At Draker a huge amount of our business is done with students coming to London in their droves during the summer. We love students and the energy and positivity that they can bring to our market.
Without a doubt students are the high flyers, business heroes and entrepreneurs of the future and should be respected as such. However, as well as being our business future, they can also be really messy and late in paying their rent…
This is always clearly down to the fact that they are often completely unaware of and unprepared for the lettings process. Renting a property in London and more importantly how to make sure that their tenancy goes from beginning to end without a glitch is often completely alien to them.
So here are few of my personal tips that I give to students:
Be ready to move quickly
The student market is the most competitive part of the summer rental market in London, with tenants queuing up for the best properties in the most desirable areas. Having funds ready and whatever references you can provide is crucial. You should be ready to sign, pay your money and provide references within 24 hours of making an offer.
Be ready to pay upfront
Landlord’s need some kind of financial security in the form of a well-run bank UK account (with money in it!) or a UK asset in order for a tenant to be able to pay rent monthly or quarterly. Without this it has become the norm for most students to pay six months’ rent in advance (as well as a six week deposit).
Set a rent reminder
The most common point of friction that our clients come up against when dealing with a student is the late payment of rent. As the agent we completely understand that this is normally just a simple case of being a bit scatty but most Landlords will see late payment of rent as a red flag as to a student’s character and reliability. Our students can easily avoid this by setting reminder in their smartphone a week before their rent is due. Very often they need to contact their folks back home to arrange a transfer and being ahead of time really helps with this.
Get a cleaner
If a student is not a neat freak and really cares about getting their deposit back at the end of a tenancy they will need to make arrangements for a cleaner. Many of our student tenants are excellent (especially women) and have immaculate properties. But the messy ones….they really do push the boat out and are often the first to complain if a landlord attempts to get make financial amends with part of their deposit.
If a tenant is in doubt about anything we always refer them to their tenancy agreement as a first port of call. The agreement contains all that a tenant needs to know about the processes in place (and that a tenant has agreed to). The lettings process goes much more smoothly for our student tenants when they read and understand all their paperwork.
More Information for Students
As the local letting specialists across Chelsea, Knightsbridge, Belgravia, Pimlico and Fulham, we’ve got a great selection of flats and apartments ideally located for many of the best schools and universities in the area.
Students and Lets: Facts and Figures
- In the summer months 40% of Draker’s tenants are students.
- In Central London a single student spends an average of £450 per week with us
- Two people sharing send between £650 and £750 per week.
- Sharers property must have well-proportioned bedrooms not next to each other to attract the best of the student market.
- Our average length of tenancy with student rentals is 18 months.
- In the last 5 years we have not had one rent default from student tenant – blasting part the myth that students are financially unreliable.
- Students can be a little disorganised but we have found always pay the rent.