A practical guide to student leasing in 2022

The demand for student housing is consistently strong, but the last year has amplified the need for landlords and estate agents to adapt in ways that we could never have expected. Going into 2022 this will be equally true, if not more so.

While student letting can be more profitable than other residential segments, it comes with its own set of unique practicalities to carefully consider and apply to attain and then maintain that profit.

What can go wrong?

As with any residential lease agreement, the Rental Housing Act applies to student housing in the same way. It is common for landlords to experience more wear and tear in a student let. This is potentially tricky as students often fail to attend the in-going and out-going inspections making the clear and careful recording of inventory with evidence of the state of the property critical at each inspection.

But, what about the lesser known challenges faced when letting to students?

No credit history

Choosing the right tenant is a challenge when not one of your applicants have a credit record! Not many parents realise that their child can build a positive credit record even before they get their first job simply by co-signing as a tenant on their student lease agreement. In this way, every positive rental payment made by a parent is a step towards the student’s independence.

The only requirement to this solution is that the estate agent or landlord share how the parent pays the rent monthly with TPN Credit Bureau, which in itself is a selling point for a parent that may be eager to help their son or daughter get a start in life armed with a positive credit profile.

Signing a lease at a distance

The most popular student towns are dotted across the country, think Grahamstown, Stellenbosch or Potchefstroom. And the biggest universities found in our cities enrol students from all around the country and abroad.

The application process for a property that is thousands of kilometres away culminating in the signature of the lease can become a laborious backwards and forwards of printing, scanning and signing… only to forward it on to the next party to begin the process all over again. In the end, most leases are almost unreadable. 

TPN eSign is now available on all your documents in the Residential LeasePack at no extra cost, including the Student Lease Agreement. The beauty of eSign is that you can create Application Forms and Lease Agreements to be signed electronically, track who opens the application, who starts the application and who completes the application, and store your leases in one secure location. 

That means no more lost documents, no more illegible leases, and distance is just not an issue anymore. How does TPN eSign work with LeasePack? Click here for a video introduction.

To read more about the lesser known challenges you might face as a student landlord, and how to overcome them, download: A Practical Guide to Student Leasing in 2022 

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