How to create the perfect student rental property
So you’re thinking of moving into student property, as you’ve heard that there is amazing potential for building a high monthly income. In Exeter, with such a vast student population, there is a constant need for more student housing, particularly well-designed and perfectly placed accommodation.
The fact is that if you opt to buy property in Exeter, you have a good chance of successfully turning it into a student rental property. Of course, to give yourself the best chance of success, there are a number of factors to consider.
Keen to know what it takes to achieve success when it comes to renting property to students? Have a read of the guide below!
It’s all about the location
Student property has fantastic potential for success if – and only if – it’s located in the right place. Students don’t want to have to commute far to their lectures, which is why you need to be mindful of where you buy when it comes to sourcing your investment property.
You need to select a site that is a maximum of a 30-minute walk from campus, otherwise you will struggle to let it to students. The closer to campus a student property is, the more sought after it tends to be, and the more you can charge for it. As such, if you have the option to buy closer to campus, take advantage of it, even if it is slightly more expensive.
Make the most of the space
Most houses are designed to fit the needs of families, not numerous students living together. However, you can take steps to convert the space in your investment property into somewhere that’s a perfect fit for students. You just need to take the time to consider what their needs are and what their living preferences will be.
Ideally, you want to ensure that as well as a number of bedrooms, you can offer a number of other living spaces, including a living room, kitchen, and bathroom, and potentially also a utility room. If the house has a garden, that’s an added bonus that will increase the value of the property, as would adding sliding doors to create a sense of a lighter and larger space that draws the outside in. Students like to live in properties that feel spacious, so doing whatever you can to create this feeling in your property is important.
Do your research
A great way to boost your chances of success as an investor in student property is to take the time to do plenty of research. Speak to other landlords from the local area who rent to students and ask them to share their advice for success.
When it comes to property investment, the more knowledge you have, the better, especially when you are looking to let the property to a niche group of people.
Take note of the tips and advice above and you can ensure that your student property investment is as successful as you hoped it would be and offers you a great return on your initial investment.
