Top tips to get your student property rented.
We understand that these are unprecedented times for all of us. Many universities have moved courses online from September, whilst the UK still adjusts to social distancing measures on a long term basis. The virtual classes may result in fewer students coming to university towns to live and study, they may choose to do this remotely. Student Living by James Douglas has come up with five recommendations to ensure that your property stands out and appeals to those students still looking to move to study.
1. Rent reduction and incentives
Your rents will need to be competitively priced more than ever for this academic year. Reducing the rent may attract new enquiries as it puts the property at the top of the searches on the major property websites. Your property will also show to new potential tenants who have a lower maximum budget than the previously advertised rent. As an exception, this year, a lower rental income may be more palatable than having the property sit empty for a year.
Another suggestion, which has worked in other competitive rental markets, is to offer the first month’s rent for free and/or offer no deposit on the tenancies. These options are very attractive to tenants and will most likely give you a competitive edge. We have had proven success of this with the rental market in Cardiff Bay, where we let 22 apartments in less than 3 weeks with this offer, meaning that all available properties managed to secure tenants.
2. Include internet
Including internet in the rent is the most requested service from tenants. This has become increasingly important with the demand of people working and studying from home. The additional benefit in offering this to the student market is the appeal that the house is effectively, ‘up and running’ with no downtime when they move-in. We can include an internet package and organise the set up for landlords using our managed service.
3. Provide study facilities
Providing a place of study at the property couldn’t be more important this year. Make sure that you have provided a desk and a comfortable chair in each of the bedrooms. It is worth checking the existing furniture in the rooms to see if these could be replaced with better quality furniture, for example, an adjustable chair and a desk lamp. As more students will be studying in their rooms rather than in lecture halls, it is worth making the rooms as appealing as possible.
4. Optimise outdoor space
Outdoor space has become more important in lockdown and often these are not fully utilised in student properties. If your property has any outdoor space (front or back) make it appealing! Simple things like mowing the lawn, cutting back hedges and painting the fence can make a big difference. Alternatively, it may need more attention to attract tenants, perhaps jetwashing, new decking, outdoor furniture and outdoor storage for bikes would also be a benefit to a student.
5. Make an offer
If you have interest then perhaps make an offer to seal the deal. You could extend a summer retainer period until October, offer tenants a price-freeze if they stay for another year or welcome them with a move-in hamper.
If you are a landlord with a student property, we can help support you with the recommendations suggested above, please contact our team today to find out more.