Rental property can be an amazing way to give your income a boost, which is why it is such a popular investment option. Each year, more and more people choose to invest in property, and it’s easy to see why. Of course, of all the rental property options, one that comes with many benefits has to be student lets, which is what makes it such a worthwhile option to consider.
Letting to students can be an amazing option for landlords. The fact is that student lets have a lot of potential for success and profitability, especially as most student houses cater to the needs of at least three or more students. There are many benefits of student lets, such as the fact that there is often higher demand for properties and the promise of longer-term tenants.
While there are many benefits of renting to students, it’s also important to take into account the fact that there are also many specific things that you need to take into account. Renting to students is different to renting to families, which is why taking the time to understand what renting to students means as a landlord, is so important.
To give you an idea of how to get things right when renting to students, below are six tips to take note of.
- Choose the right location
When it comes to student lets, it is crucial that you choose the right location for your property. The fact is that if you invest in a property as a student let but pick an area that is not somewhere that students would live – AKA too far from campus, too expensive, or nowhere near to other students – then you will have trouble letting it out. The best thing to do is research areas that are close enough to the university and that already have students living there – you can learn more by having a look at rental sites that offer student lets. That way, you can get an idea of what kinds of areas and locations are popular with students and tend to work well.
- Focus on communal spaces
Larger properties with sizeable areas of communal space tend to be the most popular with students. This is because students like houses that are large so that they can live with a larger group of people. As for communal spaces, for relaxing in, getting ready for nights out, or studying in, large spaces are vital for students. Look for properties that offer lots of communal space, or one large space, and as many bedrooms as possible. You will find that it is always these spaces that can be snapped up first when it comes to student lets. Any properties that are quirky or unique, such as old, converted pubs or churches, also tend to be popular – students love living somewhere that is unique.
- Furnish the property
Students will expect a student let to come with furniture included. They won’t expect all of their furniture to be included, but for the most part, they will want all of the big and expensive stuff to be included. Seating for the living room and kitchen should be included, such as sofas and a table and chairs. A washing machine and dryer or washer dryer, cooker, and dishwasher should all be included, as should a microwave and toaster. Beds, wardrobes, and desks in each room should be included. As should a vacuum cleaner, mop and other cleaning goods, as well as a lawnmower and bins. Want to make sure that you don’t forget anything? Have a look online and read what other student landlords include. You don’t need to worry about providing things like bedding, towels, pots, and pans, or cutlery, as the students will bring these kinds of things themselves.
- More than one bathroom is key
While one bathroom will do, if possible, it’s best to choose a property that offers more than one bathroom, so that your students have the luxury of two bathrooms. Or, if you want to offer luxury accommodation, look for a property that has ensuite bathrooms for each bedroom – this kind of property would allow you to charge a higher amount per room and make a larger profit. The fact is that having more than one bathroom should help to make your property more rentable, especially if it has more than three bedrooms to let.
- Serviced or unserviced
Then there is the question of whether you should offer the property as a serviced or unserviced let. Serviced properties are properties that have cleaners come in to clean on a regular basis – this is something that some on-campus accommodation offers. Some landlords choose to offer this service to help to ensure that their accommodation can compete with on-campus options. Obviously, serviced accommodation comes with a higher price tag per month, to cover the cost of the cleaning work. The cleaning is just basic cleaning, which includes vacuuming, wiping the sides, washing the windows, and cleaning the bathroom. A cleaner is not a necessity; it’s just something that it is worth considering.
- Think about facilities that are close by
When picking a location for a property, it is important to think about the facilities that are close by. How close is the property to bus routes to the university? How far is the nearest taxi rank? Where is the nearest supermarket – is it within walkable distance? Where are all of the nearest bars and nightclubs? Is the area within a distance of local takeaway deliveries? These are all factors that it is important to consider, as these are all things that student renters will be looking out for. When it comes to choosing a rental property to live in while studying, convenience is key, which is why it is so important to take the local facilities nearby into account.
There you have it, a guide to everything that you need to know when it comes to catering to the specific needs of student renters.