Renting to Students for the First Time

As many people have quickly come to realise, being a private landlord can be very lucrative, particularly in the current climate where many people are deciding to rent a home rather than buying. Landlords are able to benefit from a solid long term investment by purchasing property and then renting it out, and there are many different options when it comes to who you rent to. This includes everyone from families or professional couples through to students and more.

With figures showing that the student population has been steadily growing for the past decade, choosing to rent to this particular group is an excellent way to boost the chances of a steady stream of tenants and income with many landlords in Newcastle having made a good living from this. Of course, this is a niche part of the market and you need to make sure that you purchase the right property in order to boost your chances of getting student tenants.

Identifying the right property

In order to ensure you purchase the right property for renting out to students, there are a few things that you need to consider when it comes to student lettings in Newcastle. This includes:

  • Location: It is important to choose a property in the right location, which means pretty close to a college or university. This is something that will mean increased convenience for your potential tenants, which can help to boost your chances of getting student tenants without any issues.
  • Close to transport links: Many students do not have a car, and therefore rely on public transport. With this in mind, it is worth finding a property that is within easy reach of transport links as well as close to amenities such as shops and entertainment.
  • Inclusive bills: Most students want to avoid the hassle of being stuck with lots of bills payments and prefer monthly rent that includes things such as utilities, council tax, broadband and the like. Therefore, look into the cost of these services for yourself and then set the monthly rent accordingly.

These are all considerations that can help to make it easier to successfully rent out property to students.