As a landlord, when marketing your property, it’s vital you’re clear on which demographic you wish to target your property towards.
Many landlords favour student lets for a variety of reasons; often thanks to the opportunity to achieve higher rental yields (due to the relative cost of housing in many student locations), and often because demand for rental homes in areas with a large student population is consistent and strong.
Some eager students will already have pinned down a rental property for the next academic year, but as the Christmas and New Year period fast approaches, landlords should be starting to get their properties – and subsequent marketing campaigns – ready for the next influx of prospective student tenants looking for their latest home from home.
Most students start their property search in the New Year, once they have decided on who they'll be living with and the size of the property they'll require. Once they know what sort of home they're after, they’ll want the process to move quickly, as January is also exam season for many.
Although the perception may be that students will expect less from their accommodation than other demographics, research by Glide Utilities has revealed that a third of students are on the hunt for a property with en-suite bathrooms or shower rooms, and 61% are looking for each bedroom to contain a double bed.
New luxury student developments are springing up all over the UK, so landlords need to ensure that their properties are keeping up with the latest expectations.
Brett Booth, Youth Insight Consultant at Glide, has also advised that landlords who want to attract student tenants in their droves, must ensure they are crystal clear on what they have to pay right from the get-go.
Students are a savvy bunch (on the whole), and will want to know exactly what is included, especially now university fees have risen and students may not have as much cash to play with.
When marketing your property in the New Year, there is one medium that is guaranteed to grab the attention of the student demographic and that is digital media. Most young people spend a lot of their time online so you need to utilise this.
Having active social media accounts, and ensuring that you market your property via these channels, is vital. Include great quality photographs, virtual tours of each room, even the odd, funny vine about the moving in process or finding the right property – this will all work in your favour.
However, if there’s one thing key to minimising void periods and attracting students it’s maintaining a great reputation. Interestingly enough, almost 1 in 10 students picked their landlord specifically due to a friend's referral.
So it seems the key to attracting student tenants in early 2016 is to cater to their increasing expectations of quality, keep them in the picture money-wise and maintain an excellent reputation within your local area.