Edinburgh landlords look set to benefit from increased rental income, thanks to rising student numbers and a shortage of student accommodation…
However, HMO Scotland is warning that owners of a House in Multiple Occupation (HMO) need to be aware of their obligations.
According to the firm, which specialises in the HMO sector, students in Scotland prefer to stay in three, four and five bedroom flats, all of which now require an HMO licence.
In addition, it has been proven that more hazards and accidents occur in these properties than in other private rented homes, so landlords need to comply with various HMO regulations, most of which address health and safety issues.
Director, Brian Morgan, comments: "Whilst there are obvious financial benefits to owning an HMO property, there are a number of considerations potential landlords should bear in mind to stay the right side of the law."
He adds: "Gaining the required HMO licence can be time consuming and often highly involved with ever changing legislation and many landlords are not in a position to implement what's required."
In related news, Easyroommate.co.uk is claiming that a typical student can save almost £750 a year in rent by choosing a flatshare, rather than living in university halls.
According to the property portal, opting for a private rental flatshare can reduce accommodation costs by around 15%.