Letting rental properties to student tenants can be very lucrative: you are pretty much guaranteed rental income for a year in advance and if you own buy to let properties in popular university cities, there will be no shortage of students waiting to move in. But although many students make excellent tenants, there are long holidays between academic terms and your properties could be left empty for several weeks at a time.
Potential problems during student void periods
1. An empty property is a magnet for thieves and squatters, so if you know your student tenants are going home for the summer holiday, make sure locks on doors and windows are in good condition and keep a close eye on the property. Ask your students to hide any expensive equipment out of sight and avoid telling all and sundry that they are going to be away.
2. Accidental damage caused by a running tap or a leaky pipe is very common in empty properties: if someone fails to turn a tap off before they head home for a couple of weeks, the subsequent flood could cost you a lot of money. The best way to prevent such problems is to turn the mains water supply off when the property is left vacant.
3. Some students may decide to sublet their house or flat whilst they away, but although their new best mate might seem like a nice guy, he could just as easily bring his pets along for the ride, thus leaving you with a bill for damage to furnishings and carpets. It is also not unheard of for unofficial tenants to turn an empty house into a cannabis farm or brothel for the summer break, so make it quite clear to your student tenants that this is not an option!
