While, traditionally, students have rented run-down properties, there is a growing number of local and international students who prefer to pay a little more for a nicer apartment. Students can be great renters with a high commitment to an area that is convenient to their educational institution. Here are some tips to maximise your rental potential with a unit renovation.
Make the most of larger bedrooms
Some older units have very large bedrooms, especially compared to modern apartments. It can be hard to turn a large bedroom into multiple rooms as you will usually create rooms where you need to walk through one to reach the other if you construct a dividing wall. However students can often appreciate having a personal study which is attached to their room, and this can easily be created with a dividing wall. If the study is quite a small space, it can be worth getting some extra lighting and a built in desk incorporated into the room to make sure the room is perfectly set up for maximum study efficiency! This can help to improve your rental returns for a relatively small outlay.
Easy-to-clean bathrooms
If the bathroom has older grout or a grotty shower curtain, this can easily put off potential renters who contemplate how they will manage taking turns at cleaning the bathroom. It can be a good to room any fussy details from the bathroom and create smooth and easy-to-clean surfaces. This can help attract in tenants. Look to add some extra storage for everyone's washing products and grooming tools.
Plenty of kitchen storage
As student households tend to do separate grocery shopping rather than pooling food as a household, they can often need more kitchen storage than a family based household. It can be a good idea to upgrade the kitchen storage with a new flatpack kitchen. This can both attract new tenants as well as improving your rental return for a relatively low price point. Equally, it can be useful place extra power points in the kitchen so that everybody has a powerpoint to use for their appliances.
If you have a rental property in a student-heavy area, it can be great to do a unit renovation. If you are unsure of which renovations are likely to get the best return, it can be useful to talk to a real estate manager in the area who will understand the dynamics of the rental market and popular features in rental units in your area.
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