Student property remains a very attractive proposition to buy-to-let investors. Solid annual yields, small void periods and a very manageable investment all serve to heighten the appeal of investing in the market.
If you already are, or are thinking about becoming a student landlord, then you will undoubtedly want to know the best type of property to purchase.
A new survey from the Mistoria Group has uncovered what students really want from their accommodation.
The magnificent seven most wanted features for students by percentage were revealed to be:
- Safe, secure accommodation- 89%
- A good internet connection-88%
- A washing machine-76%
- Close proximity to University campus-72%
- High quality accommodation-59%
- Proximity to amenities-47%
- Superfast broadband-42%
With costs of university education spiralling, it is hardly surprising to find that the most prominent student concerns were to do with money. The top monetary worries were to do with:
- Food costs-66%
- Public transport-42%
- Mobile Phones-40%
- Energy costs-14%
Unsurprisingly, the majority of students want to live in high-quality accommodation with a fast broadband connection and manageable bills. The majority of students want to live with their friends, so a property with a number of bedrooms is a must.
If you are savvy, you can really make an investment in student property pay. Typically, students are less picky about décor or fittings. Keep features such as carpet or flooring simple and low cost.
Additionally, think about giving the option of all inclusive bills to your tenants. This way, there will be no squabbling over who pays what and the chances of rent arrears will be considerably less.
Commonly, students do tend to cause more damage or breakages in a property. Make sure that you leave a part of your budget aside for repairs. In addition, ensure you are approachable and deal with issues promptly. For many students, this will be their first home away from home, so many are going to be apprehensive. By coming over as professional, approachable and caring, you will be able to attract the best students.