NRLA, TDS has created a Guide to Student lets, where we look at common issues around student lets, reveal the pros and cons of letting to students, and detail what you need to know about entering the student rental market.
To read more about issues surrounding end of tenancy in student lets, read our helpful blog.
Interested in finding out more about TDS? Join today or book a demo to find out how easy it is to switch!
Alternatively, you can use the TDS scheme through your NRLA membership. NRLA members receive leading deposit protection rates with TDS, too! If you are not yet a member of the NRLA, CLICK HERE to join and receive £15 off membership.