Purchasing A Student Buy-To-Let Property
Dipping your toe in the student market for the first time is like Neil Armstrong stepping on the moon , it really is one small step, and yet it is also one giant leap from purchasing a “mainstream” buy-to let property.
There are several differences about the student market, your target audience is limited, it tends to be younger, never lived away from Mum and Dad and it is very social media savvy. You should also bear in mind that the students are rarely locals and it will take students most of their first year in halls to get used to your city. All of these points should be considered when preparing and marketing your property.
However, one element above all others is crucial in the Student Market, timing! The bad news is the student market is cyclical, the good news is that it’s always been that way which makes it predictable.
Be Ready For The University Rush
Universities vary and you need to ensure you are familiar with the timetable for your local university, but in general students arrive during the first three weeks of September, they break for Christmas, Easter and the summer. But here’s the awkward piece a lot of them start looking for their accommodation in January and February and if you are not alive to this then you will miss that initial feeding frenzy. Put simply if you are new to the student market it is best to be presenting or marketing your property in January and February ready for September occupation.
All is not lost if you miss this initial frenzy, some groups are poorly organised, some students aren’t sure who they want to share with and some students won’t even know they are going to be based in your city.
Familiarise yourself with the timetable for your local university and when the Housing Lists come out. Talk to the University about registering your property with them or get advice from a local ARLA registered letting agent who specialises in the student market and will also be able to help you with good areas and the type of house to buy.
Get The Expert Advice
You can access a wealth of information, hints and tips from one of our experts here at City Lettings. Contact us by using the on-site contact form and don’t let the timing pass you by.