The performance of London real estate has a direct impact on property values nationwide, and this is most evident on rental prices in the buy-to-let market. This aspect of the real estate sector is certainly thriving at present, with the average monthly rent in the capital standing at an impressive Â£1,417. While this may be twice as much as the rest of the country, however, such growth and prosperity is having a positive impact in property prices further north. With this in mind, the only question that remains is how private landlords such look to expand their portfolios.
If you are a landlord who lives in a city that has a university, however, then it is definitely worth considering setting yourself up as a student landlord. Students are a great investment as they usually come with guarantors in the form of parents, and agree to fixed letting periods, so that there is minimal negotiation in terms of the contract. Becoming a successful student landlord is easy as long as you consider the needs of your tenants and your responsibilities as a landlord, and balance these alongside the need to make a viable real estate profit. Keep the following considerations in mind as you look to capitalise on this lucrative sector: –
Maintain Honest and Open Communication with Tenants
As a starting point, it is important to maintain a good relationship with your student tenants. This is often quite simple to achieve, so long as you are proactive and empathetic to your tenants' needs. Make sure you're available to deal with any queries and concerns, and you'll get a good reputation as a student landlord. Most students are intelligent and will find it easy to understand what is expected of them. Treat your tenants like adults and equals, and they will respond in kind. It is important to remember that the local student body represents a close and influential community, so a bad experience can tarnish your standing as a student landlord.
Strike the Balance between Quality and Affordable Furniture
Students have gained a reputation as careless tenants, and some landlords refuse to invest in good quality furniture because they expect breakages to occur. However, if you furnish your property cheaply, items are more likely to be damaged because they are poor quality and not built to last. It's always better to invest in quality furniture and to encourage your student tenants to report damage as soon as it occurs so that you can sort it out quickly. There are firms that specialise in furnishings for student properties at competitive prices, like PeelMount. Give your tenants the benefit of the doubt and don't tar all students with the same brush. Plenty will surprise you in terms of the respect they will show your property, if you give them a home they can be proud of.
Location, Location, Location
Students are particularly concerned about the location of their residence, so it's important to consider whether your property is situation somewhere that will be attractive to student tenants. Students generally like to be near the city centre or near their university campus. If this isn't in walking distance, there needs to be a good bus service or similarly strong transportation links. Other attractions include local shops, restaurants and bars. As a personal touch, it might be a nice idea to provide your new tenants with a small guide to the area, detailing the good, cheap places to eat and drink and high quality retail outlets.
The information in this article was provided by the British contract furniture supplier PeelMount.