The highlights and pitfalls of letting to student tenants
LETTING a property to students can be a financially lucrative business. According to UCAS, 303,750 university applications were made before Christmas 2013 — just a one per cent drop from 2012 despite the increased tuition fees in that year. If you’re a homeowner, landlord or prospective investor in student property, this helpful guide compiled by Chancellors, which has an office in Hart Street, Henley, will provide you with top tips and advice for letting to students.
Choose the area carefully
Students rarely drive and so are more likely to want to live within walking distance of their campus and their friends. Do your research and find out which areas are popular with students. You need to know about the provision and reliability of local transport links, if the university campus is likely to move elsewhere, and what the area is like at night.
If an area feels busy and there are plenty of shops, pubs and takeaways it is likely to appeal to students. Many prefer living in a busy area rather than a quiet residential one. As students also usually prefer to live in groups a house with four or five bedrooms would be a preferable choice and can yield more rent.