Letting to students is one of the best ways to streamline a secondary source of income while also securing a stable long-term investment. There is no shortage of students in the UK, so it’s unsurprising that many landlords choose to market their property exclusively to this bustling demographic.
Whether you’re thinking about investing in your first student-friendly property, or you’re ready to make some accommodations to your current portfolio, here are our top tips for landlords of student homes:
Which properties are student-friendly?
As students are a socially active group with an inherent need for keeping expenses low, living alone in a rental property isn’t typically a viable option. Most student properties offer a minimum of 3 bedrooms and a large communal space, but it’s not uncommon for a 2-bedroom house or apartment to have plenty of interest from students if it is conveniently located. Open-plan kitchens and lounge areas are also ideal for those looking to house-share, as the home will need to accommodate a busy traffic flow.
Additional bathrooms, toilets or shower rooms are also great selling points for student households, as several tenants in one home will be working, studying, and socialising on different schedules, and sharing a single bathroom could prove difficult.
Finally, a great student-friendly rental home will be located within a 30-minute walking distance from the university campus as many students prefer to spend little to no money on their commute.
Offer good rates
By renting to such a large and constant demographic, your return on investment is already secured; so you might have a little more wriggle room to price your rent competitively. While tenants can benefit from a fair rent price, landlords can also put themselves at an advantage as tenants will be more inclined to renew the tenancy and stay for the duration of their studies if the property is viewed as good value for money.
Market your property to students
Since your target demographic will be exclusively students, it is integral that you understand this group in order to market to them. Students moving into rented accommodation will likely have to face floods of information all at once, so speak with your letting agent and make sure that your listing stands out by noting clearly that your property is available for students of the upcoming academic year. Social media is currently the most powerful medium to reach a younger demographic, and a great letting agent will be able to utilise this to your advantage and garner attention from students.
Make sure your property is secure
A student property is essentially a home away from home, whereby most tenants will bring their valuables to coax them through their studies such as laptops, smartphones, and other consoles for entertainment. Unfortunately, thieves are aware of this, which is why student properties are often targeted. As a landlord, it’s imperative to prioritise security and ensure that the risk of break-ins is low. In terms of your investment, a property with tight security measures and no history of break-ins will also have leverage against other listings.
What furnishing should I provide?
Most student tenants have travelled far from home for their place of study, and this means a furnished home is often a must.
Additionally, offering a furnished property might be a great way of appealing to the more niche group of students who might be inclined to stick out the full 3-or-so years in student accommodation on their campus, as you might be able to sway them towards branching out if your property offers better facilities than a typical student hall.
Are there any drawbacks?
While most students make excellent tenants, it’s important to note that you will be renting out to young people with little to no experience in renting. This does open up possibility for damage to the property or nuisance to neighbours if tenants aren’t chosen wisely. At Martin&Co, our agents can find you the right tenants for your property, make the letting process run as smoothly as possible, and create a long-term, positive relationship with tenants who are loyal, pay their rent on time and keep your property in great condition.
Are you looking for your next investment? Contact us today