The Student rental market: it's time to Love it or List it
What will happen to the student rental market post Covid-19, especially in Central London where renowned universities attract thousands of international students each year? And what to do if your property is usually rented to this clientele?
As things stand, we do not know if the universities will open their doors in the traditional manner in September 2020. This has already had a huge impact on the number of students registering for properties for the new academic year and has caused a number who registered early to put their search on hold.
Lower Demand, Higher Supply
So what does that mean for our landlords who have properties that have been rented for the past few years to students? Our GLP team are urging these clients in particular to look at their business model and decide what to do when the current tenants vacate in order to future proof their business.
Is Your Property Dated?
A number of the most sought after properties in central London during the summer months are usually slightly dated and near a university meaning that apart from complying with regulations landlords do not need much capital expenditure to secure students often paying six months rent in advance. If this pool of student applicants dries up which is looking increasingly likely where does that leave you?
Are you happy taking a lower rent?
Granted there is a tenant for everything at the right price in London but with the current Levels of supply being higher than at any other point in living memory you may have to drop the price considerably to get a tenant and even at that juncture give in to a number of their demands on the wish list.
So,
Should You ‘Love It’?
You could give the property some love and a bit of an overhaul to boost its appeal and increase its desirability and perhaps even the estimated rental values. As such Greater London Properties have partnered up with My Bespoke Room who have extended a discount to all clients of GLP of 10% (of the first room). We have pictures and floorplans of your property so can forward them onto them so they can transform the space.
Should You ‘List It’?
Or you could decide that you do not wish to have a substantial capital outlay on the property and decide now is the time to sell. Rest assured that there is always a strong market for properties close to universities from both landlords and also parents of students attending them, you may well be surprised to find out what you can expect to receive. Do get in contact with my Sales Team at Greater London Properties to find out more about our virtual and physical Valuation Tools.
Our team at Greater London Properties, Central London’s Estate Agent, are always on hand to discuss the property market with you, the options available and find out more about what you want from your property.
Call our team at Greater London Properties today on 0207 734 4062 or email us at info@glp.co.uk.
Please be advised that we are following the strict Government Guidelines when it comes to all Viewings and Valuations.