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Rent your Buy-to-Let Property to Students

 

Source:Flickr (University of Exeter)

It is again a very good time to purchase buy to let property. As a new owner, you’re probably wondering what sort of people to whom you want to rent your property –couples, working families or single professionals. Perhaps you haven’t considered students. Concerns about pitfalls of renting to students are ill founded; in fact, there are many reasons to rent your buy-to-let property to students and with padsforstudents.co.uk, you get a cost effective way of taking the hassle out of advertising.

Income may be a dissuading factor, but research has shown the following reasons why it is a good idea if you live in a university town.

 

Why Rent your Buy-to-Let Property to Students?

A survey in 2014 by the National Landlords Associated revealed that students are the most reliable tenants. You are more likely to receive rent on time than with any other group of prospective tenants –38% of landlords experienced arrears with student tenants compared to 59% of “blue collar” workers.

Landlords of student properties experience the shortest vacancy periods and relatively high demand compared to when renting to other groups. This is because even in a recession, there will always be high demand for student housing. A knock-on benefit is that demand drives price, so not only are you guaranteed almost full occupancy every year and more likely to receive your rent, you can also charge more on average.

Quick Tips

Source: geograph.org.uk

 So you have made the decision to rent your buy-to-let property to studentsand you want to know how to get started. Padsforstudents.co.uk is a competitive way of getting your property out there so take a look around our website and see if it is what you are looking for. We offer competitive rates.

Firstly, it’s important to identify whether your property is in a high demand area. If you are near to facilities that students use, particularly a university campus, then you can charge higher rates for being in a premium area. If you are a little farther away, this needn’t be a problem so long as you offer lower rent or other perks in order to make your property appealing. Mature students and post-graduates do not necessarily want to live near other students so your property will be that little bit more appealing. If you live in a town or city with a prestigious university, then the market will be strong. It means you will have a lot of competition but it also means that you can charge higher rents.

Students look for simplicity and some degree of modern conveniences. Provide the furniture they need but don’t overdo it. They will certainly need internet access and though most places will at least have broadband connection (arguably, it’s a requirement), it’s important that they have the ability to use the internet on the day they move in.

Having to set up a contract can be long and inconvenient – especially if they have to wait a couple of weeks to be connected. If you offer it as a perk included in the rent price (while adjusting the monthly rental cost to reflect it) that too will make your property attractive. Students want a hassle free existence, and they are prepared to pay for it.

 

Sources:http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/10282796/Students-most-reliable-tenants-for-buy-to-let.html

http://www.thisismoney.co.uk/money/mortgageshome/article-1596759/Ten-tips-buy-let.html