Investing in student property is still a highly attractive proposition for buy-to-let landlords. The promise of solid yields, low void periods and reliable tenants are continuing to prove enticing.
Should you be looking to become a landlord of student property, you will need to appreciate the changing dynamics of what student renters are looking for from their accommodation.
Gone are the days where students are willing to live in sub-standard properties. Now, the majority are looking for more technologically advanced homes, with all the mod-cons.
Ryan Weston, on behalf of Just Landlords, explains what student tenants really want from their rented accommodation:
‘What students require from their rental property has certainly changed over recent years. As technology has advanced, so has the typical student’s wish list. Now, student renters favour a fast broadband connection, Wi-Fi and a dishwasher over proximity to their university campus!
With the cost of going to university spiralling, it is unsurprising that the modern students’ greatest concerns centre around financial issues. The cost of food, public transport and mobile phone bills are all common worries for today’s students in higher-education.
How can you attract the modern student?
The majority of students are now searching for high-quality, shared accommodation. Would-be student landlords should consider what their prospective tenants now see as ‘must haves’:
Best Broadband: A good Wi-Fi connection and super-fast broadband are becoming essential to students, many of who want to use these amenities from the comfort of their own bedroom.
Included Appliances- Some students will bring their own, but you should provide basic appliances, such as a toaster and microwave. What’s more, make sure appliances such as dryers, dishwashers and washing machines are easier to use and in working order.
Become a TV Star-Of course, this is a luxury, but consider purchasing a flat-screen, HD ready television for your students to enjoy. Prices are coming down all the time, so there is no need to break the bank. You will find students will be willing to pay more for amenities such as this.
Create a Homely Space-Students see space to chat and study together as a vital component of their living space. Be sure to consider this when thinking of the layout of your property.
Remember Location, Location, Location-When purchasing your investment property, think about its proximity to bars, restaurants and of course, university campuses. Your target market will be attracted to properties within easy access of these sorts of places and will again be willing to pay more for the privilege.
Be All Inclusive-It is a good idea to provide all-inclusive bills for tenants. This will help to not only prevent any fallings out but will also allow your tenants to budget easier.
Should you take the time to create the correct type of property for your student renters, then the better chance you have of attracting your ideal tenants!’