There are 4 main factors that determine the rent achievable on a student property.
1. Location, location, location.
Students generally do not have their own transportation and want to be within walking distance of the University and other amenities.
2. Standard of the property, fixtures and fittings and individual room sizes.
How modern is the property and the furniture? Is the property kept in a good state of repair and overall condition? When was the last time the property was decorated throughout ? How many bedrooms are in your property and are they all of equal size or do they vary greatly? Have you tried to maximise the overall floor space or have you been generous with the room sizes?
3. Time of the year.
Student lettings is very time sensitive. You want to make sure your property comes on the market at the right time of the year or you may not be able to achieve the rents you want, or worse, not let the property to student tenants. The best time to start advertising is in November/ December the year before the tenancy actually starts as this will ensure your property is on the market right from the get go. Larger (HMO) houses tend to be let between November - January, you therefore want to avoid putting i.e. a 10 bed on the market in June if you can help it at all. It is not to say the property cannot still be let, however you may have to revert to renting the house on a room by room basis and the rents achievable on a large (HMO) property in June are considerably lower than i.e. in December.
4.Competition of Housing Stock
Check what other student accommodation is available. Is there a deficit or a surplus ? The more student accommodation is available the more choice applicants have and the more they will browse around before making a commitment to a particular property. Browse other properties to check what extras and standard of accommodation other landlords provide.
Rents achievable differ based on the local property market, however a rough estimate for student rooms in different University Cities are generally between £60-£105 per room per week without bills. If you offer a bills inclusive option this would be on top.
If you want to find out how much you could achieve on your student investment property simply click here to complete our online valuation form or contact us on +44 161 694 6427.