A person owning an uninhabited, owner-occupied apartment in a larger city has several options gaining income from it. You can choose a long-term rental for a married couple or the whole family. Short-term apartments can be rented in attractive tourist towns. In turn, each city with a university offers the possibility of long-term rental for students. Each of the options has both advantages and disadvantages - each apartment owner must analyze them and decide on further actions.

What kind of flats are students looking for?

Students most willingly rent multi-room apartments with a separate kitchen and bathroom. Some young people are looking for a place to live with friends, and some one by one. So you can rent an apartment both for rooms and for a group of friends. The location of the apartment is an important issue. Students are most likely to rent rooms in the city center or located close to universities. Easy access to public transport is also important.

The flat for students should have basic furniture and equipment:

• wardrobes, desks, beds, tables, chairs for rooms (TV and Internet access will also be an advantage);
• window blinds, possibly curtains or curtains;
• washing machine and dryer in the bathroom;
• cabinets, table, kettle, fridge, oven in the kitchen (dishwasher and microwave will be an additional plus);
• a few pots, a set of dishes and cutlery.

Pros of renting an apartment for students

A person who has an apartment in a suitable location can rent it to students both for rooms and concentrate on renting it for a group of people. What are the advantages of such a solution?

• Preparing an apartment for students does not require too much financial expenditure. Of course, it must be nice and neat, but you do not have to buy furniture, appliances or tableware from the highest shelf. When furnishing an apartment, you can rely on promotions in chain stores or used OLX items.
• The apartment is usually rented for a calendar year, which means that apart from minor repairs or the need to look after the apartment, the owner does not spend time on a daily basis to look for new tenants, hand over the keys or organize cleaning as in the case of short-term rental.
• If students like the apartment, it is quite possible that they will rent it for the entire period of study, i.e. several years. This means permanent, proven tenants for years and constant monthly income without downtime.
• Students do not expect luxuries, there is no need to engage their own finances every now and then for repairs, replacement of equipment or decorations for a more "on time".

Disadvantages of renting an apartment to students

Unfortunately, renting an apartment or rooms to young people who have just moved out of their parents also carries risks. What are the disadvantages of such a solution?

• Full-time students often either do not work at all or work part-time. Some people receive more or less support from their parents. However, there is a risk of landlord insolvency or late payment.
• Youth, and especially the period of study, is a time not only for learning but also for loud and frequent events. So it may turn out that the neighbors will complain about the noise. In some situations, you also have to take into account police intervention.
• People aged 19-25 are theoretically of legal age, but unfortunately not all are responsible and mature at this age. In some situations, you can expect a lack of care for cleanliness or someone else's property (appliances and furniture in the apartment).
• Many students return to their family homes during the holiday period, so they expect a reduction in the allowance in July, August and September, which may be associated with lower earnings at that time.

How to protect yourself against the negative effects of renting a flat for students?

Each solution has some disadvantages and it is impossible to avoid certain risks associated with renting an apartment. But let's look at the situation from the other side. Students also take risks when renting a flat - just as you can find a dishonest or problematic tenant, this is how you can find a dishonest or troublesome landlord.

The owner of the apartment may secure his interest by appropriate provisions in the contract and any attachments:

• You can ask potential tenants to show an employment contract, if they have one. If they are not working, it is worth asking for the contact details of the parents who will confirm that they will finance the rent every month.
• Writing a very detailed handover protocol with all the elements of the equipment and its condition. After the flat is handed over in a year or several years, both parties will have a document confirming the condition of the flat when renting it.
• It is worth securing the payment of the deposit and an indication that any losses or damages will be deducted from it when the apartment is handed over.
• The contract may include provisions on the need to observe curfew, refusal to agree to organize noisy events or having animals in the apartment.
• More and more often there is also a provision regarding the refreshment of the apartment or room and cleaning it before moving out. You can include information that when leaving a flat or a room, the walls should be refreshed by painting in the same color as the current one. Additionally, general cleaning is required. Otherwise, the appropriate amount will be charged from the deposit to refresh and clean the interior.
• Always, even in the case of an apartment in which we live personally, we should insure the apartment against civil liability.

What profit can you get from renting to students?

You can settle accounts with tenants either as a whole for rent, rent and fees (e.g. PLN 700 for a single room and PLN 600 for a double room) or collect a fee and rent (e.g. PLN 500 for a single room and PLN 400 for a double room) and leave paying the bills to the students. However, the first option is the safer one, because the owner can be sure that the tenants will not fall behind.

Suppose the landlord owns an apartment of 48 m2. It consists of 2 rooms (20m2 and 13m2), a corridor, a bathroom with a toilet and a kitchen (10m2). The apartment is suitable for rent for 3 people. Let a person living in a single room pay PLN 800 a month, and two people in a double room PLN 600 each. Together, this is a monthly income of PLN 2,000. From this you should deduct the rent (about PLN 600), internet (about PLN 50) and other charges such as electricity or gas (PLN 200). This gives you a monthly income of PLN 1,150.

The larger the apartment, the better the neighborhood and the better equipped, the greater the monthly earnings potential.

Author

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  Izabela Praska

  Editor of Bookable.pl, HoReCa marketing specialist. Specialist in FooDeliver, OrderEngine and Bookable products.