When it comes to selling student accommodation, we know what we are doing. We only offer properties to investors that we know will appeal to the end tenant – after all, there is no point in investing in something which offers nothing that students actually want.
But what exactly is it that your potential tenant is looking for? Here are 5 things to keep an eye out for when surveying a potential investment:
If a property is not within walking distance or easy public transport commute from the local university then it is unlikely that it will be the first choice for prospective tenants – and you want to be the first choice.
The homes in the best locations will likely be taken up by the most organised student tenants. These are the people who will rent early and rent well. They are the least likely to miss rent payments or be disorganised when it comes to bills. You want these people.
There is no point in pretending that a home without a good internet connection might somehow be preferable for a potential tenant. Everything they do at university – not to mention in their social lives – relies on the internet in the modern world. Always check the Wi-Fi potential of a property before buying. No one will want to live in a dead zone.
Good on-site facilities
Purchasing a property in a development which provides facilities such as a gymnasium, cinema room, communal areas or secure parking is always a smart move. it is an easy point of comparison for potential tenants – if one development has great facilities and one doesn’t, where do you think they will want to live?
It is a stereotype of student life that you will live in a dodgy home which is insecure, and where the risk of being robbed is high. But is this still the case? Modern developments take security seriously, and additions such as a secure key fob entry system, CCTV or on-site security will make your property extremely attractive. For many, university is the first time they have left home and that can be a daunting experience. If you can take worries about security off the table then you are supplying exactly what potential tenants want.
It might not sound like it should be at the top of the list, but anyone who has been to university will tell you that having a private bathroom improves the university experience by approximately 1000%. A bit of privacy can be a real lifesaver, and tenants will always prefer a home that provides this.
Are you looking for your next investment? Browse our available properties and enquire today!