The student letting market has grown year on year as more and more students choose to go into higher education. This year, however, there has been a record slump in applications with a drop of 7.7% of young people applying for university.
So, investors looking for student tenants will have less demand, nationwide, for their property, and will have to work harder on maximising their property’s appeal.
If that applies to you, here are some things you should consider if you want to create an ideal student let.
The Law
In order to let your property to students, you need to bear in mind that your property needs to be in line with a considerable amount of regulation. In order to rent to students you will require an HMO licence (house in multiple occupancy) that requires you meet certain health and safety standards – things like fire alarms and escapes to name but a few. This is hugely important to the safety of your tenants and your property, and failing to provide the minimum measures will see your student letting empire fail to get off the ground.
Furnishing
Students are generally more interested in the location and rental cost of a property over the furnishings. This being said, investing in decent furnishings that will wear well and won’t require much upkeep can lead
to long term savings. Cheap furniture is much more likely to require replacing every year, and be treated inconsiderately by your tenants. It can be a real hassle to be constantly on the phone to complaining
tenants, and making routine calls to your investment property to inspect damage, so investing in sturdy furniture can save time as well as money.
That being said, furnishing your apartment should reflect the monthly rent cost and type of tenant, so spend appropriately.
Services
Ensuring your property has all the relevant services ready to go can be extremely significant to the perceived attractiveness of your property. Internet is of huge importance to students as they rely on it to
socialise and work. Having a high speed wireless internet connection included in the monthly rent cost that is ready to use as soon as the tenants move in can be hugely attractive. Organising and waiting for a
phone line to be installed can leave tenants without internet for a weeks, so having everything installed and ready to go can offer huge peace of mind to tenants and get their tenancy off on the right foot. High speed internet has become increasingly affordable, so be sure to look into the best broadband deals to find affordable options for your tenants.
Renting out your property to students can be very profitable if done correctly. Carefully consider how much you’re charging per month and try to decide how you can offer the most services possible. This will inevitably bring students flocking to your property.