With the start of the academic year approaching, and rental rates across Chiswick on the increase, we are advising students, parents and landlords on how to navigate the rental market when signing up for a flat or house.
The hike in tuition fees will have significant consequences for the student housing sector from autumn 2012.
With more students than ever going to university, there's been a significant growth of the student lettings sector, says Christian Harper of estate agent OliverFinn: “Guaranteed income is hugely appealing in the current economic climate and there has never been a better time to consider investing in student accommodation."
The reforms are expected to attract a different type of student, with a surge in overseas submissions, particularly from the EU, Hong Kong and the Far East. This is in addition to the current demand generated by West London institutions such as Imperial College, Brunel University, Charing Cross and Westminster Medical School, and Arts Educational School in W4.
Student accommodation in Chiswick
“We have noticed an increasing demand for quality property in Chiswick, Stamford Brook, Gunnersbury and Acton Green – basically anywhere along the
District Line – but it must also be affordable,” says Harper.
For many students, renting a property - alone or with friends - can be a complex process, with a tight budget and varying priorities to take into consideration. Ian Potter, operations manager, Association of Residential Lettings Agents (
ARLA): “By following some simple steps, the process can be easy to navigate - leaving investors the right property, for the right price, and with their rights protected. Here are ARLA's top tips:
1. Research, research, research
Before searching for a property, speak to other students or check university advice websites for first-hand experiences of
renting in the area. The amount of student accommodation available and the average rent charged can vary significantly across the country which could affect your budget. Many student unions offer free housing or legal advice and contract checking services, so find out what services are available to help you.
2. Rent with the experts
As there are no restrictions on who becomes a landlord there are, unfortunately, some unscrupulous landlords who may not have a tenant's best interests at heart. For peace of mind, seek advice from a lettings agent affiliated to a professional organisation like ARLA. Such companies must adhere to a strict code of conduct, as well as offering client money protection and redress schemes, which protect consumers if things go wrong.
3. Don't ignore the small print
Find out what kind of tenancy agreement you are signing, as this can make a difference to your liability. Many shared tenancies will have a joint and several liability clauses and this means you are responsible for the actions of your co-tenants, not just the payment of rent. Before you enter such an agreement consider how well you know your sharers.
If you do wish to get out of the tenancy during the fixed term, take independent advice as to any liability you may have. You will have to give adequate notice (usually a month) at the end of term when you want to move out. Failing to do so may mean that you have to pay rent after you've moved out.
If you are planning to rent a property with other tenants, ensure that the landlord has a Homes in Multiple Occupancy licence, as this is a legal requirement which can differ in certain parts of the country and within areas of a town or city.
Finally, check your deposit it is being put into a deposit protection scheme by the landlord - a legal requirement in England and Wales.
4. Be aware of hidden costs
When working out your budget, factor in costs on top of the weekly or monthly rent. The deposit is a significant initial outlay and is typically the equivalent of 6 weeks' rent. And utilities bills, TV license and internet access will all need to be considered, even if you are sharing the cost with other tenants. If you are a student living only with other students, you will usually be exempt from paying council tax.
In addition, even if the property you are renting is furnished, it is worth checking which items of furniture come with the property to avoid expensive surprises when you move in.
5. Insurance and Inventories
Often, while you are a student, personal property will be covered by your parents' contents insurance, but check the specific policy wording to be sure. If you aren't covered, there are a number of insurance providers which offer student-specific policies.
Always fill out a comprehensive inventory listing the fixtures and fittings in the property, detailing their condition and that of the property itself. It is also advisable to take a thorough photographic record of the property's condition at the start of the tenancy. Any photos should be jointly approved by the landlord and tenants, and separate copies should be retained by both parties. A well put-together inventory provides useful evidence to protect both the landlord and tenant in the event of a dispute.
By following this straightforward advice students will be in the right frame of mind to concentrate on their studies and have a happy home life.
