Choosing to rent a house or flat to students is a great use of a property investment. There will always be a demand for this style of property, especially in big university towns and cities. However, renting to this demographic is going to be very different compared to renting to a young professional or a family. Here are some of the things you should know before renting to students.
Location is Important
Location is important with any property, but things become slightly different when students are involved. You generally find that students either want to be near the university, or they are happy to live a little further away if the rent is cheaper and they have access to a vibrant local community with things like local cafes and shops.
If you are still trying to track down the right property to invest in, it is important that you consider this. You will often find that certain neighbourhoods in a town are known for having larger student populations, and these can be a great place for you to start your search. These will hopefully have good public transport links to the campuses, so it is easy for the students to make the commute.
Invest in Safety
Student digs have a reputation for being a little worn-down, but this should not be the case. As a landlord, you need to make sure that you are providing your young tenants with a great place to live. Take the time to properly outfit it and create a place that they are going to treasure as what might be their first home after halls.
As part of this, you should invest in safety precautions across a number of areas. Undertaking tests such as an HMO fire risk assessment might be required before you market the property, but you should also complete one for your own peace of mind too.
Provide Basic Furniture
Students often don’t have a lot of money, and so they might not have a lot of furniture that they can use to decorate a home with. Providing them with basic furniture is usually expected of student landlords.
This could be pieces from your own home if you do not want them and are still in good condition. You should also investigate various charity shops to see what you can get second-hand – there might be some excellent bargains out there. Finally, there is always an affordable furniture store like IKEA if you are struggling to find the right pieces. Make sure you take an inventory of everything before a tenant moves in!
Renting to students can be different to other tenants, and you need to make sure that you are delivering a good place for them to stay while they complete their studies. Put together a good and welcoming flat and you might even be able to attract tenants who are happy to stay put for several years rather than move on each year. Get looking for the perfect property today!