If you are a Lancaster-based landlord or you are considering investing in property in the Lancaster student market then it’s a great investment with really decent long-term returns as long as it’s managed properly.
The return on investment with quality student property is high – higher than conventional renting, and it has a better return than today’s low interest rates. However, gone are the days when students would make do with substandard accommodation!
Expectations are now high from undergraduate and postgraduate students alike who expect to live in comfort in a well-decorated home with the amenities that most of us would expect including things like broadband and Netflix, a washing machine and a tumble dryer.
In addition, the law has changed (and is changing) so that landlords in Lancaster now need to ensure that their houses are safe, properly fireproofed, have safe electrics and gas and that their EPC Ratings are where they should be. In addition, the house may need to be registered as an HMO (High Multiple Occupancy) property with Lancaster City Council. All of this can present a challenge to a new landlord who is entering the student lettings marketing in Lancaster. Although demand for student housing in Lancaster is high, competition for the best students is also high.
Students expect high standards of service from their lettings agent and these days online reviews can be crucial when it comes to success – student houses getting bad reviews are unlikely to be let again quickly the next year if issues aren’t handled properly as they arise during a tenancy.
For example, Landlords should expect their lettings agency to have a twenty-four hour emergency line for tenants to ring in the event of an emergency such as a burglary or if they have lost their keys so that their personal safety is not put at risk (parents of students also expect this). If anything gets broken or damaged during a tenancy or if appliances don’t work then students will expect these to be fixed quickly without fuss or unfair additional charges.
In return for excellent service and a nice living environment, students will be willing to pay a premium for their accommodation. Renting to students can be a great investment providing the agency that you are using is worth their salt.
If your letting agent is inflexible or is charging you for things that you can manage yourself then it is worth trying to find an agent who is easier to deal with. There’s no reason why you can’t have a bespoke arrangement with an agency so that you can manage your student house as much or as little as you like. If you don’t live in Lancaster you should also have the peace of mind that you can leave your student house in the hands of a company who will protect and look after it properly.
Escape Campus is one of the only commercial lettings agencies in Lancaster city centre that is accredited as an agent member of Lancaster University Homes. That means that our Lancaster student houses must meet the stringent requirements of LU Homes – and it also means that all our houses can be directly marketed to students on both campuses which gives our houses the edge when it comes to the rental process.
Our services are both bespoke and flexible – and we pride ourselves on offering an outstanding level of service to both students and landlords. If you’re struggling to let rooms in your house you can also take advantage of our student finding service. Contact us today for more information and we’ll be happy to talk to you about how we can provide a great service to you and help to protect your property investment in the long term.