Just ten days after publishing its list of available student properties, letting specialist Accent reports that more than half have already been snapped up. The firm believes there are unlikely to be enough houses to meet demand from students, many of whom prefer to live off campus.
Says Accent’s manager, Sarah Cox: “Despite the considerable number of student apartments being built in CB1 which will be available from September, there is still exceptionally strong demand for houses for students to share in Cambridge. Many prefer to live independently in the community and share with friends rather than take up student apartments on campus.
“There was some concern among investors that the new student apartments might put a dent in demand from students for rented houses, but this has proven far from the case. Anyone considering buying a house to let to students or with a property suitable for student sharers will find there are many benefits to this market, provided it is done right.”
Some landlords may be deterred from letting to students because they have a reputation for treating properties badly or being unreliable. However, Accent is highly experienced in this market and uses many tried and tested procedures to alleviate all the usual concerns associated with student lets.
As Sarah explains, “We vet all students thoroughly for suitability before allowing them a tenancy and ensure that they have a creditworthy guarantor willing to pay the rent should they fail to do so. We also have a dedicated property manager who looks after our student portfolio and is an expert on all aspects of student letting. She does everything necessary to ensure the smooth running of the tenancy, from setting up the billing correctly and ensuring council tax exemption is in place, to regular inspections to ensure the property is well looked after.
She is also able to advise landlords on the complexities of HMO and licensing.
“Because of the unique approach we take to student letting, it is very rare for our landlords to experience problems. Most students will respect and look after a good property, and we find that if the student is happy with the property they often stay on until the end of their course, securing the landlord’s rental income for at least two years without the hassle of re-letting.”
Victorian and modern houses in areas close to amenities are very popular with students, according to Accent, and landlords can earn significantly more by letting such houses to a group of students sharing than they can to a family. Says Sarah: “On average students expect to pay £400-£450 monthly per room. A 3 bedroom house with 2 reception rooms which can accommodate 4 students would bring in around £1,600-£1,800 per month, depending on its location and condition. The same house let to a family would bring in around £1,100-£1,200 per month.”
For anyone interested in the student market, Accent can offer free, impartial advice on the best locations and property types, how to furnish and present a student property and all the legislation that needs to be complied with, such as Energy Performance Certificates, Gas Safety Certificates and Houses in Multiple Occupation.
Accent is a fully bonded member of ARLA and a member of SAFEagent and has been specialising in letting in Cambridge for more than 15 years. For advice you can trust on all aspects of renting or letting in Cambridge please contact Accent on 01223 500387; email
info@accentproperty.com; or pop in to discuss your requirements with the friendly team at 140 Hills Road, Cambridge, CB2 8PB or 81 Regent Street, Cambridge, CB2 1AW.
ENDS
Posted 08-05-2012
