Over the years, many misconceptions have surrounded student living and the properties they rent, but the majority of these simply aren’t true. Here, we uncover five total myths...
1. Students don’t care about location
Whilst students may have limited budgets, this doesn’t mean they’ll live anywhere in pursuit of cheap rents. Ultimately, they’re looking for somewhere within a couple of miles of their University campus and the town centre; so it’s crucial that you find a property to rent that’s in the right area.
2. Students don't respect property
With students now demanding more, and properties with high quality furnishings, this myth is definitely no longer the case. Failure to respect the property, and landlords would struggle to find student tenants.
What this does mean, however, is that landlords with student accommodation to rent will need to invest in quality furniture and fittings, with a modern interior. Don’t scrimp with cheap furnishings, as it’ll need to withstand wear and tear, and in the long run, you could end up forking out for replacements.
3. Students don’t mind living in grotty properties
Again, this is another total misconception – students today look for a comfortable property that they’ll enjoy living in. It’s worth acknowledging that whilst student tenants may not demand the best of furnishings and decor, their parents most certainly will if they’re asked to be a guarantor for the rent! A scruffy, dirty student property will most definitely struggle finding (and keeping!) quality student tenants.
4. Students don’t pay much in rent
While it's true to say that students would prefer to pay a low rent because of their limited budgets, it isn't true to assume that all students are like this. There is a growing demand for quality accommodation which means that students are willing to pay realistic market rates to enjoy these properties.
Additionally, when a house is recognised as an HMO, the reality that the property has undergone inspection to ensure it reaches a certain standard, will draw in students looking for good-quality housing; meaning higher rents can be charged.
5. Student houses are too much trouble
Again, the vast majority of students are decent, hard-working people who have been undermined by the antics of a very small minority. So while there are some badly behaved students, most students today have too much invested in their education to cause problems for their landlord or their neighbours. Additionally, most students sign up for a year-long tenancy agreement, ensuring the consistent payment of rent – even when they’re not residing in the property during the summer months.
Now the myths have been uncovered, here is a total truth about renting to students:
Student properties for rent are a good proposition
Essentially, the student accommodation sector is a buoyant one, and looks to expand with more and more students entering University each year in order to secure their future job prospects. As such, the yields are better than general residential letting making student lets a good investment for landlords, provided they provide good quality accommodation and maintain their properties well.
There are many misconceptions about students and their demands for student accommodation; but in today's world, things have changed and their demands have dramatically changed because going to University is an expensive proposition. As such, landlords are now catering to a more discerning type of student tenant. Those who get their offering right will enjoy quality tenants who pay on time and are a delight to have in the property.
Belvoir Lettings Falmouth don't sell property - we are lettings specialists, but we do give advice on what might make a good buy-to-let property in Falmouth and the surrounding areas. We don't charge for this service but we would like to manage your property or help you find great tenants!
Why not call Annabel Leach on 01326 210304 for an informal chat or pop in to our office at 46 Killigrew Street, Falmouth TR11 3PP.
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