Newcastle has a population of around 275,000, with students making up 42,000 of the total population meaning that 15% of Newcastle is students. It is easy to see why so many landlords are looking into student accommodation in Newcastle as a way to increase their financial income, so in this blog post we would like to share some top tips with landlords renting properties in Newcastle to students.
The big pull for students to Newcastle is the vibrant nightlife, excellent shopping opportunities and the fantastic standard of living, it is also seen that there are relatively low rental costs in Newcastle compared to other student accommodations in the UK.
Most of the rented student properties in Newcastle are terraced houses that range in size from a two bedroom property to a large Victorian property with 8 bedrooms. There are many options of student accommodations and locations for student properties in Newcastle and each has its own set or unique advantages.
For example Jesmond offers many trendy bars, restaurants and boutique restaurants making it very popular with students, but due to the offerings Jesmond is also the most expensive area for rent student accommodation. If you are a landlord of a student property in Jesmond you will notice that higher rents can be demanded, but also a higher standard of accommodation is expected too.
Heaton is well known as the classic student area and has the largest student population in Newcastle, especially Chillingham Road which is a particular hot spot for student accommodation. Renting in Heaton is a popular option for students as this area offers cheaper rents, but as a landlord you can still maximise your rental income by converting reception rooms into additional bedrooms for students.
Sandyford is another popular location for students as it is easy walking distance to the university but is also a quieter area of all the student areas. This is definitely an area of Newcastle for the more studious of students.
As a landlord it is important to remember that if you are renting out the property on a per calendar month basis to students rather than a per person basis you need to make sure the tenants understand that rental payment needs to be paid in full, even if the room is empty. However, this is something that the team here at HM Residential can help you with.
If you are considering being a landlord for student accommodation in Newcastle then give us a call, we would be more than happy to help you.