14th November 2016
Are you considering becoming a student landlord?
With over 15,000 students attending the University of Chester every year the student property market in the city has grown significantly over the last decade. Add to this the students attending the College of Law in Chester and other institutions and there is high demand for accommodation from students of all ages and at different stages in their academic careers.
At Matthew’s we have seen the influx of students to the city increase year on year. The University itself has less than 2000 student beds in Chester so the demand for private accommodation is high.
Chester based students who are living away from the family home spend on average between £3600 and £5100 a year on their private accommodation so for anyone considering buying a rental property or renting out an existing property to students this could offer a viable investment opportunity.
Being a landlord is a big responsibility, before making a decision we would recommend speaking to a reputable letting agent. Prospective landlords are often nervous about the idea of renting to students and have concerns about how the property will be cared for and the high turnover of tenants, however students can make great tenants and the yield from student rentals can make it a very attractive proposition.
Every landlord is different; some prefer to manage day to day issues directly and like to meet their student tenants so they know who is living in their property, whereas others prefer to keep their distance and allow an agent to take care of everything. At Matthew’s we understand that there is no one size fits all approach so we offer a range of services.
We also really understand the Chester student property market. We are one of the largest suppliers of student accommodation in the city and our experience means we know when and where students look for accommodation. We understand the academic cycle and work hard to ensure new tenants are in place for the beginning of each year.
If you’ve been considering buying a property or have a property but are wondering if it is right for student accommodation then get in touch. We would be happy to talk to you about demand and our services to help you make an informed decision about whether to take the plunge!