location and map Saint Andrews has for many years been an attractive location for property investors, with a shortage of high quality student accommodation fueling strong demand. MAP: areas where there is good demand for student accommodation in St Andrews (the map also includes the location of the university halls of residence). Student accommodation can be found further out from the areas featured above, however demand drops off significantly as do the rental levels you can achieve. RENTAL LEVELS As a rough guide, rents are as follows for a good quality, highly maintained student property: GREEN AREA: £590 to £750 per bedroom per month. AMBER AREA: £530 to £700 per bedroom per month. RED AREA: £430 to £530 per bedroom per month. PROPERTY PRICES Property prices vary widely depending on location and the amount of work required to bring it up to a good standard, but as a rough guide expect to pay the following (prices based on 2+ bedroom properties): GREEN AREA: £100,000 - £170,000 per bedroom. AMBER AREA: £80,000 - £110,000 per bedroom. RED AREA: £60,000 - £80,000 per bedroom.
property desirability – how to achieve maximum rental Location is key when it comes to student accommodation: as a general rule the closer to the town center the property is, the greater the rental potential. Aside from location, it is the overall desirability of the property that dictates what rent can be charged. The days of poorly maintained student properties with tired furniture and dated décor are over. Whilst landlords of these types of properties may have been able to secure tenants in the past for low rents, we believe they will soon struggle due to the increased provision of high-quality student accommodation in the town. Indeed, student expectations have shifted markedly in recent years, which is entirely fair given the rental amounts they pay. In our experience the type and age of a property (for instance traditional vs modern, house vs flat) means little in the student market. Rather it is the desirability of the internal fixtures and fittings that influence the amount of rent a property can achieve. Desirable student bedroom Good quality, modern items from IKEA (such as those seen in the photo above) do the job perfectly and create a highly desirable student property for a relatively low-cost. It is important to ensure the décor and furniture is consistent throughout the property: tenants dislike properties where some rooms are more desirable than others, especially given they will likely be splitting the rent equally. The ‘top three’ questions we are asked by prospective tenants are 1) whether the property has double beds; 2) whether the property has a washer/dryer; and 3) whether the property has a dishwasher. If space allows, we strongly recommend these items are installed to increase desirability and achieve the best rents. We have created a fully comprehensive inventory guide for our landlords detailing exactly what we recommend – from sofas to kitchen utensils – based on our many years experience managing student property in St Andrews.