The landlords making a small fortune from ‘misjudged’ Gen Z

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class="article-body-image__source" alt="Thomas Balogun" fetchpriority="high" data-test="article-body-image-source" width="2009" height="1255"/> </picture> </div> <figcaption class="e-caption u-meta e-caption--has-separator e-caption--hide-small-screens " data-js="caption"> <span data-test="caption"> Thomas Balogun, who lets properties to students in Manchester, says finding tenants is like shooting fish in a barrel </span> <span class="e-caption__credit" data-test="credit"> <span class="e-caption__credit-description">Credit</span>: Geoff Pugh </span> </figcaption> </figure> </div> <div class="grid-col grid-col-12 tpl-article__layout tpl-article__layout--content "> <div class=" " data-js="article-body" data-test="tpl-article-body-recipe"> <div class="tpl-layout__mobile"> <div class="tpl-layout__mobile-byline"> <span class="e-byline e-byline--multi" data-test="byline"> <span class="e-byline__meta"> <span class="e-byline__details"> <a href="/authors/r/ru-rz/ruth-bloomfield/" class="e-byline__link" data-test="byline-link" rel="author"> <span class="e-byline__author" data-test="author-name">Ruth Bloomfield</span> </a> <div class="tpl-date__mobile outsideByline">  <time class="e-published-date u-meta " datetime="2024-11-08T14:00+0000" data-test="time"> 08 November 2024 2:00pm GMT </time> </div> </span> </span> </span> </div> </div> <div class="articleBodyText section"> <div class="component article-body-text " data-test="article-body-text"> <p>They have a reputation for wild partying, a capricious attitude towards housework and a general aversion to adulting.</p><p>But many landlords renting to students believe Gen Z has been misjudged.</p><p>Today’s students, they say, are studious, clean living and reliable. And renting to them, rather than young professionals, can offer both strong yields and shield against one of the most worrying sections of <a class="ck-custom-link" href="https://www.telegraph.co.uk/money/property/buy-to-let/war-landlords-over-buy-to-let-dead/">the Renters’ Rights Bill</a> currently going through Parliament.</p><p>“They are paying so much money to be there, and working so hard – being a student is a different world to how it was in my day,” says Sarah Davey, 56, who has been renting homes to students for a decade.</p><p>“Lots of them don’t drink, and they have lots of social anxiety coming out of Covid. They don’t want to party. They just want a safe haven.”</p><p>Davey began to <a class="ck-custom-link" href="https://www.telegraph.co.uk/money/property/buy-to-let/how-build-property-empire-using-someone-else-money/">pivot into a buy-to-let career</a> 10 years ago after spending more than 30 years working as an administrative manager for a university.</p><p>She had been able to combine her job with being a carer for her husband, but when her father was diagnosed with Parkinson’s, she realised she was going to need to find a new way of working that she could fit around her family commitments.</p><p>Davey now has eight rental properties, a mixture of houses and flats. They are all in and around Chichester, where she lives, and in nearby Bognor Regis, both in West Sussex. Five of them are rented to students, the rest to young professionals.</p><p>She finds working with students particularly fulfilling. “They are working really hard for their futures and I am proud to be able to provide them with good quality accommodation,” she says.</p><p>Job satisfaction aside, yields are also a little higher for student properties, ranging between 6.5pc to 7pc.</p><p>“But student rentals are a lot more high maintenance too,” she adds.</p> </div> </div> <div class="html-embed section" data-test="html-embed"> <span></span> <div id="wrp-3ecefc51-4b66-4869-9f25-bbe6e8e6e801" class="wrp-3ecefc51-4b66-4869-9f25-bbe6e8e6e801 " style=""><iframe id="3ecefc51-4b66-4869-9f25-bbe6e8e6e801" data-type="particle" src="https://cf-particle-html.eip.telegraph.co.uk/3ecefc51-4b66-4869-9f25-bbe6e8e6e801.html?direct=true&id=3ecefc51-4b66-4869-9f25-bbe6e8e6e801&template=cls" class="tmg-particle illustrator-embed wrp-3ecefc51-4b66-4869-9f25-bbe6e8e6e801 " title="2710 Annual rental growth on new lets" data-business-type="editorial" loading="eager" scrolling="no" frameborder="0" allow="web-share" style="width: 100%; min-width: 100%; border: none; position: relative; display: block; padding: 0px; margin: 0px;"></iframe><div style="display: none;" class="particle-newsletter-overlay"></div></div><link rel="stylesheet" type="text/css" href="https://cf-particle-html.eip.telegraph.co.uk/3ecefc51-4b66-4869-9f25-bbe6e8e6e801/css/cls.css"> </div> <div class="articleBodyText section"> <div class="component article-body-text " data-test="article-body-text"> <p>Most of her tenants stay in her properties for no more than two years, and after graduating they tend to move on.</p><p>Although this regular turnover means more admin, Davey also hopes it will protect her from the impact of the Renters’ Rights Bill. <a class="ck-custom-link" href="https://www.telegraph.co.uk/money/property/buy-to-let/labour-plots-fresh-war-on-landlords/">It will end no-fault evictions,</a> leaving some landlords worried about being stuck with sitting tenants for years on end.</p><p>The bill contains a loophole which allows landlords of larger student homes – those with more than three residents – to evict their tenants on two conditions: they must give at least four months’ notice, and the property must be let to a new group of students at the start of the next academic year.</p><p>Another safeguard for Davey is the level of parental involvement, and she doesn’t only mean the mums who regularly travel to their offsprings’ student digs to give them a spring clean.</p><p>“Most students fail referencing because they are not earning, and that means their parents have to be guarantors,” she says. “That gives you a second line of defence,” she adds, largely protecting against usual landlord worries of rent arrears.</p><p>On the flip side, students are harder work than older tenants, although not for the reasons you might think. Davey spends more on new carpets and cleaning with student tenants, and she also has to fill a quasi-maternal role for young people living away from home for the very first time.</p><p>This means everything from teaching them how to perform basic household tasks like changing light bulbs and cleaning fluff from tumble dryers, to refereeing when student housemates fall out.</p><p>“I go around for a coffee and explain that they don’t all have to be best friends,” she says. “They just have to be civil, and get on with living their lives. It is just lessons in life.”</p><p>What it does not mean, somewhat surprisingly, is calming down irate neighbours fed up with late night loud music or dealing with scenes of carnage following raucous student parties.</p><p>This is partly because Sarah deliberately chooses students whose courses will keep them busy – she likes student teachers who spend long spells on secondments, getting up at 7am and marking late into the night, and those studying video and film production.</p><p>“They sit in their rooms with lots of screens and barely leave the house,” she says. “They are constantly on their headsets.”</p> </div> </div> <figure data-js="article-body-image" data-test="article-body-image" class="article-body-image section"> <div class="article-body-image__container"> <picture class="article-body-image__source "> <source srcset="/content/dam/money/2024/11/04/TELEMMGLPICT000398169465_17307255104620_trans_NvBQzQNjv4BqYS1acP-ch22p5qESP2v6g_SVWeZ_vEN7c6bHu2jJnT8.jpeg?imwidth=960" media="( min-width: 1280px )"/> <source srcset="/content/dam/money/2024/11/04/TELEMMGLPICT000398169465_17307255104620_trans_NvBQzQNjv4BqYS1acP-ch22p5qESP2v6g_SVWeZ_vEN7c6bHu2jJnT8.jpeg?imwidth=680" media="( min-width: 768px )"/> <source srcset="/content/dam/money/2024/11/04/TELEMMGLPICT000398169465_17307255104620_trans_NvBQzQNjv4BqYS1acP-ch22p5qESP2v6g_SVWeZ_vEN7c6bHu2jJnT8.jpeg?imwidth=480&imdensity=2" media="( min-width: 350px ) and ( -webkit-min-device-pixel-ratio: 2 )"/> <source srcset="/content/dam/money/2024/11/04/TELEMMGLPICT000398169465_17307255104620_trans_NvBQzQNjv4BqYS1acP-ch22p5qESP2v6g_SVWeZ_vEN7c6bHu2jJnT8.jpeg?imwidth=480" media="( min-width: 350px )"/> <img src="/content/dam/money/2024/11/04/TELEMMGLPICT000398169465_17307255104620_trans_NvBQzQNjv4BqYS1acP-ch22p5qESP2v6g_SVWeZ_vEN7c6bHu2jJnT8.jpeg?imwidth=350" loading="lazy" alt="Nick Duncan " width="2500" height="1565"/> </picture> </div> <figcaption class="e-caption u-meta e-caption--has-separator " data-js="caption"> <span data-test="caption"> Nick Duncan relies on letting agents to manage his portfolio of 16 rental properties in north London </span> <span class="e-caption__credit" data-test="credit"> <span class="e-caption__credit-description">Credit</span>: Nick Duncan </span> </figcaption> </figure> <div class="articleBodyText section"> <div class="component article-body-text " data-test="article-body-text"> <p>Nick Duncan, a retired estate agent, bought his first buy to let property back in 1995. He now has a portfolio of 16 houses and flats in north London.</p><p>His experience as a landlord is very different to Davey, largely because he lives on the Isle of Man and has an agent to manage the properties. But he agrees with her that students make great tenants.</p><p>According to recent research by Paragon Bank, student landlords can enjoy enviably high yields in university towns and cities.</p><p>A landlord in Stoke-on-Trent would pay an average £147,000 for a property, rent it out to students for more than £1,000 per month, and earn a yield of 9.43pc. Liverpool, Edinburgh, York and Coventry student rentals all earn their owners yields of more than 8pc.</p><p><a class="ck-custom-link" href="https://www.telegraph.co.uk/money/property/buy-to-let-market-tracker-financial-yield-return-house-prices/">Things are different in London.</a> Around a third of Duncan’s properties there are let to students and he doesn’t notice any difference in the yields compared to those let to young professionals and families.</p><p>“They pay the same rent, and if a property comes up for rent it is let in two days on Rightmove,” he said. “That is just the nature of the market in London.”</p><p>Students do require a little more management than older tenants. Duncan’s advice is to make sure properties are checked regularly, just in case – his agent visits every six months. He also suggests having an independent inventory taken when new tenants arrive and old ones leave, just so everybody knows where they stand.</p><p>But students causing trouble? Not so much.</p><p>Two Italian students did a midnight flit to get home before Covid lockdown restrictions started, leaving their flat in a state, but the circumstances there were extraordinary. In another case, neighbours complained about late night noise and <a class="ck-custom-link" href="https://www.telegraph.co.uk/money/property/buy-to-let/turned-cannabis-farm-two-luxury-flats-1m/">the smell of cannabis</a> emanating from one of Duncan’s flats. “The agent went round and that all stopped,” he says.</p><p>The trick, he thinks, is to let small units to just one or two students and avoid renting them large party-friendly houses. “The more students you get in, the more hands-on you have to be,” he says.</p> </div> </div> <div class="html-embed section" data-test="html-embed"> <span></span> <div id="wrp-fa4ff2fc-c3e1-4f6b-baad-fb0bc8399675" class="wrp-fa4ff2fc-c3e1-4f6b-baad-fb0bc8399675 " style=""><iframe id="fa4ff2fc-c3e1-4f6b-baad-fb0bc8399675" data-type="particle" src="https://cf-particle-html.eip.telegraph.co.uk/fa4ff2fc-c3e1-4f6b-baad-fb0bc8399675.html?direct=true&id=fa4ff2fc-c3e1-4f6b-baad-fb0bc8399675&template=articleRendererHTML" class="tmg-particle vote wrp-fa4ff2fc-c3e1-4f6b-baad-fb0bc8399675 " title="Will Labour's Renters' Reform Bill improve the private renting sector?" data-business-type="editorial" loading="eager" scrolling="no" frameborder="0" allow="web-share" style="width: 100%; min-width: 100%; border: none; position: relative; display: block; padding: 0px; margin: 0px;"></iframe><div style="display: none;" class="particle-newsletter-overlay"></div></div><link rel="stylesheet" type="text/css" href="https://cf-particle-html.eip.telegraph.co.uk/fa4ff2fc-c3e1-4f6b-baad-fb0bc8399675/css/articleRendererHTML.css"> </div> <div class="articleBodyText section"> <div class="component article-body-text " data-test="article-body-text"> <p>Thomas Balogun supplements his salary working in cyber security by running a small property portfolio across Essex, London, Kent, and Manchester, which he has been building up since 2017.</p><p>Balogun, 42, who lives in Hornchurch, Essex, believes diversity is the key to success. Some of the homes are rented out via councils as supported living and emergency accommodation. The three in Manchester are let to students because that is where the demand is strongest.</p><p>Finding tenants is like shooting fish in a barrel, says Balogun, and the bottom line is impressive. When he bought the properties he opted – wisely, as it turned out – for five-year mortgage deals. He has not to date been impacted by <a class="ck-custom-link" href="https://www.telegraph.co.uk/money/property/mortgages/mortgage-calculator-how-much-will-pay-interest-rates/">rising interest rates</a> and his interest-only mortgages currently cost only about £250 per month. Rents are around £1,100.</p><p>Costs do need to be factored in – management fees, repairs, maintenance and so on – but he is still seeing a great monthly income from the houses.</p><p>“That is now, although interest rates have gone crazy and when my deals end that is really going to eat into the margin,” he says.</p><p>His only words of warning are that students do mean heavy wear and tear and regular redecoration. Most tenants only stay a year or two and when they leave, Balogun often has to get carpets replaced and walls repainted.</p><p>“They bring a lot of friends into the property and they stay over and you end up with heavy spillage on the carpets, I’ve had writing on the walls and damage from them putting up posters.”</p><p>Despite this, Balogun plans to continue renting to students. Parental guarantees means that the rent is likely to be paid, and students don’t require high-end finishes. He also feels that students have an unfairly bad reputation for partying and noise.</p><p>“Some students are very, very good and look after things, and you can get adults who leave properties in an extremely bad state.”</p> </div> </div> <div class="html-embed section" data-test="html-embed"> <span></span> <div id="wrp-5e7f779a-2a7e-486e-9254-1ef8215834b1" class="wrp-5e7f779a-2a7e-486e-9254-1ef8215834b1 " style=""><iframe id="5e7f779a-2a7e-486e-9254-1ef8215834b1" data-type="particle" src="https://cf-particle-html.eip.telegraph.co.uk/5e7f779a-2a7e-486e-9254-1ef8215834b1.html?direct=true&id=5e7f779a-2a7e-486e-9254-1ef8215834b1&template=cls" class="tmg-particle breakout-box wrp-5e7f779a-2a7e-486e-9254-1ef8215834b1 " title="More articles being a landlord and buy-to-let market" data-business-type="editorial" loading="eager" scrolling="no" frameborder="0" allow="web-share" style="width: 100%; min-width: 100%; border: none; position: relative; display: block; padding: 0px; margin: 0px;"></iframe><div style="display: none;" class="particle-newsletter-overlay"></div></div><link rel="stylesheet" type="text/css" href="https://cf-particle-html.eip.telegraph.co.uk/5e7f779a-2a7e-486e-9254-1ef8215834b1/css/cls.css"> </div> <div id="recipe-enabled" data-recipe-enabled="true"></div> </div> <div class="u-separator-top--loose u-separator--branded">  <aside id="comment" class="comment" data-comment-config="{"authorMode":false,"articleCommentingConfig":true,"convConfig":{"articleId":"A3fxyLNfR1qb","viafouraEnvironmentId":"00000000-0000-4000-8000-010fdf3f0a45"}}" data-js="comment" aria-label="Commenting" data-test="join-conversation-section"> <div class="comment__header-container" data-js="comment-header-container" data-test="comment-header-container"> <h2 class="comment__header">Join the conversation</h2>  <div class="comments__social">  <button class="comments__button comment__show-button e-button e-button--large e-button--centered-text" data-js="comment-load" data-label-loading="Loading..." data-test="comment-load" data-event="showComments"> <div class="comment__show-text">Show <span class="e-comment-count__number" data-js="comment-count"> </span> comments <svg class="e-button__icon comment__toggle-icon e-button__icon--right e-button__icon--large" viewBox="0 0 13 7" xmlns="http://www.w3.org/2000/svg"> <path id="Vector 356" d="M1 0.749911L6.49999 6.25L12 0.749912" stroke="white" stroke-width="1.17857" stroke-linejoin="bevel"/> </svg> </div> </button> <div class="comment__policy-container comment__policy-mobile"> <div class="comment__policy" data-test="comment-policy"> The Telegraph values your comments but kindly requests all posts are on topic, constructive and respectful. 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