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Students have been competing in the rental market with young professionals and families for decades. However, they have always ended up as a second choice due to the assumption that students are not financially viable.
However, times have changed, and students are now one of the most financially supported tenants available to rent properties. Here are 3 reasons why we think students are worth considering:
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Firstly, Covid-19 has negatively affected many renters’ abilities to pay rent on time, with 11,000 people losing their jobs so far across New Zealand. Due to this, some young professionals and families have been struggling to pay rent which has caused landlords a vast array of problems. This has not affected students. Students receive a weekly loan that ensures their rent will be paid every single week no matter what is happening in the world around. There may be a global pandemic, but students will still receive their student loans. Many landlords say that their main apprehension about tenants is that the rent will not be paid on time. Therefore, students are one of the only tenants who are financially supported no matter what the circumstances.
Secondly, most students are still close with their families and supported by their parents in many ways. Parents often help students pay rent during their first few years of university, and some even co-sign the lease. Therefore, this positions them as an even more financially viable tenant than some families and professionals. This is due to students being financially supported by a combination of the government, their parents and most students have a part-time job.
Thirdly, based on landlords’ first-hand experience with renting to students and from articles online, students tend to complain less than the average young professional or family. This was also evident in the interview with Judith & Ian, who own a 6-bedroom apartment. Ian stated that his student tenants are “just happy with what they have and never complain”. Therefore, reducing potential stress for the landlord on constant call-outs to the property to fix minor inconveniences.
Overall, based on the above points, students are currently positioned in the market as one of the best possible tenants. Not many other renters will provide a landlord with the financial reassurance that a student holds. Student loans are always rising, and an increasing number of students can access loans. Parents will often support their children, therefore, ensuring that they live in suitable accommodation. Students make lovely tenants due to their non-fussy attitude and “happy with what they have” approach.
Why would you not rent to a student? Times have changed, and students have become great tenants, that tick all the boxes plus more.
Don’t get stuck with a financially unstable tenant. Rent to a student that is financially supported.