Tips for renting your apartment by rooms to students
If you are thinking of renting your apartment by rooms, you have come to the ideal place. We are going to explain you everything you need to rent your property by rooms to students and erasmus:contract, deposit, choice of tenants, temporality, inventory, how to furnish the apartment ...
The General Council of Associations of Real Estate Property Agents of Spain (COAPI) (COAPI) ha elaborado una serie de consejos para los propietarios que quieran alquilar sus viviendas, pero son reticentes a hacerlo a estudiantes, a pesar uno de los principales demandantes de pisos de alquiler en las ciudades universitarias, como es el caso de Madrid y Valencia.
The increase in the search for flats in Spain between the months of August and October is of 43%. These requests come from both foreign students who come to study in Spain and national students who travel to other counties to start or continue their studies. In fact, it is estimated that almost 50% of Spanish students change his/her/they city during their university ages, which allows the rental market to reactivate during summertime.
Choose between renting the apartment as a single unit or by rooms
The COAPI recommends renting the apartment as a single unit since the rent would be unique and the responsibility of payment solidary. In this way, the tenants themselves cover possible vacancies and respond to the non-payment of one of the occupants, being the management for the owner easier if there is any problem. If you decide to rent the apartment as a unit, the contract will be governed by the Urban Leasing Law (LAU).
On the contrary, if an owner decides to rent by rooms instead of the entire apartment, they will be able to obtain a higher profitability and their tenants will save money when paying per room. Normally, renting by rooms provides a higher turnover of tenants, which is why we affirm that a higher profitability will be obtained.
In this case, the lease will no longer be regulated by the LAU, but by the Civil CodeSo, this decision will depend mainly on whether the owner is looking for greater security or, on the contrary, greater profitability.
Choose tenants carefully
We all agree that it is always difficult to choose a tenant,whether a student or not. Therefore, it is advisable to hold an interview with all students likely to occupy the house and, if possible, with their parents, to assess their attitude and clarify the responsibilities if the house could be damaged.
A good criterion is where and what they are going to study, but the interview is essential to see how we feel about them and to demonstrate their solvency. From Rookie In Town we are fully involved in the selection of the tenanteither with interviews in person or via Skype in the case of foreign students. We understand that it is a fundamental point for the relationship between owner and tenant to be as cordial as possible.
Set a deposit that covers possible damages of the house
This advice is clearly applicable to all types of leasing (families, students, young professionals, etc.). As indicated by COAPI, it is essential to set a deposit that covers possible damage of the house. In our case, the proposal we make from Rookie In Town is the establishment of a deposit equivalent to one current month's rent.
With the deposit, the security for the owner increases and will make him/her/them less reluctant to rent his/her/their apartment or rooms of his/her/their house to students.
Formalize a written contract
The realization of a written contract will provide legal security to the owner-tenant relationship. It must include the guarantees of the fulfillment of the contract. In this sense, from Rookie in Town we provide a standard contract, drawn up by our legal advisors, which we provide to the owners prior to signing it, being able to adjust it to the needs of each of them.
We will also provide a clause with the rights and obligations of the student, as well as a series of clauses that also apply to the owner, prior to the signing of the lease.
Better to offer furnished apartments
Undoubtedly, a carefully furnished apartment will attract much more attention from potential tenants, whether they are students or not. But while it is true, in the case of students (and especially in the case of Erasmus students), this fact acquires greater importance. Furniture in good condition that avoids having to make any subsequent purchase of kitchenware or furniture facilitates the rental.
Students require specific furniture to carry out their homework or study their exams. For this reason, they require functional and good quality furniture, since they will spend many hours in it.
Carry out a detailed inventory
In relation to the previous advice, it is necessary to carry out a detailed inventory with the content of the house (furniture, electrical appliances, kitchenware, decoration ...). In this inventory it is advisable to indicate the state of furniture, appliances, and others.
Once this inventory has been carried out and at the time of expiration of the contract, an exhaustive check of the state of the house y, de acuerdo con esta comprobación, devolver íntegramente la fianza o no. En el caso de que haya desperfectos, es importante contar con un seguro que cubra las reparaciones en una vivienda de alquiler.
What is the best time to rent to students?
From our own experience, we can affirm that student arrivals and their search for accommodation, have two major peaks throughout the year:
- The first and great arrival of students to the cities takes place between the months of August and October.With the beginning of the school year, it is logical that it is the time of the year when a greater number of students arrive in Madrid or Valencia. Their arrival is clearly conditioned by the start of classes, which, in many cases, varies depending on the universities
September and others in October).
- With the beginning of the second semester, between the months of January and February,another wave of students arrives who, in the 90% of cases, will seek accommodation until the end of June or the beginning of July.
Periods of stay
If you decide to rent the apartment to students, you should consider the periods that they will be housed in the property.We can generally divide the periods of stay into two large groups: full course/term and four/six-month/mid-term.
It is common for exchange students (from other Spanish universities, Erasmus or from other parts of the world) to come to study at our universities for a semester (from September to February or from February to June). This would imply that the lease period would be 5 or 6 months, and it could be rented for the next semester to another group of students.
There are also numerous students who obtain full-coursemobility grants. In addition, this is the case of those Spaniards who study in large cities such as Madrid or Valencia but who come from other cities or municipalities. These types of students will seek accommodation for a minimum of 9 months, which can also be 11 or 12 months.
So, renting to a student usually involves a more or less long period,so the landlord will have time to get to know his/her/their tenant, create bonds and even help each other.