I am just about to rent out a house in Preston as a student let. Slightly complicated in that I have never let to students before and one of them is my daughter. And another is her boyfriend.
So I just wanted to gather consensus from all of you that have experience with students.
A) Usually make it a 1 year tenancy with no variations?
B) Usually make it a 1 year tenancy but with a rent discount on the last 2 months when they usually go home for the summer and are unlikely to be there?
C) Usually make it a 10 month (or similar) term but charge a retainer if they want the property for the next year?
D) Do something else entirely?
1) Do you let as bills inclusive or exclusive? If inclusive what utilities do you generally include? And how much do you reckon these average a week?
2) Do as a joint tenancy or on a per room basis?
3) Insist on a Guarantor?
4) Bill them termly, monthly, weekly or ad-hoc?
My thinking (and tell me if you think I am going wrong here) is that I will rent for a period of 1 year but let them have a discounted rent for the last couple of months provided they are not going to be living in the property over the summer hols, with rents being inclusive on bills and dependent on the room (the better rooms pay more than the smaller ones). I would like to bill them in 3 instalments (hopefully just after they have received their maintenance loans) although that may complicate the summer arrangements.
Would you do it differently? Many thanks in advance.