Considering renting to students? It’s like deciding whether to dive into a pool of eager, book-toting fish! With demand for student accommodation skyrocketing, thanks to an anticipated 358,000 new university places, the opportunity for landlords to cash in is ripe. But is it all textbooks and tuition, or are there hidden pitfalls?
The Bright Side:
High Demand: With Purpose-Built Student Accommodation (PBSA) lagging, students are turning to private landlords. Your property could be their next study haven!
Higher Yields: Renting by the room often brings in more income than a single household let. Cha-ching!
Strong Rental Growth: Cities like Exeter and Nottingham have seen rent hikes of over 15% in recent years. Not too shabby!
Minimal Voids: Students typically sign 12-month leases, keeping your property occupied year-round.
Secure Income: With grants, jobs, and parental support, students are generally reliable rent payers. Plus, you can require guarantors for extra peace of mind.
Want to hear more? Join Mal on the Property AI Report Podcast each week!
Access from your preferred podcast provider by clicking here
The Shadows:
Regulations Galore: HMOs come with a raft of health and safety rules, and large HMOs need licenses. Check local council requirements to avoid surprises.
Planning Permission: Transforming your property into an HMO might require a planning nod from your local council.
Higher Running Costs: Furnishing, maintenance, and potential wear and tear from first-time renters can add up.
Management Challenges: More tenants mean more management. Consider hiring a savvy local agent to handle disputes and queries.
In the end, renting to students can be a rewarding venture if you’re prepared for the extra effort. So, are you ready to become the landlord of the year in the student housing scene?
Want to hear more? Join Mal on the Property AI Report Podcast each week!
Access from your preferred podcast provider by clicking here
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