An interesting new report from Currys PC World Business indicates that student landlords who do not invest in technology could well lose out on significant income.
The investigation shows that technology can make all the difference when it comes to enticing student tenants. 44% of students questioned said they would be willing to pay more for either fibre-optic or high-speed internet.
In addition, Wi-Fi could be providing better hygiene standards from the modern student, with 55% expecting to see washing machine, dishwashers and dryers in their rental property!
35% said that they would certainly not rent a property that didn’t have a secure internet connection.
What’s more, it appears that young academics are expecting everything from kettles, microwaves and toasters to be included in their kitchen. Over one-in-three (36%) of students said the lack of a microwave would be an instant turn-off.
In all, 60% students said that electricals and kitchen appliances played a key part in their decision whether or not to rent a property.
The average cost of an item from Currys PC World Business that students were found to expect in their property were:
With the rise in tuition fees and rental prices, student expectations have increased. 29% of students now brand themselves as high-maintenance and expect a heightened level of service from their property.
85% of students admitted that they were more likely to rent a property if all their appliances were new – underlining the importance of investing in the correct technology.
Simon Moyle, Head of Business Solutions at Currys PC World Buiness, observed: ‘With well over half a million students in the UK this is a market that represents a huge opportunity for landlords, and one where the right investment can make all the difference. What’s more, research from mortgage lender Paragon found that student properties typically enjoy a yield premium of around 27 per cent over the market average – demonstrating that it can be a hugely profitable area of investment.’
‘Crucially, landlords must move with the times; while students may have previously headed off to university with nothing more than clothes and books, technology has become a central part of the student experience, and something that landlords must deliver on if they want to make top dollar in the market.’