The Leeds student property market is already experiencing high levels of demand from students who will be moving into new homes this summer. Students appear keen to continue living with the people they shared lockdown with and are already reserving some of the larger properties in the Leeds rental market.
A Great Year For Landlords
This soaring demand and the fact that much student accommodation is located in high rental yield areas of Leeds looks set to make 2021 a great year for the city’s landlords. And with many students keen to get ahead and organise their living situations early, buy-to-let investors will also benefit from occupied housing and secure tenancies.
A key reason for the boost of the Leeds student accommodation sector is the coronavirus pandemic. According to Neil Dawkin, manager at Leeds estate agent HOP’s student division, many more students will be starting or resuming their studies in 2021, all of whom need somewhere to live.
He says, “Not only did [covid-19] force lots of UK and overseas students to defer for a year, but also students are looking to prepare themselves academically for the weakened job market. Data from Unipol also shows that 2021 will see the first increase in both 18 year olds and English students since 2015. This is all generating a spike in demand for accommodation.”
Demand For Quality Housing
Students are increasingly demanding high quality housing. University halls are now at a much higher standard than they ever have been. And students expect this same quality when they move into rental accommodation.
Neil Dawkin says landlords must ensure their Leeds student accommodation has “quality furniture and [is] decorated to a high standard. Ensuite bathrooms also feature on a lot of wish lists.”
He also recommends offering all-inclusive properties that include “electricity, gas, water, TV licence, broadband and contents insurance, all in one monthly rental payment. As well as optional extras such as TV packages.”. These help give both students and parents peace of mind and an easier renting experience.
Choosing The Right Location
When deciding to invest in a Leeds student property, it’s also important to choose the right location. But luckily for landlords, some of the highest rental yield areas of Leeds are where students like to live.
Due to their vibrant atmospheres, excellent amenities and good links to the universities, places like Headingley, Burley Park and Hyde Park are all popular with students. They all also offer excellent yields, with Headingley up to 7.4% and Burley Park and Hyde Park both between 5% and 10%.
If you’re interested in investing in a high rental yield area in Leeds for students – or anyone else – get in touch with North Property Group today.