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With a steady supply of people going into further education there will always be a demand for these properties. On the whole students make good tenants, and parents often act as guarantors for the rent. And you can make the shortage of digs work in your favour by charging full or reduced rent over the summer holidays so that there are no voids.
According to the independent rental agency, DJ Alexander, the average monthly rent for a two-bedroom flat in Glasgow is £790 and a three-bed is £950 while in Edinburgh you can expect £783 for a two-bedroom flat and £1,061 for a three-bed.
“Landlords accept that it will be some years before their properties start to show appreciable capital growth,” says proprietor David Alexander. “Until that happens the bitter pill of lower house values will be sweetened by a reasonable rental yield of four to five per cent per annum.”
When considering a student rent do your research and check how far the property is from the place of study whether there is a good public transport , and if there is a genuine shortage of digs.
If you’d prefer not to find tenants and conduct viewings yourself it is advisable to employ a letting agent, who can also manage the property if desired and advise you on relevant red tape. This includes applying to your local authority for a House in Multiple Occupation (HMO) licence when renting to three or more people who are unrelated and failure to do so is a criminal offence.
METRO, 4 May 2011
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