Student Flat Rentals

[Bluepeach]

I am planning on renting my flat out as I have got a job overseas. I wondered if anyone who rents to students or has children who are students in private rentals have any insights to share on the rental process.

Do students tend to get 12 month leases on private rentals? Or is it usually a 10 month lease (for the academic year)? Or can you only have a 6 month lease and then it is month to month (as in legally)?

I also wondered about the whole guarantor thing . . . I found some forms for that online but just wanted to check that printing one of them off and having a guarantor sign it is all that is needed?

Is it usually a two month deposit or only one?

It is a two bed so no HMO license needed as far as I can work out . . . I have the landlord registration and all of the gas/electric checks in place.

Anything else I need to be aware of?

My student DD has had the standard Scottish private residential lease so open ended. Just needs to give the landlord 28 days notice (I think all tenants need to agree to end but she's found someone who landlord and flat mate who is staying on are happy with to take her spot now she's about to graduate. They don't give the flat up over the summer (they would struggle to get the same deal when new term starts).

Landlord took 3 months rent in advance from flatmate as she's not UK but just the usual one month's deposit and one month'srent in advance for DD who is UK. I guarantee only DDs rent.

Leases are usually open ended and you may have some difficulty terminating it as rules have recently changed.

My niece has privately rented the past few years.

It's varied. One LL ran the lease June to June but only charged half price rent June July & August.

Her current one expires in June and is then a rolling monthly contract

Thanks - someone advised me to ask the guarantor to provide their own credit check - is this standard? If someone asked me to do that, I would have no idea what to do. Can anyone advise?

I've been guarantor for both my dds recently (both in student rentals) The latest one requested access to see my bank accounts! Dd1 has had to lease over the summer to secure accommodation. Dd2 is in a more holiday town location, so her LL Airbnb's over the summer

Everything you need to know is here:
https://www.mygov.scot/browse/housing-local-services/rented-housing/landlord

There aren't any different lease rules for students, they can stay in the flat for their entire degree or move out after two months if they want to.

I've been asked to provide my own credit check as a guarantor but have pushed back to landlord and said happy for you to carry out credit check of me. Charging guarantor or tenant for credit check not allowed in Scotland. You could ask as some guarantors might already have subscription to a credit reference agency.

I assume you have registered as a landlord? In Scotland it is a legal requirement, and you need to state your registration number in any advert.
As others have said, there is no fixed term leases any more whether it is a student let or not.
Be aware of the tax implications as taxed on turnover not profit, and if you have a mortgage you’ll need your mortgage providers permission or change to BTL. Insurance will need to be updated too.
There are strict rules about deposits and providing key documents to tenants, if you fail to do these, the tenants could have rent reimbursed via the courts so please get professional advice.

What are you experiences of how much deposit is paid?

I was thinking two months - one month now to secure the property, and one month on the entry date - I don't want to be unreasonable though so wondered what is standard for student rentals in particular.

Deposit of two months rent is the max you can ask for. More common for students is just one month deposit and then monthly rent due on day tenants move in.

Yes to all of the above. Have all the certificates and the landlord registration. 😊

DD paid one month deposit and one month’s rent.
Contract was open-ended with one month’s notice required before moving out. Full rent over the summer.
As guarantor, I had to co-sign the tenancy agreement and part of that was that I would pay the rent if DD defaulted. I don’t recall them doing a credit check. It was via a letting agency.