Posted on Mar 19, 2014 in Property by John Angus
The student letting market is changing as students seek properties for the next academic year. The student letting market is changing. We are currently dealing with students looking to rent flats for the next academic year. Whilst demand is high for central properties, prospective tenants are looking for a high standard of accommodation.
For the first time in memory we, in common with other agents, found we had some properties left on our hands last year resulting in a loss of rental income for landlord clients. Is the student rental market reaching a saturation point? Recent grants of planning permission for private student residences at the old Memorial Hospital site and more recently at the former nursery premises at the East Sands will result in more than 300 new student bedrooms hitting the market next year. It appears that it will become more important to offer a higher standard of accommodation to prospective tenants. Prospective tenants are now looking for a broadband service to be provided by the landlord (not a great expense if you shop around providers): if your flat is in particularly good order or has recently been refurbished then perhaps you as landlord should work the cost of a cleaner into the rent – an hour per week should keep communal sitting rooms, kitchen and bathrooms in check. Supplying a flat screen TV might be an attraction. If refitting a kitchen then allow for a dishwasher in the new kitchen. Students – particularly foreign students – are looking for, and are prepared to pay for, a bit of luxury. A run down flat with old cast off furniture should be a thing of the past if you want to stay ahead of the game. Our letting team will be happy to deal with these matters.
John Angus, Consultant