In recent years, the demand for student accommodation near the universities has become very high, even requiring expansions of space that are exclusively for its own. For this reason, many so-called specialist companies have established large-scale student accommodation areas in many cities and towns. Though this concept has evolved probably more than two decades already, it is worth noting the difference when we look at today’s typical model. The difference is huge, especially when you look at the areas occupied by rich foreign students. Compared to the types of student accommodations of the past several years, what has emerged recently are high-quality facilities with premium accommodations for students, including high-speed internet access, groceries, quick shops, laundry services, entertainment centers, and even famous fast-food restaurants and cafes.
Compared to normal rental space, student accommodations are more expensive. Well, one of the reasons, of course, is the kind of facilities mentioned above. Normal rental facilities do not offer services like those ones therefore when you talk about student accommodations, always remember that it is being aimed at wealthy renters so it costs a little bit higher. Many of these students usually come from places like China and other parts of East Asia; often coming from wealthy families, therefore, demands higher levels of comfort. Every year, the number is growing that’s why companies that are managing these kinds of rental property are also increasing. The main factors in the area that attract these types of renters are security, silence or less noise within the neighborhood, peace of mind, easy access to essential daily needs, easy access to transportation, recreational places, and most importantly, comfort.
Though, it is quite noticeable that undergraduate types of these students are less choosy about the area compared to others; they don’t demand so much when it comes to the setting. These are typically around 18 to 22 years old; usually select the urban areas with more crowds and access to various entertainments and recreations. Interestingly enough, some experts claim that these types of students often become first-generation settlers in some areas of the UK and the US. Many of them later become citizens and enjoy equal opportunities as the original settlers, actively contributing to the economy of the area. And, student accommodations play a big role in this phenomenon; they helped a lot in transforming these places.
Some tips on choosing the right area for your rental property if you want to target the students:
First, choose the perfect university for you
Again, be sure to be on the area where there is a good access to public transportation
There is a good access to internet
The university is very accessible (through public transport, walking, or cycling)
There’s a large population of students
The access to food and other essential needs is very easy
There are social gathering activities such as recreational events, concerts, etc.
There is easy access to hospitals and healthcare facilities
Lastly, the community is peaceful
Most students live on their own. These are young adults still depending on their parent’s payroll for survival. It is very important for a landlord to always remember this so that they can have a more premeditated approach, especially when implementing solutions. Of course, the main reason why they moved on your property is to get closer to the university, not because you have the best property in town. They don’t care so much about that; all they want is a comfortable place to stay where they have easy access to the university and to everything they want or need.