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The UK, and Edinburgh in particular, boasts some of the oldest and most prestigious universities across the world, attracting a huge amount of both British and international students, making it an ideal place for landlords looking to invest in residential property.
Despite the increase in tuition fees, student enrolment remains high and the private student let market tends to be resilient even at times of recession. Recent statistics show that while the UK student population is more than 2 million, there are only half a million available student beds. This gives landlords a major opportunity to house the students looking to rent.
The plus side of renting to students include:
However, landlords looking to focus on this market need to understand the rules, risks, and unique challenges that present here:
If you are considering letting to students, the key legal area you need to understand is the requirement to comply with the House in Multiple Occupation (HMO) regulations. A house in multiple occupation is a property rented out by at least 3 (unrelated) people who share the bathroom / toilet and kitchen.
If you are a landlord of a HMO, you must:
Letting to students can prove to be lucrative, however make sure you are prepared and follow the legal requirements before entering into this market.
23 September 2019