There are various high schools and prep schools all within Greater Manchester where children are guaranteed to get a good education. Some of these schools are Parrenthorn High School, St Monica’s R.C. High School, Bury Grammar Schools for Boys and Girls, Bramhall High School, and Cheadle Hulme High School.
Additionally, the city is home to Salford University, known as one of the top universities in the world. It is not an uncommon sight to see over a hundred thousand students flocking to the city every year. It has become a yearly event for students looking for housing options near their preferred schools. The area is, after all, full of affordable but quality options and amenities which are attractive for students on a budget.
Real estate investors and Manchester property developers are taking advantage of the recent Manchester property boom and taking more time and money to cater to the needs of the students. If you are thinking of investing in student rentals, read on to learn a few tips in choosing and making the most attractive housing options for students.
Naturally, the best locations are those that are nearest to the schools themselves. As such, you should aim to invest in or develop areas within the city center like Withington, Rusholme, and Fallowfield. These are places where a majority of the students aim to find housing options. The more attractive areas are those that are 5 to 10 minutes from coffee shops, clothing stores, pubs, and gyms.
Students are likely living on a fixed allowance. Therefore, they might not be willing to spend a lot on their housing. However, their sheer number more than makes up for their small budgets.
Since they would want to rent the cheapest possible livable space, they will likely board with roommates in a single room or dorm. As such, a property developer can choose to spend less on the actual number of rooms that they build and still make a considerable profit. Likewise, turnovers are fast as new students move in every year and rooms will rarely ever be empty.
Students are notorious for holding wild parties and using things until they break so you will have to be prepared for regular repairs. This includes appliances, beds, desks, windows, doors, and even floors and ceilings.
Also, students nowadays are pickier with the amenities that they require. You should make sure that you have more than the basics in your spaces in order to keep up with your competitors. Common rooms with flat screen TVs, Wi-Fi in every room, a stove and refrigerator, and a washer and dryer are just some of the basic things that your space should have.
Manchester is continually evolving and growing and students now expect a higher standard of living in the city. Since you are catering to a young market, you should still make sure that your space exudes that bohemian and artsy vibe that the students crave for during their first years of freedom. Striking the delicate balance between luxury and rough and tumble will increase your chances of earning a higher profit during this property boom.