The Republic of Mancunium is home to around 90,000 students, rising to 120,000 in the Greater Manchester area! So, this therefore means that if you invest in a buy-to-let and target the student tenant market, you should have no shortage of demand.
Times are difficult, and prices have gone up across the board for everyone in the UK, landlords and tenants alike. However, purchasing a buy-to-let property for students in Manchester could still be a positive investment move for you in 2023.
Let’s delve into a few things to consider when purchasing a buy-to-let property for student tenants in Manchester as a first time landlord.
There are prestigious universities in Manchester and Salford
One of the reasons why there are so many students in Manchester and the surrounding areas is because it is home to great universities, including the University of Manchester, Manchester Metropolitan University, the University of Salford, and the Royal Northern College of Music, ideal for anyone passionate about music as a career path.
People come from the world over to attend courses at these first-class Manchester-based educational institutions, and they need accommodation. Therefore, as a private sector landlord, you can expect to have home and international students interested in renting your property.
Which neighbourhoods of the city have the highest student population?
Location, location, location is everything in property. Hence, if it’s your first time becoming a buy-to-let landlord in Manchester, you need to think carefully about which part of Manchester you should purchase your property. Where in particular can you buy that will be an appealing neigbourhood catering for students and their lifestyle?
Well, Fallowfield, Rusholme, Hulme, Oxford Road Victoria Park, and Didsbury are all areas with high student populations due to their proximity to universities, the centre, bars and restaurants, and café.
A big favourite spot for students in Manchester is the ‘curry mile’ in Rusholme, notorious for its mouthwatering Indian restaurants. Maybe it is a good idea to look at buy-to-let properties that aren’t too far away from this corner of the city.
How can you be considerate towards tenants during the cost of living crisis?
An area where the cost of living crisis has had a big impact is the price is household bills. This is something that affects students and families across the UK, and Manchester is no exception. So, you need to make up your mind early on about whether you are going to offer student tenants a ‘bills included’ monthly rent package or not.
You can also help reduce student tenants’ energy bills by making sure your property is as energy efficient as possible, including things like LED light bulbs, good insulation, recycling boxes, and installing energy-efficient household appliances such as eco-friendly washing machines.
You can go one step further by adding signs with energy-saving tips around the house so student tenants can get some savvy ideas on how to cut their bills and keep costs down.
Don’t forget to keep yourself covered
Students tend to unfairly get a bad rap, they can offer landlords a consistent rental base and be perfectly respectful tenants who leave your property in the same condition as they found it at the start. As a new landlord in Manchester, remember to keep all bases covered and get yourself robust landlord insurance for student houses asap. Avoiding or putting off doing so may be a costly error that you live to regret.
