Landlords looking to purchase property to rent to students in the next academic year need to have an offer accepted on a property by 1 November 2012 in order to complete their purchase in time for the student rental rush in January next year, according to research conducted by Move with Us.
The property firm contacted 41 University accommodation officers and calculated that 51% of students look for rental property in January and February and 21% look for property in November and December for the upcoming academic year.
The majority of first year students choose to go straight into halls of residency, but will start to look for suitable accommodation for their second year when they return from their Christmas break.
The average time taken from having a purchase offer accepted on a property to completion is 54 days.
Therefore, landlords looking to take advantage of the next intake of students need to have their offer accepted on a property by 1 November 2012 in order to have the keys to their investment by 1 January 2013.
“Although January may seem a little premature for students to be looking for properties to rent for the next academic year, the competition for high quality accommodation nowadays is fierce and its very much first come, first served,” said Robin King, director at Move with Us.
“Second and third year students typically begin to look for property at the start of the second term after the Christmas break, therefore it is a huge misconception that September is the date that landlords should work towards. Making sure that you complete on your property by January will give you a much higher chance of securing good, reliable tenants.
“The myth that students will live anywhere is a long out of date and these days they are demanding much higher standards of accommodation. When looking for a property to rent out, investors need to bear this in mind and amongst other things should ensure that the bathrooms and kitchens are modern and bright, the internet connection is fast and reliable and that the property is in a good location.”
