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Race to quality student homes in Nottingham

14th Mar 2013

Category: Property advice

Tagged:property investment, Student, HMOs

Comfort Lettings thinks that the future for Nottingham student rentals is bright. For many however, the future seems very dim due to the 12% oversupply of student rooms in Nottingham. Why do we have this difference of opinion?

We suspect it is because we have taken the time to better understand both the macro and micro causes and effects.  On the macro scale, student numbers will most likely be fairly stable but on the micro scale, student’s expectations of accommodation have shifted.  There is no coincidence that this shift aligns with the rise of tuition fees – students are looking for value.

The old guard is old school

It is arguable that student housing of old was poor value, with mouldy, dark and dingy rooms being accepted by students as the norm.  With an increased expectation on students to pay their own way and sign up to future taxes for their education (in the form of student loan repayments), there has been a marked shift in student’s expectations of their accommodation providers – and rightly so.

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1)    Quality of the House

Extras are the order of the day.  To achieve the higher rents and satisfy a modern student tenant, landlords must not delay on their capital expenditure.  Expenditure is not an expense, it is an investment, and too often landlords confuse the two.  Paint the walls earlier, buy new beds and mattresses before tenants complain, and fit the new kitchen with improved facilities like dishwashers and integrated appliances.  We say ‘new’, because we mean new, not simply furnishing with items left over from unwanted family furniture.  Whilst buying new, buy matching.  Flat screen TVs, large capacity fridge freezers and large desks are big winners.

2)    Quality of the advert

Photos are the foundation of your advert – even more important than location on occasion.  Photos sell, and do the hard work for you.  We professionally photo as well as professionally stage our properties.  It is a one off investment in the marketing of your property, not a cost!  The advert must be placed in the right places, at the right time and at the right price.  Sounds simple but more often than not landlords get one of these key elements wrong.

3)    Quality of the viewing

Do not send your potential tenants around your house unaccompanied.  Many agencies and landlords still live in the dark ages and think of this as the ‘norm’.  Accompany your tenants, it is your chance to find out about them and for you to immediately address any concerns and ultimately sell your property before your competitor sells theirs.  When there is a 12% oversupply, you cannot afford to leave the rental of your house to chance, intervention is key and the viewing is the best place to seal the deal.

Feel free to ###a href="get" class="redactor-linkify-object">http://www.comfortlettings.co.... in touch if you want to "Comfortise" your property.  Contact us now!  Houses in Nottingham? Why not try our Free Rent Review.

Phil Ashford

Partner MEng(Hons) FCA MARLA

An experienced Chartered Accountant and a Founding Partner of Comfort Lettings.

Connect with me on Linkedin

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