by Jenny Hawkins
Have you invested in student property in the UK? Then you’re certainly not alone. The purpose-built student accommodation market in the UK is one of the fastest growing assets, having grown from £3.1 billion to £5.3 billion by the end of 2017. Whilst student property investment remains an attractive and promising venture, there are things you can do to boost more demand for your buy to let student property and attract the most desirable tenants.
Quality Matters to Today's Students
One of the main things students want in their accommodation as of late is quality. Gone are the days that the UK’s students would settle for any old shared housing or cramped halls. As a result, luxury student housing is a lot more prevalent and remains the most attractive type of student property to invest in. Any property investor looking into the student market should keep in mind that buying properties with a more luxury edge is likely to make them stand out to prospective tenants. But what exactly makes a student property ‘luxury’?
Don't Discount the Importance of Design
The design and decor of a luxury student property is a big distinguishing factor when compared to a more dated property. Luxury student accommodation usually means an apartment with spacious rooms that constitute a living area, dining area, bedroom, bathroom and kitchen area. A lot of student properties also now have communal living areas or gardens where students can socialize with others in their building. The decor is usually kept in a modern and minimal style, with simple furnishings and state of the art appliances such as kitchens equipped with white goods and useful facilities.
Amenities Matter to Students
The type of amenities that more high-end, luxury student apartments offer is a big selling point that appeals to students. Amenities like high-speed internet and round the clock surveillance are factors that appeal to student tenants. For this reason, property owners should try to offer fast internet (an important necessity to aid their studies) and a secure building where students are safe to enjoy their time at University.
Research shows that the new generation of young people that are now entering the student market are a lot more security and privacy-conscious than generations before them, making bonus features like on-site security and private accommodation likely to attract these type of tenants.
Location, Location, Location
Another big factor that luxury student properties tend to share is their proximity to the cities university campus and local attractions. Students are far more likely to want to be close to their university than have the need to commute each day, making city centre properties a lot more popular. Property investment consultants https://www.rw-invest.com/london-property-investment/ are one company in the UK with luxury student properties in prime locations that attract plenty of desirable student tenants.
Students are now apparently a lot more willing to spend more money on rental properties that have a more luxury edge. Not only that, but wealthy students from overseas countries being a big target customer. Choosing to invest in a luxury student property is a smart move for investors into the UK property market. Not only are these types of properties in demand, but it’s also true that the student population in a number of cities such as Liverpool and Manchester are thriving, with Manchester in particular boasting over 99,000 students. Combined with the changing attitudes toward student accommodation and the new generation of students entering university, it’s likely that the demand for luxury student property is set to rise further over the upcoming years.
About the Author
Jenny Hawkins is a recent Business graduate that found her educational experience to be life-changing. She is currently looking to share her experiences with students to help them throughout their time at University.