What Makes A Let Suitable For Students?
Letting to students is a suitable option for many investors and landlords. In a city like Coventry where there is a large student population, there is a consistent demand for student accommodation. However, just because there is regular demand for student accommodation, don’t assume that any property will allow you to let to students.
To maximise your return on investment, you need to know what makes a let suitable for students. If you tailor your rental accommodation to the needs of your audience, you improve your chances of being a successful student landlord. At Student Circle, we have helped many landlords reach out and connect with students, and we are happy to share what students look for when choosing rental accommodation.
Location is crucial when letting to students
The importance of location in the property and rental market is vital, so much so that it has become a cliché. However, this is because you need to provide people with a place to stay that suits their needs and lifestyle.
When you let to students, you want to be close to campus, or at least within easy reach of university or college. Some students prefer to have some distance between their residence and their classes, but they still want to be within walking distance or be able to access regular public transport. If you are looking for suitable accommodation, choose a convenient location for your students.
Also, don’t overlook the importance of local shops, pubs and entertainment options. The more amenities in the local area, the more demand there will be for your rental accommodation.
The size of the property makes a difference
The size of property impacts on demand, and you need to think sort of accommodation you want to offer. Many student landlords benefit from offering rooms in a property, creating a communal living space. Taking this approach often helps you connect with a group of friends looking to live together, which can make the letting process simpler.
If you can afford it, allowing for a communal space in the property makes your rental accommodation more appealing to tenants. Don’t forget that many students are living away from home for the first time, so you want them to feel as though they can socialise and feel at home. A connected kitchen and living area helps people to mingle and could help your tenants feel comfortable.
Check the licencing of the property
It is always helpful to check the licencing regulations. If you want to let property to at least five students, you may need to obtain an HMO licence. A failure to obtain this licence when required can result in a significant fine, so it is always best to check first.
These tips should provide you with a starting point in entering the student letting market. Letting to students can be lucrative, but it can also be a challenging activity. If you need guidance and assistance from an experienced team, contact Student Circle for the best advice when letting to Coventry students.