5 Good Reasons To Rent Your Room To A Student
Landlords | Information for Landlords | 20/09/16
Have the birds have flown the nest, leaving you with an empty room? Take advantage of this opportunity by supplementing your income throughout the school year!
If you live in a large university town such as London, Birmingham, Glasgow, or even Edinburgh, you will have definitely thought about renting out one of your rooms to a student. Discover all the advantages of this accommodation option with Roomlala.1. Renting a room to a student is a long-term relationship
Whether it be a 6 month internship or a full academic year, renting a room to a student is a long-term commitment. You will have time to get to know your tenant, bond with them, and even help each other out.
By establishing clear house rules from the start (i.e. shared rooms, habits, and respecting each other’s privacy), renting a room to a student can be an interesting, enriching experience and a practical, economical solution for both the tenant and the landlord.
Coincidentally, intergenerational housing is becoming more and more popular amongst homeowners.2. The Student Lease Agreement is easy to manage
One of the key advantages that comes with renting to a student is that the letting period is usually around 9 months - the duration of the school year. This means that the student isn’t losing any months' rent, and allows the landlord to easily manage the arrival and departure dates of their tenants.
A student certificate is required. The lease agreement can then be signed, and the secuirty deposit made. This is usually equal to two months’ rent without charges.3. The financial benefits for the tenant and the landlord
Once a lease agreement has been signed, a part-time student tenant may be eligible to apply for housing benefit if they meet certain criteria.
Homeowners can benefit from a tax exemption. Under the Rent a Room Scheme, landlords can earn up to £7,500 per year tax-free from letting furnished accommodation in their home. However, this threshold is halved if the income is shared with someone else.4. A little extra money to enhance your life
In addition to contributing to the fight against the housing crisis, you’ll be earning a substantial income from the unoccupied room in your home. Depending on your needs or desires, you can use that income to improve or renovate your property, or for a weekend or holiday away while waiting for the next school year!5. Reassuring solutions to prevent outstanding debts
There are solutions to protect you from any outstanding debt, such as a subscription to a rent guarantee insurance. In the case of a student, their parents can usually act as their guarantors. Should a student default on the rent, landlords can pursue the guarantor for the unpaid sum.
Moreover, Roomlala offers a secure online system of payment for the first three months’ rent, and time to organise a direct debit.
What are you waiting for? Experience the pleasure of hosting a student in your home!