Silly Q - renting to students

Jude13

We are thinking of renting a place to students, never thought of this before and Im sure i will come across dumb. Anyway do students rent on a yearly basis or say Sept o May?

If the later are the terms of rental drawn up that way? Is it not a pain to have an empty place for a few months and having to re-advertise and re-rent?

4ensic15

Jude13 wrote: »

We are thinking of renting a place to students, never thought of this before and Im sure i will come across dumb. Anyway do students rent on a yearly basis or say Sept o May?

If the later are the terms of rental drawn up that way? Is it not a pain to have an empty place for a few months and having to re-advertise and re-rent?

It all depends on the local market. Some students rent for a full year if they have no other option. Most rent for the academic year. It is a pain having to re-let every year. The advantage is that students can be squeezed in tighter when they are there so there is not much loss of income. It also means that the property can be upgraded and refreshed each year and the rents adjusted for the following year.

Suzy_2018

I rent out 2 of my rooms to students Sun - Thurs evening and it is perfect!
We charge €300 per student which includes breakfast, wifi and bills - both rooms are twins.
They are generally gone from Mid/late May to Mid Sept and to be honest we are glad of the break then.
Actually two of them offered to pay over the Summer last year to hold onto the room - but we didn't charge them and just held the room for them which saved the hassle of looking for tenants - however we do charge over Christmas and other holiday periods.
I was a bit nervous about renting to students but honestly they just get the head down and are very quiet. Of course they go out, but there's never a bit of bother with them.
We earn about €10,000 in total a year tax free from it and pay that off our mortgage and will do that for another 6 years and then we'll be mortgage free!

TheChizler

Good info but I think the OP is looking to rent out an entire property, or at least one different to their principal residence, as opposed to renting out a room in their own home.

wirelessdude01

Jude13 wrote:

If the later are the terms of rental drawn up that way? Is it not a pain to have an empty place for a few months and having to re-advertise and re-rent?

There are always people with summer jobs or students finishing masters or doing research that are looking for good quiet places over the summer months. That is the way I generally fill my place over the summer.

Suzy_2018

TheChizler wrote: »

Good info but I think the OP is looking to rent out an entire property, or at least one different to their principal residence, as opposed to renting out a room in their own home.

Apologies - new to boards, so just getting the hang of it!

JimmyMW

4ensic15 wrote: »

It all depends on the local market. Some students rent for a full year if they have no other option. Most rent for the academic year. It is a pain having to re-let every year. The advantage is that students can be squeezed in tighter when they are there so there is not much loss of income. It also means that the property can be upgraded and refreshed each year and the rents adjusted for the following year.

Also just to add to that, if you get bad student tenants, at least you will be rid of them in 9 months, unlikely that they will over hold

the_syco

If your house is a cesspit and you haven't updated anything in it for 5 years; rent it to the 1st years.

If you like your house, rent it to 2nd years and up. Have seen a few houses rented to 1st years who never lived away from mammy before, and the place was in bits.

How many rooms are in the house? Most of the places I rented when I was a student, the house was rented by the room. I imagine that gives the LL more power for evictions.

As said, check your local college/uni/IT if they do summer students. Usually you'll get the summer students during the summer, and they're usually grand for the most part.

Michael D Not Higgins

the_syco wrote: »

If your house is a cesspit and you haven't updated anything in it for 5 years; rent it to the 1st years.

If you like your house, rent it to 2nd years and up. Have seen a few houses rented to 1st years who never lived away from mammy before, and the place was in bits.

How many rooms are in the house? Most of the places I rented when I was a student, the house was rented by the room. I imagine that gives the LL more power for evictions.

As said, check your local college/uni/IT if they do summer students. Usually you'll get the summer students during the summer, and they're usually grand for the most part.

Actually, even if they rent by the room they are still multiple tenants. In this case, section 51 allows for individuals to lose Part 4 protections.

One way to do it is have the tenancy in one person's name and the rest are licensees of the head tenant.

The last way is much more contentious and more difficult to enforce and that's where everyone is a licensee. This requires the landlord to retain access to the property and there is no defined way to prove this and should there be a case at the RTB they will take the case on its merits.

Jude13

Cheers for all the info, I really appreciate it.