There are many benefits to renting out a student property, you can almost guarantee a 12 month tenancy well in advance and if you get it right, with most university degrees lasting for 3-4 years you could maintain the same tenants for this period. The student numbers in most University towns (especially Cardiff) are increasing and most students receive a loan, which covers the rent so you can take up to 6 months rent up front. On the other hand, student lettings do come with some further work and risks, such as the possibility of having to obtain a HMO License and often having a significantly higher volume of repairs. With the right preparation you can appeal to the student market and reap the rewards.
Use dark neutral tones
Painting the walls with darker and more neutral tones will help draw attention to your property and will be long-lasting helping to disguise marks and scuffs without having to repaint every year. Grey’s, beige and caramel colours would all make the property look modern whilst also allowing for more wear and tear, which is expected with student properties, as they can move every 12 months.
Desk furniture in every room
For student properties we would recommend providing a desk in every bedroom or go even further to create a ‘study space’. A desk and chair will suffice, as students are prepared to study long hours in the comfort of their own home, this will also attract the right type of students (those that want to study).
Having a reliable and fast broadband connection within the property is one of the most important things students are looking for when renting a property. Wifi will help them with those long study hours, as well as having uninterrupted downtime when streaming Netfilx. You could also offer an internet package included in the rent, if it helps to seal the deal.
Keep things simple and low maintenance, most of these students will be moving away from home and living independently for the first time. Keeping the property low maintenance will allow students to adjust to looking after the property and without creating unforeseen damages. Things such as the garden and flooring should be designed with this in mind; the garden should be gravel/patio and less grass where possible, if it does have a lawn provide a lawnmower so they have the right equipment to maintain this. In regards to flooring, linoleum works best in bathrooms and kitchens, should there be any wear and tear, it’s easy and cheap to replace. A vinyl flooring is also easier for the tenants to keep clean and therefore more practical with their lifestyle.
When letting out a student property, we would recommend providing them with the necessary equipment to maintain the house to a clean and tidy standard throughout the year. Therefore as well as the lawnmower for the garden, the same should apply with providing a vacuum for the house. This way there is no reason why the property should not be kept clean throughout the year. By doing this it could save a lot of cleaning bills and consequential damage at the end of tenancy.
Talk to us for more information
If you’d like to discuss our service options and packages or need advice regarding maintenance issues, please give us a call on 02920 602444 or: