Tags – Needs of Student Tenants
So, as with any business endeavour, when renting out a property, it’s crucial to know your audience.
As such, if you want your property to stand out from the crowd, you need to aim it specifically at your target audience.
Therefore, it’s important to differentiate between the needs of student tenants and those of working professionals.
Although there are a lot of parallels, a main area of difference will be the need for different tenancy agreements.
For instance, in the case of students, individual tenancy agreements will be required in a house of multiple occupancy.
Whereas professional, working tenants are more likely to rent a property as one entity, students will rent independently.
This can be advantageous for a landlord in that if one student tenant drops out, it won’t impact the rest.
Equally, the remaining students may well be instrumental in finding a replacement.
However, on the downside, several agreements for the same time period can create more paperwork and chasing up.
Fixed Term Agreements
Although students are unlikely to stay in a property for years, they will sign up for a fixed term.
Additionally, they’re more likely to pay in three parts across the year, using their student loans, paid to them each term, to do so.
However, working professionals will need to take a more temporary view on their tenancy.
As such, they will want to pay monthly.
And they may well move on after only six months because of potential job and location changes.
A critical requirement of student tenants will always be the need for an individual workspace.
Consequently, it’s more important for each individual room to accommodate a desk and chair than much storage.
Therefore, when aiming a property at students, make sure each room is self-contained with at least a bed, workstation and small amount of storage space.
Professionals are likely to rent a property as a couple or maybe a group of two or three friends.
Therefore, they’re likely to present as a single tenancy, having taken into account the affordability, jointly.
Whilst students sharing a property may well not know each other, professional tenants are likely to know each other well.
Consequently, they’ll be happier to share a smaller communal space.
Equally, those working will spend less time in the property and have less need for a large kitchen, bathroom or living area.
However, by comparison, a larger, more sociable living area will be of paramount importance to students.
A key area of difference between students’ and working professional tenants’ needs will be the location of the property.
Whilst working tenants are likely to have their own transport, students will require good public transport links nearby.
With more traditional 9 to 5 working hours, professionals will potentially want a quieter location than their counterparts. Similarly, they may also require off road parking facilities too.
By comparison, students will want to be closer to the city centre and will be less affected by any associated noise.
Therefore, a central location is more likely to be at the top of a student’s wish list.
To learn more, get in touch with us today.
In the meantime, check our Student Lettings Leicester service.