Letting a property to a noisy group of 18-year-olds isn’t everyone’s idea of a relaxing move. That said, it doesn’t take much to see the financial potential in doing so.
With more than 2.5 million people in the UK enrolled in a university course, there is certainly an audience waiting. This number is also rising steadily while the amount of designated student accommodation is hardly growing at all – leaving a gap for landlords to look at filling.
Catherine Jane Pennington, who has plenty of experience working in the property industry, spoke about getting over the mental hump of letting to students, saying:
“It can be quite a daunting idea, but as long as you’re not opening up your perfectly decorated pride and joy of a family home, the worries start to disappear pretty quickly. It’d also be wrong to just assume these kids are unruly and destructive – there are plenty of hard-working, quiet students who just want somewhere to sleep, eat and work every day.”
She went on to explain that students, especially those who are moving out of the family home for the first time, tend to have lower standards and fewer criteria to fulfil than standard tenants – state-of-the-art penthouse apartments filled with luxuries and immaculate decorative detail just aren’t necessary.
Older properties, according to Catherine Jane Pennington, are perfect for the student market as they’re often considerably larger and more basic. With more rooms available, and more space in each, they’re ideal for letting to larger groups – with some student houses accommodating as many as seven or eight people, each bringing in regular money for the landlord.