If you’re considering renting out your property to students, then this is the guide for you. From location to amenities, creating and optimising a student-friendly property requires careful planning and consideration of unique preferences. Whatever route you’re looking to take, transforming your property into a sought-after accommodation is a solid option to maximise your rental returns.
1. Location, Location, Location:
Choosing the right location is the first step in creating a successful student-friendly rental property. By targeting locations within close proximity to universities, colleges, public transport and shops (to name but a few) you’ll attract more potential tenants. Students value convenience and accessibility, so look for popular neighbourhoods with easy access to campus and other amenities.
2. Furnished and Functional Spaces:
Furnishing your property with essential furniture and appliances will make the moving procedure much simpler for students - just make sure you opt for low-maintenance furnishings that can withstand the potential wear and tear of student living! By focusing on creating functional spaces that maximise usability, you can make study areas, communal living spaces and ample storage options fairly easily. Other facilities to consider are on-site laundry, Wi-Fi connectivity and bike storage options.
3. Safety and Security Measures:
By taking proactive measures to ensure the safety and security of your property, you are inadvertently addressing a top concern for students when searching for accommodation. Installing secure locks on doors and windows, a burglar alarm, and adequate lighting are all measures that you can take to protect your tenants and investment. Consider investing further in additional security features such as CCTV cameras or gated entry for optimum peace of mind.
4. Clear and Transparent Rental Policies:
Ensuring clear communication will aid in avoiding misunderstandings or conflicts down the line. By implementing easy-to-understand rental policies with student-friendly terms, you will foster a positive landlord-tenant relationship. Don’t forget to clearly outline payment schedules, maintenance procedures, and house rules for optimum transparency and mutual understanding.
With careful planning and attention to detail, you could create a significant return on your investment in a student property. If you choose to prioritise convenience, comfort and safety alongside considerate amenities, you will not only attract and retain student tenants, but maximise your income and create a positive environment for all parties involved. With the right approach, this could be a profitable income for years to come.
