Considering letting out your units to students? Offering housing to students is lucrative, but it is an endeavour that many property owners avoid due to myths and misconceptions.
Let’s bust four common student accommodation myths right here, right now.
You have to stick to a long term lets strategy
If long term letting is a strategy you’re already utilising, you may wonder what the bonus is to housing students (see myth two). Plus, what’s the game plan for Summer?
At Staykeepers, we recommend mixing strategies and implementing short stay lets over the Summer.
If you are considering students, then you most likely have a great unit for short stay lets. An effective unit for both strategies requires a quality unit, great location and local transportation.
Short stays are highly in demand, with 40 million users in the U.S. and Europe on AirBnB alone. For our clients, we list units on AirBnB and over 400 other marketing channels, reaching untapped audiences and revenue. We have booked over 16,000 short stay reservations for our clients and in 2021 alone they earned over £3,105,000 from short stays.
Want to find out how much your property could earn? Click here to use our free calculator.
The money isn’t worth the hassle
With students often sharing a property, they offer the advantage of higher gross yields at an average of 15-16% above the rest of the market.
Combine that with a short term letting strategy and you are set for success. For our clients Unite Students, we filled their 150 unoccupied units over the Summer and increased their revenue by four times. You can discover more on their story here.
But students often come with the popular tales of damage and destruction to properties. Although a small few ruin it for the many, there are steps you can take to ensure you are letting units to the right people.
Staykeepers offer a tenant screening service, and you can also ask for a guarantor. This eliminates a lot of the risk, and reduces any preconceived hassle.
Students only arrive in September
With a company like Staykeepers at your side, your units are busy throughout the year. You can look at some of the properties we’re currently managing here.
Students actually arrive throughout the year, not just September. This is due to differences in semester length, different types of courses, mobility due to different accommodation problems in their city and students that want to explore their city prior to the semester start. Therefore it is all about flexibility.
There is more student housing available than actual students
Now is a great time to start listing your units as student accommodation, even with these still uncertain times. For our clients Londonist, we achieved and maintained a 90%+ occupancy rate throughout the pandemic. Click here for more on their story.