Many prospective landlords are dubious about marketing their property towards students – especially those who are new to the buy-to-let sector.
However, as long as you’re clued up on students' wants, needs and expectations when it comes to housing then you won’t go far wrong.
Here at letting agent Ashley Charles we believe that providing it's the right option for them, landlords should always consider renting to students as it has massive advantages and the majority of student tenants do not conform to the stereotype.
Students won’t expect five star accommodation (nor would they want to pay for that), although they're property expectations are definitely on the rise.
For landlords, letting to this market often means you can maximise rental yields by converting your property into a House in Multiple Occupation and renting to multiple tenants.
If you think that this could be the right path for you, then there here are three things that you should be aware of…
Importance of a superb location
When it comes to this market, a great location is crucial. A recent survey by My Home Move revealed that location was the top reason to make a buyer fall in love with a property, and this is also incredibly important to student tenants too.
As a landlord, you’re likely to be incredibly successful and have tenants snapping at your heels for your property if it’s ideally located. It's unlikely that landlords in Reading and Maidenhead will have any problems filling their properties as demand from students and tenants in these areas remains high.
If you want to attract students it’s a bonus if your property is located close to transport links, a university, popular nightspots and local amenities.
It’s time to ‘spring’ into action
It’s sometimes difficult to know when it’s the best time to find new tenants, however it's always a little clearer when letting to students as their tenancy lengths are determined by term times.
The next six weeks or so are a crucial time for student landlords looking to get their property snapped up for the next academic year.
New Year and Christmas celebrations are well behind us, and students will be settling back into their routine after some time away at home.
Winter exams are also likely to be over, so many students will use this window of time before the hard graft begins for their next batch of exams and hand-ins to secure a property for the following September.
Therefore, with spring fast approaching and tenant demand set to peak, it's vital you ensure your rental property is ready to be viewed.
A detailed inventory is key
When renting out property to any demographic, an inventory should be carried out.
The process involves documenting the details of the condition and contents of every room in the property at the beginning and end of a tenancy.
No stone should be left unturned when the inventory is carried out, and the document must be signed by each individual tenant when they move in.
This will ensure that if any damage occurs, there will be less confusion over who's responsibility it is to pay for the repairs.
Of course, sorting out things such as the deposit, inventory and the check-in and check-outs of a student rental property can all be taken care of by the property experts at letting agent Ashley Charles.
We have been successfully letting property across Reading, Maidenhead and the surrounding areas for several years, and if you would like some assistance in letting your home, whether specifically for students or any other demographic, then get in touch with our team today.
Alternatively, we also have a fantastic instant online lettings valuation tool which can help you discover how much you could let your property for.
