Six tips when offering your property as a student rental
The scramble for student accommodation starts in mid-autumn and extends into the spring. If you are offering your property to the student market, here are six tips that you should bear in mind.
Insure your investment
According to a survey carried out by Barbour ABI, student accommodation construction is at an all-time high. It adds up to more than the total investment in care homes, local authority housing, housing associations and sheltered housing all together. You have made a big investment in purchasing the house or flat, so make sure that you insure your asset in case the worst should happen.
Choose darker colours for the interior
Pale colours give every property a feeling of light and space, but they can quickly look grimy in a student property that gets a lot of wear. Instead, opt for slightly darker colours that will stand up well to wear and tear, and you will cut down on frequent redecoration costs.
Make a thorough inventory
The last thing you want is the hassle of disputes when the tenancy expires. Avoid this by having a clear record of what was in the property and what condition it was in when they moved in. You can employ a management agency to do this, or you can do it yourself using property inventory software such as that offered by https://inventorybase.co.uk/. This is a cost-effective and convenient alternative that places you in control.
Offer an incentive
You are competing with other landlords, so offer the students something that makes your property stand out. You could opt for including the water rates in the rent. A more attractive option for most students would be to include broadband. This appeals to them and saves them the hassle of setting up an account themselves.
Choose suitable flooring
Pick a floor covering that is both a good value and easy to maintain. A very cheap linoleum is a poor choice because it will rip and mark easily, but a higher-quality product could be a good choice. Avoid wooden floors as they can easily be damaged.
Desks are essential
There must be a desk in each room for studying. After all, you want to attract the students who are interested in studying and not those who only want to throw wild parties.