Competitive rent is ‘important when letting to students’

Competitive rent is ‘important when letting to students’

If you are a landlord in the student buy to let sector and haven’t managed to fill your property by this point, the problem may be with the cost of your rent, as competitive prices are necessary to attract tenants, according to a leading expert.

Charlie Cunningham, chief executive of property development firm Fresh Start Living, explained that there is only one chance every year to fill a property, and making the most of this opportunity is imperative or else you could end up very much out of pocket.

This period typically falls between the end of July, when most student lets end, and beginning of the new academic year, which is generally from the beginning of September to mid-October, depending on when the university’s term begins.

“You’ve only got one chance each year to let the property, so if you are trying to advertise it at too high a price and it doesn’t get filled up, then you have got an empty property for a year,” said Mr Cunningham.

BLOG POST:  Julie Twist Properties. Manchester. 8th October 2012

http://www.julietwist.co.uk/property-blog/let-your-property/competitive-rent-is-important-when-letting-to-students/801465022

Competitive rent is ‘important when letting to students’- Loraine Marshall of Student-Rooms.Co.Uk  agrees however:

13 October 2012

The timing for marketing, advertising and setting of prices is very important and may differ from City to City. Leaving the advertising to the last month or so of a tenancy or contract could result in having to try and fill your property with individual tenancies.

We have found that the optimum period for setting the rent for the next academic year is usually in November / December, in Sunderland marketing of Student Rentals starts in January each year.   From January through to May most of the Student Houses will have been booked with contracts starting July / August or September.  Students are now in the driving seat they will request later contracts that don’t include Summer half rents.

The period from June to October will be slower on lettings to groups and will be mainly individual International Students or students who have been unable to secure a property or have an extended contract ending August/ September.

Student-Rentals.pngOur advice to Student Landlords in Sunderland is contact Student Rooms in November December and get your property listed with us: we can fully manage the whole process on your behalf, Tenant Find or Full Management your choice.

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Loraine Marshall: Business owner & manager student accommodation and property management.

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