If you’re planning to invest in student accommodation, you need to look out for a property that is suitable for your target tenant in order to generate interest and great returns.
To do this, you need to do your research and find out what students are looking for during their accommodation search. Here are some of the main amenities that you could consider when searching for a property.
What do students look for in a property?
Hi-tech facilities
During their studies, students need to be able to access the internet at all times, therefore, they tend to be interested in properties that have high-speed Wi-Fi. If the property you’re looking at already has internet, you should check the quality of it, and if it is not suitable, you can always switch providers. You could also consider investing in other hi-tech equipment such as a smart home hub, which can offer students deadline reminders, play music, and even help them lower their energy bills.
You should take note from luxury student properties like those available at RW Invest, which include everything from high-quality internet, secure door automation and smart lighting. These facilities are a dream come true for students, who are looking to live in a safe and efficient property, so you should definitely consider implementing some of these changes to improve your investment prospects.
Convenient location
Students tend to start their property search by looking around their university, as they aim to be as close as possible to their place of study. Most cities have universities located in the city centre, where students also have access to shops, restaurants, nightlife and other activities. By living in a central area, students can benefit from walking everywhere, which is convenient and also great for their health and the environment.
When searching for a property, you need to be looking at prime locations in the city centre or on the outskirts to ensure you generate the interest you need. While these properties can be more costly, it will be worth it in the long run as students are more likely to go for a more expensive property that is close by, rather than living in a place where they need to commute every day.
Home away from home
When students leave for university, it is probably the first time they have had to live away from their parents. This is even more daunting for international students who may not have family close by like UK students, so it is important that their accommodation feels like a second home.
Once you’ve purchased your student property, you should consider making some changes to make it feel more comfortable for your tenants. This could include creating communal spaces like the kitchen, where students can relax and spend quality time with their new flatmates. You should also consider adding some home comforts such as art, ornaments and soft furnishings to make it appear more hospitable.
Good communication
One of the main complaints that student tenants have is the severe lack of communication that they have with their landlords. Some investors tend to go through letting agents so they never actually speak to the people living in their property, which can actually be damaging to your reputation as a landlord and can result in tenant complaints.
Given that 68% of students wish to stay in the same property throughout their studies, it is important that you leave a lasting impression that will make them stay. This means little things like checking in on them and making sure they have no problems, and are happy with their accommodation. This will make them feel more comfortable talking to you, which will prevent any issues during their tenancy.
