Is forcing student renters to use a professional cleaning service the best way to protect your asset and attract high-end tenants?
As more landlords force their tenants to use a cleaning service on a monthly basis, student rental investors are also being advised to embrace the same idea to protect their assets.
Many landlords resist getting into student rentals as they fear that the properties will endure more wear and tear thanks to a higher volume of people.
While making tenants pay for a cleaning service is a good idea, enforcing it can be difficult.
“There is the option to ask students to pay slightly more rent in return for a monthly cleaning service,” says Tim Collins from Student Rental Investing. “On occasion they will agree to this as long as the increase is very modest. The challenge is if you're in a competitive marketplace the students may opt for something a little cheaper and just assume that they'll take care of the cleaning.”
He says that investors cannot afford to let student houses operate without some form of hands-on management.
“If a house isn't cleaned and maintained it can be a slippery slope and result in quicker deterioration of the property. You will also find it more challenging when attempting to rent the house out if it's in bad shape,” he says.
Unlike single family homes that can be left alone for months without inspections, student houses really need to be checked on at least monthly to ensure all is well. Ultimately we normally explain this as an option to the students, and if they decide they want to take on the cleaning let them know this is the fall back position if it's not kept to a good standard.”
***Select Property Group is the UK’s largest retailer of investment property. With more than 9,000 properties sold in over 100 countries, the Group has a well-earned reputation of delivering successful investments in both emerging markets and also through the identification of niche opportunities in more established markets. With over ten years’ experience, the Group’s success is built up on a clear vision to develop market leading brands that are instantly recognisable and cannot be replicated. Underpinning each brand is an unswerving commitment to the end customer, delivering products which are relevant, authentic, and different. By adopting this approach the Group guarantees occupancy levels in its properties, thereby driving the yield and value of its investments.
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