Student landlords looking to add to their portfolios or new investors thinking about letting to students for the first time can learn a lot by looking at their properties in the same way as their tenants.
Let’s face it, the average landlord is generally at least 40 and probably a lot older and has little in common with what a student wants from a home.
Sitting at home in front of the telly with a bottle of wine and the heating on is not high on a student lifestyle list.
So what makes great student housing?
Youngsters, especially women, like to feel safe in their home and neighbourhood. Good lighting, strong locks on gates, doors and locks are essential – and they will probably bring down the cost of insurance as well.
A sense of personal safety begins at home, but also extends to the local neighbourhood if students have to walk to local shops or a lonely bus stop in the dark.
Then there are those little irritating things you probably don’t notice until you have spent some time in the area. Rush hour traffic, the local airport or busy railway lines give a constant background hum and whine that can distract sleep and studies.
A handy location can also make the difference between paying a premium on the rent for a home that might command much less in another location.
Where does a student want to live – that’s easy, as near to uni, the pub and takeaways as possible.
In fact, forget the takeaways, because knowing students, they’ll have their food delivered if they can.
Other irritants are basics in the house that don’t work – sticking doors, broken appliances, hot water that isn’t…stuff that needs ongoing general maintenance.
The size of rooms is laid down for a house in multiple occupation – the legal term for a shared student house.
For three to five tenants, you may need an HMO licence and/or planning permission in some cities.
For a house with six or more sharing, you definitely need them.
Once you have covered the basics, fit the place out with robust, easy-to-clean furniture and fittings and you can’t go much wrong.
Just one more thing – a recent survey by Rightmove found that slow broadband was a key reason for not renting or buying a property. Make sure you install the fastest service available in your area, even if the cost seems a lot as it will pay in the end.
