So, you want to be a student landlord? Good luck! No seriously, there are lots of advantages to letting to students, who are generally less fussy than other tenants, it’s a big market (in some cities) and student accommodation is generally more profitable than your average buy- to-let.
If this is your target market, you need to ask yourself what is going to make your property stand out from the rest to make sure you get the cream of the crop. To find out, we asked student accommodation specialist StudentTenant.com what are the top 5 things students are looking for, and this is what they said:
Summer Rent Discount
This is the number one request from students who often try to save money in the summer by moving back home. If you’re prepared to offer half-price or even zero rent for two months, you’ll find it much easier to attract student tenants, and on the plus side this will give you time to catch up on maintenance or refurbishments.
A student’s bedroom serves more than just a place to sleep; it’s a secondary hang-out spot, study space and a Netflix binge zone. Double beds are a must-have for any student and are always requested when students are searching for a rental property. Why? Because let’s face it; who would want to be in a cramped single bed rather than a space to spread out?
Cut off a student’s wi-fi and you cut off their life-support. It’s becoming more and more important for students studying at university to have access to quick, reliable internet. With plenty of 10 and 12-month student-only internet contracts, and it being such a huge selling point for students when searching for housing, it would be silly to not offer wi-fi when letting out your property.
It could be worth considering a bills-package for your student tenants so they don’t have the stress of dealing with multiple utility companies. With gas, electric, water, phone line, broadband and a TV licence to think about, it could be too overwhelming for your tenants. Consider offering a monthly package deal where you offer all of the utilities and expenses in a single monthly bill to your tenants – it’s something which will really make your property stand out if it’s at a fair price.
A driveway or garage isn’t something you can easily add to your property, but if your property is some distance from a university you’ll find it a huge selling point because, perhaps surprisingly, quite a few students choose to drive to lectures.