Property investors need to consider student apartments because they can bring in a really good return over a long period of time. Right now, off-campus accommodations for students are a part of a fast growing sector as the number of tenants interested is growing. However, this does not mean that you can buy anything and expect success. If you are interested in student accommodation investments, the following tips will help you make good choices.
Area Safety The number one concern that students and parents have is security. It is really important that you check area safety when you want to make a purchase. Also, analyze security provisions for the specific building or complex. Preferably, this should include CCTV and even advanced features like biometric access control.
Areas that are safe are preferred by guardians and students. More students will be interested in staying there so interaction options will be higher than with alternatives. Many investors are interested in features like clubhouses, gyms, games rooms, swimming pool and basically recreational facilities. However, the main features that should be in place are safety related.
Modern students want to be connected. If you want to rent a property and it does not have reliable, fast internet connection, there is a good possibility many student renters will be put off. Besides WiFi access, the considered property also needs to provide very good cell phone signal and should be DSTV-ready.
Statistics show that 90% of all students these days have smartphones and often use them to communicate. This includes making calls and accessing the internet. If the apartment/house you buy is in an area with a poor signal, you can be sure you will have problems renting.
Apartment Layout One thing many investors do not realize is that flat layout is of high importance for students. The two areas that are of particular interest are the bedroom and the kitchen. The stereotype states that students live on take-away food. This is incorrect. Most students actually want to have a kitchen that is clean and reasonably sized, featuring plenty of storage space and preparation space.
Another thing that should be mentioned is that students do prefer the open plan living areas but they do want bedrooms to be private spaces. That is especially the case when sharing with others.
Property Management Dealing directly with landlords is not something that is desired by students when thinking about all the things that happen on a day-to-day basis. Calling the landlord if a replacement is needed for an appliance is definitely not convenient. Because of this, property management needs to be taken into account. You want to be sure that you can use the services of highly respectable management companies.
Conclusions The bottom line is you need to be careful with student accommodations. It is really hard to find something that is perfect if research is not properly done. You need to consider all the things mentioned above and actually talk to students in order to understand what they really want.