Letting to students can be a rewarding venture for landlords, thanks to the consistent demand for student accommodations near universities and colleges. However, to truly capitalise on this opportunity, there are key considerations to keep in mind to ensure both profitability and a smooth tenancy experience.
Furnish for Durability and Functionality
Students often seek furnished properties to avoid the hassle of buying furniture. Opt for durable, low-maintenance furnishings that can handle wear and tear. Essentials like a sturdy desk, ample shelving, and a comfortable bed will make your property more appealing.
Simplify the Utility Process
Including utilities in the rent can make your property more attractive and simplify budgeting for students, reducing the risk of late payments. If this isn’t feasible, consider setting up utility accounts to streamline the process.
Prioritise Internet Connectivity
A reliable high-speed internet connection is crucial for students who rely on online resources for their studies. Ensuring your property offers strong internet can be a major draw and often a deciding factor for potential tenants.
Implement Flexible Leasing Options
Align your lease terms with the academic year to make your property more appealing and reduce vacancy periods. Flexible leasing options can cater to students’ unique housing needs.
Focus on Safety and Security
Safety is a top priority for students and their parents. Invest in good exterior lighting, secure doors and windows, and, if possible, a security system. These features not only attract tenants but also provide peace of mind.
Marketing Your Property
Advertise effectively on platforms frequented by students. Highlight proximity to campus, local amenities, and transport links. Partnering with universities as an approved landlord can also connect you directly with the student market.
By adapting your property and management style to meet the needs of student tenants, you can enjoy high occupancy rates and a steady rental income. If you’re considering expanding your portfolio, we at Sawyer & Co are here to help with expert advice and services tailored to your needs.
