How landlords can help student tenants manage debt

This week is Debt Awareness Week. As a property manager or landlord with student tenants, it's important to understand the potential impact of debt on your tenants' well-being and financial stability. Debt Awareness Week is an annual event designed to raise awareness about the implications of debt and provide resources and support to those struggling with debt.

As we all know, managing money can be tough, especially for students who are still getting the hang of things. We all want to show student tenants that we've got their back, especially during these challenging times when student property owners have to make their own difficult decisions. Being aware of the potential types of debt and risks associated with these types of debt can go a long way towards supporting your tenants in managing their finances effectively.

For students, debt can come from several sources, including student loans, credit cards and store credit. Here are three simple ways you can support student tenants if they are experiencing debt issues:

• Communicate openly: Encourage tenants to speak up if they're experiencing financial difficulties. Refer them to the relevant financial support team at the university, and create a safe and non-judgmental space for them to talk about their concerns. Encourage your tenants to create a budget and stick to it, as well as stay on top of their debt repayments. If your tenants are struggling with their student loans, direct them to resources like StepChange and MoneyHelper for free debt advice and support. By being open and honest, you can work together to find solutions that benefit everyone.
• Offer resources: Provide tenants with information on financial aid resources such as scholarships, grants, and loans. Additionally, you can refer them to financial advisors or credit counselling services for expert advice on managing their finances . It's also important to understand the potential impact of debt on your tenants' mental health. Debt can be a significant source of stress, anxiety, and depression, which can affect academic performance and overall well-being. Wellbeing teams at universities can offer a lot of guidance and support, so include their contact details in your tenant welcome pack.
• Be flexible: If your tenant is struggling to make rent payments, if you can, be flexible with due dates or offer a payment plan. This can help alleviate some of the financial pressure and provide much-needed relief.

Being a supportive landlord or property manager means more than just providing a roof over your tenant's head. There are many simple ways to support your tenants in managing their finances effectively. Encourage your tenants to create a budget, stay on top of their debt repayments and use credit responsibly. If your tenants are struggling with debt, direct them to resources like StepChange, MoneyHelper, and Christians Against Poverty for free debt advice and support. By being supportive and providing resources and guidance, you can help your tenants to manage their finances effectively and protect their well-being.