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Private rented sector markets and the relevant standards

When deciding to let you should consider what market you want to enter. Broadly speaking there are five PRS markets:
i.  Renting to people on benefits ii. Renting to students
iii. Renting to working tenants
iv. Renting to professionals & higher end market.
v. Renting to families

The type of property you own and its location may determine the market you aim for. Different markets will command different  rent levels and will require different standards of letting. Some of the issues that you might like to consider are:
Professionals will insist on higher standards and will expect showers and possibly en suite facilities. Renting to unrelated professionals is also likely to bring with it Houses in Multiple Occupation (HMO) Regulations and sometimes licensing. [See Section 4]
Housing benefit renters whilst commanding a lower rent are likely to be more stable renters young professionals tend to be more mobile and may lead to higher voids and increased re-letting expenses
Renting to students  sees higher  occupancy  rates which can maximise income; however they may not fully understand their responsibilities and may not look after the property as you would wish. Renting to 3+ students is also likely to bring with it requirements to meet Houses in Multiple Occupation (HMOs) responsibilities and sometimes licensing
Student lets may not extend for a full year
All renters will expect a high level of customer care from landlords with expectations generally rising in line with the amount of rent paid.

If you propose to let a mortgaged property, or a room within it, you will require permission from the mortgage lender.

If the property is subject to a long lease, permission may also be required from the freeholder before renting. This will be determined by the terms of the lease.
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