There is a market in renting to students, but this market does provide a few additional headaches. Think back to when you were in your early 20’s and you may not want to rent to students at all, but there is money to be made.
If you are seriously considering this, one thing you must do is to employ a reputable property manager. It will take the stress away from renting to students because they will take on inspections, rent collecting and maintenance.
What do students look for when renting a flat?
Location, Location, Location
Any property close to either school or to public transport will be in high demand. But, students don’t only want to be near their school. They need to be close to the supermarket, cafes, bars, restaurants and other hangouts. Keep in mind they may or may not have a car.
While some students may be low on funds, many have jobs to support them while they study. The rent still needs to be reasonable, though. If they property is large enough, they may have housemates to help share the costs.
It will become a gathering place for friends, so the layout of the property needs to reflect that. There has to be sleeping areas, hanging out areas, and a logical layout – if you have to walk through someone’s bedroom to get to the only toilet in the house, it’s not going to be very popular property. If the property has 2 master suites with their own bathrooms, a large living area and an outside deck, you will have happy tenants.
Shoddy is not going to cut it with students anymore. They want quality fixtures. They don’t need to be expensive, but they need to look good and last. Hard-wearing carpet, tiles or wood flooring are great option as are neutral blinds and curtains. Whatever you choose, it needs to be easy to clean and durable.
What is your experience in catering to students? Yes, they are great or no way, stay clear?