Renting to the student community can be a great way of maximising the rent you receive from your investment properties.
However, you need to know what you are doing. Below are some basic guidelines when entering the student rental market
Students will want to live in a property within walking distance to the university, or within walking distance to a direct bus route. Careful consideration, and expert advice should be obtained before committing to a property.
A typical student term starts in September or October. However, a lot of students want to reserve a property as early as January for the coming academic year. They also may want to move in earlier than the start of the term, to get used to the new area.
The rent calculation for student properties is based on the number of rooms, the condition, and also the area the property is in. Speak to a letting agent that deals regularly with student areas to get the likely rental figure.
Students sharing a property will expect the property to be fully furnished with everything they need. This includes furniture & appliances for all common areas, plus a bed, wardrobe, chest of drawers, desk, & chair in each of the bedrooms. The better the quality of the furniture, the easier it is to obtain quality students.
You may have to consider the void months during the long summer holidays. A typical contract is 10 months. However, longer contracts will be considered by students if the property is of a really high standard. Again, speaking to student rental experts can guide you in this area.
A lot of landlords are worried about letting to the student community. However, there are plenty of safeguards in place that can protect your investment. Insisting on parental guarantors can give landlords extra security. Great student letting agents will know how to ensure you receive your rent promptly.
Merrick Binch Lettings are based in Earlsdon in Coventry. This is a superb location for both the Coventry University, as well as the University of Warwick. If you are a landlord considering the student market, or an experienced student landlord, we can help. Call the Merrick Binch Lettings Team on 02476 578888.