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  • Student Accommodation

    Payment intervals for student rents?

    Has anyone experience of having their student tenants pay them 3 months in advance, according to their student loans, which are generally paid Jan, April and September. I know with halls they pay when they receive their loans.

    However how would it work with a 12 month contract?

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    Yes. Our students pay in advance as their student loans come through. Their contract states they will pay via these three instalments or have the option to pay the full year upfront.
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    thanks for the reply.

    Do the contracts start in September and end in June? 

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    Its complicated, future payments require protection like a deposit.

    I had to explain this and return the money to one of tenants.

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    We only bought our student property last year and tenants were already signed up for this year. The previous landlord never took deposits  and the students always paid in three instalments as their loans came through.
    We wrote up new contracts with a solicitor for the coming academic year and although we have introduced deposits there was no issue raised with paying in advance. All students expect this as it is how they make payments for halls in their first year.
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    Depends on the Uni and the length of the year that the tenancy is for eg. 10 months, 11 months, 12 months.

    Monthly rental is the norm in my locale. I've never heard of anyone requesting payments to coincide with loan payments. I would hope the students aren't living that much hand-to-mouth!

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    Adam, with many of the big student accommodation providers (eg. Fortis), the tenancy contracts are set up for the rents to be paid in line with the student loan release dates, ie. three or four times a year. I've seen this with the majority of the corporate student accommodation providers.

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    Helen Godbold-Eade

    Freelance Administrator for Property Investors / Entrepreneurs

    http://www.like-clockwork.co.uk

    Find me on LinkedIn: http://www.linkedin.com/in/heleneade/