Firstly, consider furnishing for durability and functionality. Students typically seek furnished properties to avoid the inconvenience and cost of purchasing furniture. Choose robust, low-maintenance furnishings that can endure the rigours of student life. A sturdy desk, ample shelving, and a comfy bed are must-haves.
Secondly, simplify the utility process. To circumvent late or missed payments, try to include utilities in the rent. This not only makes your property more attractive but also simplifies budgeting for students. If this isn't feasible, consider setting up accounts with utility providers to streamline the process.
Thirdly, prioritise internet connectivity. Reliable, high-speed internet is non-negotiable for students who heavily rely on online resources for their studies. Ensure your property offers a robust internet connection – it's often a deciding factor for prospective student tenants.
Fourthly, implement flexible leasing options. Students usually seek housing that aligns with the academic year. Offering lease terms that cater to this cycle can make your property more appealing and reduce vacancy periods.
Fifthly, focus on safety and security. Both students and their parents prioritise safe living environments. Invest in good exterior lighting, secure doors and windows, and, if possible, a security system. These features not only attract tenants but also provide peace of mind.
Lastly, market your property effectively. Advertise on platforms frequented by students and highlight features such as proximity to campus, local amenities, and transport links. Partnering with universities as an approved landlord can also give you a direct line to the student market.
By tailoring your property and management style to meet student tenants' needs, you can enjoy high occupancy rates and a steady rental income, making it a worthwhile investment.
