Every year, a small number of students drop out of their university course. Some for financial reasons, some because they aren’t making the required grades and others because the university or the course is not for them. Most will leave at the end of an academic year but sometimes, they will leave during term time. As a landlord, this will leave you short financially and with a some frustrations about what you can do to minimise stress. Here’s what to do if a student moves out during term time.
Break Clauses
Firstly, it is a good idea to have “Break Clauses” in your fixed term contracts. This specifies what will happen in the result of the early cessation of a contract by a tenant. You are not obliged to put such a clause in, but it will at least allow for a contingency plan if a student moves out during term time. Your student tenants should be on fixed term contracts to cover the duration of the academic year and it should say what will happen in the event of an early end.
Getting Your Money – Joint Tenancy
If you are left with a room short then somebody is obliged to make up the cost when a student moves out during term time. Talk to everyone in the huose to work out how the costs will be distributed – most of the time, the person leaving will understand their need to settle up. You are entitled to expect payment from them for the duration of the contract. If they are leaving university into unemployment, getting your money may be difficult. If so, then your existing tenants can expect to foot the bill.
Begin a New Contract?
If the existing students feel the new cost is prohibitively expensive then they may decide – together – to vacate the property. Most contracts have a “Surrender” clause, allowing all housemates in a joint tenancy to end the contract, with your agreement. For obvious reasons, this should be a last resort for everyone. Where a student moves out during term time, it is best to work together in coming up with a new contract. You may increase the cost to cover your loss but to a level which existing tenants can comfortably pay.
Find another Tenant
It’s not unheard of that students look for somewhere else to live during term time. Couples break up, friends fall out and relationships between tenant and landlord turn sour over minor issues. Your students may already know of somebody so discuss the situation with them. Though most providers such as Pads For Students do most of our business between Easter and summer, we always have provisions on our site for students looking for accommodation during term and landlords with vacancies throughout the year. Our system is simple and effective so check out our present list of available students.