The level of rent will completely depend on the overall spec of the property as well as its size and location. For example, a large HMO in Jesmond might achieve around £120 per person, per week, whereas a similar property in Heaton might achieve around £75 to £80.
It is imperative that landlords keep their properties up to date in the current market, given the abundance of options available to students. For example, a recently converted property on Fern Avenue in Jesmond previously achieved £80 per person, per week. Post-refurb, we secured a group for £115 per person, per week, which shows the level that can be achieved. It’s worth knowing that the standard of property expected by students is much higher than ever before, and they are willing to pay higher rent for nicer, better refurbished properties.
There is a common misconception that students are nightmare neighbours who will cause a nuisance and won’t look after your property. What isn’t common knowledge is that students subscribe to their university charter, which describes their expectations around conduct in their community. Furthermore, when university fees are higher than ever, and the graduate job market is more competitive than ever, students want to focus more on their studies than their social lives. The view of students coming to university solely for the social aspect is outdated.
We have over 20 years' experience in the property sector, letting properties to students, families, and young professionals in Newcastle. We offer a range of services from let only, to full property management, and property sourcing, so you can be as hands on, or hands off, as you'd like.
If you are considering letting to students or have any other questions, please feel free to get in touch with us on 0191 243 1000, or visit our Percy Street office.