If you asked anyone to describe the typical student flat, most people would be likely to paint a picture of something grimy, grubby, messy and probably low in quality. Poor decoration, cheap furnishing and a lack of effective maintenance are all stereotypes that go hand in hand with student property, but despite this, students are actually far more discerning now than they have ever been before.
More universities are now stepping up and either revamping the accommodation they offer or building new fantastic options for students, while the rise of private renting has meant students are increasingly seeking out modern, well-maintained places to live.
Simon Thompson, managing director of student property search engine accommodationforstudents.com, said: “Students are fussy about where they live.”
The rise of the internet and property portals in the past few years are surely behind the rise in demands from students. Websites allow them to seek out the best properties, compare and contrast and generally complete a lot of research to ensure they get the best properties possible for their money.
So how can investors make sure they are bringing properties to the market that appeal to modern students and meet their needs?
Homes that are modern in terms of their interiors are more likely to be picked up by students. Most are young and up on what’s trendy and in fashion at the moment, so they want their home to reflect their personality.
It doesn’t need to be too flash either. Merely having somewhere that’s light and airy with a modern touch will be enough to attract. Use neutral blacks and whites to decorate and you’ll have something that has a wide appeal.
Students have needs when it comes to the location of their property. Of course, being located close to campus is important so they can get to those early lectures on time of a morning, but investors should remember not to neglect the nightlife.
Being located close to the town or city centre and having easy access to the nightlife on offer will be an important aspect of any rental property for the majority of students, so consider this when investing. You might also want to be on a main bus route to give them freedom and flexibility.
Homes have to be fit for purpose, and this means providing facilities that students see a necessity. Even in the wider property market at the moment, for example, the desire for fast internet access in homes is growing time and time again.
For student properties, things like having access to fast internet will be even more important. In the switched-on world, the younger generation are constantly connected to the web through social media, streaming services, and, of course, their university work.
Remember the parents
This is probably one factor that’s easy to forget, but students are not likely to be seeking out somewhere to live on their own. Especially in the early years of university, it’s more than likely that most people will have their parents involved in the decision-making process, so it’s vital to not just tailor a property to students themselves.
Think about what parents want to see from accommodation. Is it in a nice area? Are the streets well lit? How is security in the building itself? These are all questions they’ll be asking, and if you can answer them satisfactorily, chances are you’ll have a better chance of success.
It’s not all just about securing a contract in the first place, either. Because students are now looking for higher quality residences than they might have been in years gone by, they will also want to have it maintained to a high standard. Investing in managed blocks is one way to make this easy for yourself, because after you’ve purchased units therein, any issues that arise with regards with maintenance and repairs will be dealt with for you. The bonus is that having such problems addressed early doors means that your chances of repeat business from students will be greatly increased.
This article has been provided by Experience Invest a leading property investment company based in central London who specialise in providing (IGAs) Income Generating Asset including student accommodation in the UK to clients from all around the world.For more information visit:http://www.experienceinvest.com/student-property-investment/