The modern university student is choosier than they were even 10 years ago. There is so much more accommodation on offer, especially with private investors building student communities near to campus. As a provider of traditional 4-5 bed HMOs, you need to invest and develop your property or properties to keep up. If it’s been some time since you upgraded, this coming summer may be the right time. Here are some suggestions.
Invest in Quality Furniture
Long gone are the days that students will put up with anything. Besides which, cheap furniture is a false economy – it won’t last and you’ll find you end up spending just as much when it falls apart and you must replace it. Students now know the quality they can expect and they will often start their search early in order to get the most desirable properties. Cheap and flimsy, or damaged furniture is a major issue that will put off prospective students.
Upgrade the Television
Although some students are likely to have their own (and bring it with them), it’s best not to take this for granted. Besides which, a communal television in the shared living space will not harm the desirability of a property. If your property has an aging television, now may be the time to replace it. Students expect smart TVs these days, though not necessarily cable or satellite television. What is a great selling point is the ability to watch on demand services (Netflix, Amazon Prime) together.
Choose Paint Colours Wisely
Most student properties are painted one of two colours: magnolia (which is boring) or darker shades to hide scratches and damage. Dark makes a miserable environment and is more noticeable today as new developments and university accommodation use bright and airy colours. Using cheap paint or dark colours is a cost cutting method that landlords can no longer realistically expect to get away with, especially when the trend is for more homely décor.
Upgrade the Garden
No matter the size or nature of the garden, you can make it attractive. If it’s all concrete or there is a patio, then simple and sturdy garden furniture should feature. Rattan is great all-weather furniture and much more attractive than more conventional and cheaper hardwood and metal table and chairs. What students are looking for in a garden is a communal space rather than simply an outdoor space. Make it as inviting as possible.
Remember: Students Do Respect Properties
Many landlords go cheap and cheerful because they think nice carpets, televisions and furniture will get damaged. This attitude rarely bears itself out in reality. Surveys of landlords have shown that damage is no more common with student tenants than it is in the general rental market. Besides, it’s important to remember that you have the weight of the law on your side to extract the cost of necessary repairs.