Letting to students is one of the best ways of 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 demographic.
Whether you’re thinking about investing 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?
Students have specific needs, so a student-friendly property will need to provide some or all of the following:
Communal areas
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.
Shared accommodation
Students are a socially active group, so house-shares are often ideal. 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. Additionally, house-sharing allows students to share out their monthly costs rather than managing bills alone.
Extra space
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.
Convenient location
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.
How to attract student tenants
Offer good rates
Renting to students often means fewer void periods; so you might have a little more wriggle room to price your rent competitively. This could put you at an advantage as tenants may be more inclined to renew the tenancy if the property is reasonably priced.
Market your property to students
Speak with your letting agent and make sure that your listing stands out to students. You should make sure your listing is available to view well before 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.
Make sure your property is secure
Most students have little experience in renting, and therefore they might not be so stringent about security. 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, if your property offers better facilities than a typical student hall, you might be able to garner more interest.
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.
