Is it time to look again at student lets?
Maryanne Bowring 01/09/2021
2578
Is it time to revise student lets?
The student rental market is booming, offering high yields and a strong demand for accommodation. But with this potential comes responsibility and the need for careful consideration. Let's break down the factors at play.
A Booming Market: Growing Demand for Student Lets
The student rental sector is currently outperforming other rental markets, with yields ranging between 6.15% and 6.6% in England. This is driven by an increase in demand and a strained supply of properties.
Where to Buy: High-Yield Locations
Research by Paragon Bank highlights the best locations for student rental properties. Areas like Swansea (9.54% yield), Hull, Liverpool, and Stoke are currently yielding high returns, with Preston offering an average of £19,000 per property annually. Smaller towns and cities may also offer better investment opportunities.
The Importance of Compliance: No Room for Sub-Standard Properties
With increased scrutiny and higher expectations from tenants, it’s essential that landlords ensure their properties meet all legal health and safety regulations. No more sub-par accommodation—students, like any other tenants, expect a safe and comfortable living environment.
Streamlining Management: Automated Solutions for Landlords
Managing student lets can be time-consuming, but automated platforms like PlanetRent make it easier to manage tenant checks, contracts, and maintenance requests. These tools ensure smooth operations and help landlords maintain a hassle-free experience for both themselves and their tenants.
Why Consider Student Lets?
If you're considering entering the student rental market, now may be a great time. With the right approach, you can reap the benefits of high yields while providing students with quality, compliant accommodations. PlanetRent can help make the process seamless.
Planetrent Properties
info@planetrent.co.uk
0208 0599 550 (for sales)
Under Offer: This term applies to a property where the landlord is considering an offer but remains on the market. It implies that further offers may still be considered until the landlord formally accepts or declines the current offer.
Let Agreed: This term indicates that a landlord has provisionally agreed to enter into a rental agreement with a prospective tenant, pending additional checks and referencing. It doesn't require the prospective tenant to have paid a holding deposit.
Let: This term signifies an established binding rental agreement between the landlord and tenant.
For both lettings and sales, the guidance addresses additional terms:
New On The Market: This term is used for a property not advertised since its last sale or rental. It should only be used for a brief period.
New Instruction: It applies to a property assigned to an agent for marketing recently, even if it was previously listed with another agent without being sold or rented.
New and Exclusive: This term refers to a property that is either new on the market or a new instruction, exclusively available through a specific agent or portal.
New Method of Sale/Let: This term is used when a property is being marketed for sale or rent using an alternative approach to the original advertisement, such as transitioning to an auction or sealed bid.
Reduced: This term indicates that a property's price has recently been reduced. The reduction should be genuine and comply with the Chartered Trading Standards Institute's guidelines on pricing practices.