Many prospective buy-to-let landlords are put off letting to students, by the horror stories of fittings and accessories disappearing, and damage sustained in the properties. Thankfully, these occurrences are extremely rare, and in most instances greatly exaggerated. The majority of today’s students have to combine work with their studies to make ends meet and are well aware of the risk of losing hundreds of pounds of their deposit, should their rental get damaged. Nowadays, a landlord faces no greater risk to his property when letting to students, than he does letting to a young family or retired couple.
With the new buy-to-let tax laws coming into full force in 2020, many landlords are considering moving out of residential letting. Preferring instead, to convert their properties to accommodate groups of students. The possibility of renting a property for three, four or five years to the same group of students, and the greater income this would generate, makes for an attractive proposition. But, add to that the number of new, purpose-built student flats being built, and there’s always the possibility of generating overcapacity in the student rental market. How then, do you make sure your property is the one they choose, when they come to view the houses to rent in Nottingham?
The basic necessities of life
There are over 60,000 students in the City of Nottingham. Of these, some 20,000 plus live in accommodation rented directly from the landlord, or through a letting agency. So, what is it that today’s discerning students consider a must-have, when it comes to viewing houses to rent in Nottingham. According to a Property Reporter survey;
- Safe and secure accommodation topped the list at 89%
- Surprisingly, a reliable internet connection was second at 88%
- A washing machine came in at 76%
- Being close to the university campus came in at 72%
- High quality accommodation was the draw for 59%
- Being close to local amenities (convenience store) 47%
- Superfast broadband 42%
The large majority of UK students are happy to house-share with a group of friends. But they prefer to enjoy it with the same creature comforts they have at home. For most, it is their first taste of living away from home, and they want to enjoy the whole university experience. The same magazine in a previous survey, found 80% of UK students wanted to live with friends in a house-share. Just 5% wanted to live on campus, and only 3% wanted their own self-contained accommodation. There is however, another side to the student rental market.
Students visiting from overseas
While Brits prefer the whole gregarious experience, many foreign students look for purpose built, self-contained accommodation. The UK plays host to a large number of foreign visitors from across the world, providing our universities with a high percentage of their income. Many of these students, especially from Asia, have spent their formative years wrapped in the family cocoon, only socialising with other children during school time. They are also highly driven to obtain the best results they can and prefer to spend much of their free time studying, rather than socialising.
If you are considering converting your properties, and moving into the student accommodation sector, perhaps it’s worth going that extra armchair – or comfortable sofa, or divan beds, or flat screen TV – or any of those little extras that, when your properties get viewed, has the prospective tenant exclaiming, ‘OMG, you’ve got the best houses to rent in Nottingham, ever.’