Importance of Student Accommodation
There is no denying that in the list of items that impact on the life of a student, accommodation is vital. This is often the first time a person has lived away from home, so it is understandable that they are looking for property that is easy to maintain and which provides them with as few problems as possible. Having comfortable, safe and secure accommodation can play a big part in helping a student enjoy the educational process, and landlords and property investors have a role to play in creating the right environment.
You’ll also find that student accommodation is hugely important in the property and lettings market. There is a growing need for student accommodation which not only drives the rental market; it can influence the standard property market with landlords and investors increasing their property portfolio to meet the demand of this market. If you take Nottingham as an example, there are two leading Universities in the city. The University of Nottingham and Nottingham Trent University play host to more than 60,000 students and there is a need for suitable accommodation for these students.
You don’t need to be located on campus to succeed with student accommodation
When it comes to student accommodation, it is not as if you have to be located directly on the campus. It may be that some students are looking for an area where they can feel as though they have time apart from their studies, which means that other locations can appeal to this market. If you consider an area like Nottingham, the main campuses are well covered by the tram system so offering property that is connected by this form of transport should be of benefit.
One thing to remember about student accommodation is that they are ideal for HMO purposes. Most students are more than happy to share property with fellow students and for many people; this is all part of the rites of passage associated with this time in life. This means you can improve the return you make on a property but you may also find that you already have groups of people looking to fill your home. It is only natural that people would prefer to share property with people they already know and get on well with, and you can tailor your advertising to reach out to people who are looking for a group share options.
Student accommodation can make your life simpler as a landlord
When your tenants get on with each other and have an existing friendship or relationship, you should find that your work as a landlord becomes simpler.
Student accommodation can be a lucrative area of the market and as long as you carry out your research and provide a good standard of service, this is an opportunity to make money year after year.
At Liberty Gate, we believe student accommodation is a major component of the rental and property market. There is a great deal to be said for considering this market if you are looking for a way to bring in regular and consistent income.