An advantage of investing in student property is increased yield. This occurs due to the fact that more people will be paying rent on the same property, with some landlords even choosing to convert living spaces into accommodation a standard 4-bed house could quickly swell to 5 or 6 bedrooms. This itself comes with a risk, before converting a room you must distinguish whether your area is covered by Article 4 Direction or not, if it is then you will need to apply for planning for change of use when converting living spaces into bedrooms.
When it comes to finding the right property to invest in for the student market, if it is near one of the universities is it bound to be popular. In Sheffield, all types of types of student housing are in demand, bigger properties are likely to command a higher yield due to the fact more tenants are living there. It is worth remembering that like with every tenant, students will be looking for different types of properties – some may have the budget to pay for luxury accommodation, whereas others may need to live on a stricter budget, however, no matter what type of property it is, the majority of students will want to live close to Sheffield Hallam University or The University of Sheffield. If not, then at least good transport links to the Universities ae a must.
For many students, moving away to university will be the first time they have lived away from their parents and they may feel quite vulnerable. Having a reputable agent managing your properties and providing the tenants with the support they need will help take the stress away from you as a landlord. Some things that need to be taken care of regularly include inspections, regulation and clear communication with the tenant, ensuring this is done properly is key.
