Landlords and investors targeting students with their buy-to-let investments need to know what students prioritise in their homes to help ensure a higher rate of occupancy.
The research revealed large bedrooms are the most desired feature of a rental property for students. Living rooms and en-suite bathrooms also ranked highly. Additionally, high-speed internet was considered more important than parking spaces, quality furnishings and gardens.
Student tenants are often more budget-conscious; however, most said they would pay more if their landlord offered cleaning services as part of the tenancy agreement. Unsurprisingly, location is also key for students, especially being near a supermarket and within 15 minutes of university.
The results of this study can help landlords and investors better target students with their rental property. To ensure higher rates of occupancy, which is key for any successful rental property, it’s important to invest in properties with features and amenities students prioritise.
The student property market moves fast and often has a high turnover of tenants. However, 68% of students stated they would prefer to live in the same property throughout their entire stint at university.
A recent survey revealed landlords are starting to provide tenants with greater security in their homes as more renters look to stay put for longer. This is welcome news as more people are reliant on the private rented sector for a home, and students make up a big demographic of renters.
Growth in student accommodation sector
Every year, more and more people are attending university across the UK, opening up more room for growth in the student accommodation market. The sector has already seen rapid growth across the last 10 years as the market is valued at more than £50bn, according to data from Knight Frank. The purpose-build student accommodation specifically is set to see a significant amount of growth this year.
As students are driving demand in the rental market, there is an increasing need for more rentals in university towns and cities across the UK. With the rising number of students and demand outstripping supply in the rental market, especially in the north of England and the Midlands, this has opened up opportunities for investors and landlords to potentially earn lucrative returns.