As a landlord or letting agent renting out student accommodation or Houses in Multiple Occupation (HMOs), staying on top of deposit protection rules and legal requirements is a must. If you don’t, it could lead to potential fines and tricky deposit disputes with your tenants. To help keep things running smoothly, the Tenancy Deposit Scheme offer some practical tips for managing your student properties.
1. Understand your deposit protection requirements
If you’re renting out to students or managing an HMO, you must protect tenancy deposits with a government-authorised scheme, like the Tenancy Deposit Scheme. Deposits must be protected within 30 days of receipt, and tenants should be provided with Prescribed Information detailing how and where their deposits are protected.
2. Prepare detailed inventories
Putting together a detailed inventory at the start of the tenancy is one of the smartest ways to avoid any disagreements over deposit deductions later on. Make sure you include clear descriptions of everything in the property, from furniture to fixtures, and take plenty of photos to back it up. Once you’ve got it all down, get your tenants to sign it off so everyone is on the same page. This way, there’s a solid record of the property’s condition, which makes things much easier when it’s time to settle up at the end of the tenancy. It’s a simple step that can save a lot of hassle down the line.
3. Be clear about tenancy terms
Make sure your tenancy agreements include clear terms on how deposits can be used, especially in shared HMO settings. It would also be helpful to outline what constitutes acceptable wear and tear, and specify the process for handling issues such as damages or rent arrears.
4. Regular property inspections
Regular inspections are a great way to spot any maintenance issues before they turn into bigger problems, and they also give you a chance to address any concerns your tenants might not have mentioned yet. Plus, keeping a record of these inspections can be really helpful if any disputes crop up later on.
5. Communicate with your tenants
Good communication with your tenants is key, especially when you’re renting to students who might be living on their own for the first time. A simple welcome pack with details on how to use appliances, handle rubbish, and follow house rules can make a huge difference. It helps set expectations and makes everything run more smoothly, keeping everyone happy from the start.
Want to learn more?
The Tenancy Deposit Protection Guide for Student Accommodation and HMOs is packed with practical advice to help landlords through the ins and outs of managing student lets and shared houses. It covers everything from protecting deposits and avoiding disputes to staying on the right side of the law. Whether you need tips on how to handle maintenance issues, or advice on keeping things fair when it comes to deposit deductions, this guide has you covered.
Download our Tenancy Deposit Protection Guide for Student Accommodation and HMO’s here
About TDS
The Tenancy Deposit Scheme is part of The Dispute Service (TDS), the largest tenancy deposit protection (by value) and resolution service provider in the UK making life easier for tens of thousands of agents, landlords, developers, and millions of tenants and homebuyers.
Our award-winning customer service is highly rated on both Trustpilot and Google, and we’re backed by the NRLA.
We offer free deposit protection in our Custodial scheme, and the lowest rates for landlords in our Insured scheme.
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