The student housing sector has undergone dramatic change over recent years and has become more popular than ever before. As the student population is increasing year on year, it is no surprise that students are taking advantage of the world class education on offer and pushing up the demand for adequate housing.
Location is one of the most appealing factors of all property investments, particularly within student accommodation and should actually be one of the first things that you should consider. Students are likely to seek accommodation in proximity to their campus or place of study. Therefore, there will be a strong demand for properties located nearby. Convenience and a short walking distance to bustling city centres is an important factor for most students, not to mention the closeness to transport links for easy access in and out of the city. Being close to popular bars and restaurants is a plus and is often one of the fundamental parts of student life.
Student life is a chaotic mix of socializing and studying, therefore offering multiple amenities within their student accommodation is a huge perk. Student accommodation is a market that is well and truly on the up. Gone are the days of rusty appliances, mouldy bathrooms and gaudy carpets as students are now welcomed with fully facilitated studios, 24-hour security, on site gyms, rooftop terraces and high-speed broadband. Investors and developers have all stepped up their game to cater to the desires of the UK’s growing student population.
It is important to bear in mind what it is your tenants are looking for and try and find a property that meets their needs. In traditional older builds, many students would spend hours waiting for a reply from their landlord regarding a leaking pipe or struggle to install their broadband connection or walk miles to the nearest supermarket to get a loaf of bread late at night. Ensure your property goes above and beyond for they everyday student and provide them with stress free living, this is a great selling point to attract new tenants each academic year.
Property can be an unpredictable asset and whilst no investment can be completely future proof, there are certain plans you can put in place to help create a seamless investment. Consider all information around you and perform as much due diligence as possible to ensure a lucrative property transaction. Investment in purpose-built student accommodation (PBSA) is one of the most popular choices as is it a stable asset for those looking for long term returns and a relatively low risk investment.
Taking into the consideration the future projections for the area in terms of regeneration will be worth your while. By doing so, it is easy to predict growth in terms of capital appreciation. By researching future plans for the area, you will become aware of any expansions, renovations or redevelopments across the region, which will push up the value of an off-plan property from point of purchase to completion. RW Invest, specialize in off plan buy to let properties offering unbeatable returns in numerous hotspots throughout the UK. RW state,
“The student buy to let market has quickly gained momentum throughout recent years, establishing itself as one of the most promising investment opportunities and a way to secure a lucrative long-term income.”
Student property investment has evolved with the changing demands set by students and it is not difficult to glean just where and what constitutes as lucrative area for buy to let student accommodation. It is all about following the trends, and knowing what students expect.