It’s official: students make great tenants!

It’s official: students make great tenants!

 

Research by Total Landlord Insurance, show that the average claim value for properties tenanted by students is the lowest of all demographic profiles quantified, with only 9.6% of claims coming from student properties.Contrary to belief, students do in fact make very reliable tenants.

Landlords with student tenants make the second fewest insurance claims. Last year the average claim value for student properties was £2,090.18, nearly a third  less than that of DSS (Department of Social Security) tenants which was £6,072.97.

In 2013, a survey by the National Landlords Association found that students were the least likely to skip rent payments and offered the highest yields.  The latest figures from Total Landlord Insurance further support the theory that students make great tenants.

Eddie Hooker, CEO of Total Landlord Insurance says “Arguably, there are two reasons for this. Students tend to live in properties for nine months of the year and then move out, giving landlords the summer months to carry out necessary maintenance work for the following batch of students. Something that other residential landlords might not get the opportunity to do as frequently.

Secondly, students usually have their parents as a guarantor when renting a property which, as well as covering unpaid rent, usually extends to other conditions such as damage caused to the property.  Therefore, any problems that arise can often be settled outside of an insurance claim.”

Total Landlord Insurance says properties that are checked regularly and have routine maintenance carried out are less likely to need to claim because smaller problems are fixed before they escalate. Students tend to occupy their homes more frequently than a full-time employed person, for example, and therefore are more available to notify a landlord as and when issues arise.


Published in: Property Update

Bookmarking: