Renting out your flat to students, yes or no?
November 4, 2020
If you have a flat available for rent in Girona and you want to rent it to students, at Espígul Real Estate we can help you find the best candidates and do it with an easy, quick process and 100% advice from our professionals.
The decision to rent your flat to students should be considered but it is as valid as a regular rental. If you decide to rent your flat to students, you should weigh up the various advantages and disadvantages involved.
- High demand for this type of rental in university cities. It is also a cyclical process, as new students are always arriving.
- Guaranteed payment as parents usually put themselves as guarantors in the contract.
- The contract is usually temporary, so you have immediate availability of your flat.
- Renting to students (between 18 and 30 years old) also provides tax benefits in the tax return.
- Some students may wish to rent the flat only during the university course months (September-June) or ask for a reduction in price during the summer months.
- Although this is not usual, it can lead to inconveniences due to their age, such as parties or damage to furniture.
All you need to consider before renting your flat to students
Decide if you want to rent the whole flat or by rooms
When renting a student flat there are two possibilities to consider:
You can rent the whole flat to a group of students who already know each other and want to live together. In this case you only need a contract with the name of all the students and the flat would have a unique monthly cost. The advantage of doing it this way is that in the event that one of you does not pay, the other tenants must take care of the debt.
The other option is to rent the flat by room. That is, each room has a different price according to its characteristics. The main advantage is that you can make more profit, as each student will pay a different price. The main disadvantage of this type of rental is that a contract must be drawn up for each student who enters the flat.
Meet the future tenants
It is highly recommended that this point be made before renting the flat. Make an interview with the students, and if possible their parents. Get to know the future tenants and be able to make clear the rules of the flat and responsibilities of each party.
Furnished flat and inventory
As it is a flat where the tenants will surely be for a short period of time, it is a good thing to offer the flat furnished. Students do not usually have the money to make the investment of furnishing a flat. Moreover, furnished flats with appliances are usually rented out much quicker than unfurnished ones.
It is recommended to put the basic and functional furniture so that they can personalize the decoration of the flat to their taste.
In any case, it is advisable to put down a deposit to cover any possible damage that may be caused to the property. It is usual to ask for between one and two months of deposit corresponding to the price of the monthly payment.
Everything in writing
Make a contract where all the points mentioned above are stated. The contract must include all the people who will live in the flat. It should also include an inventory of everything that is already in the flat so that the return of the deposit can be assessed objectively.
Following the above recommendations can be of great importance in making your student flat rental a success. At Inmobiliaria Espígul we like to accompany you throughout the process of renting your home. Do not hesitate to contact us at email@example.com or call us on 972 220 110.