The student housing market in Lincoln is increasing in popularity year on year. Because of Lincolns low housing prices some landlords are able to achieve an annual yield of up to 20.66%. However due to increased competition from big on site accommodation blocks landlords are finding it harder than ever to find student tenants in Lincoln. Here are our top 5 tips on how to find student tenants in Lincoln.
Most landlords market their properties entirely using social media, this is a very cost effective way of reaching 1000’s of students in the Lincoln area, however you can easily get a bad reputation if your social media is not on point.
Remember… you are marketing to students, central heating, double glazed windows and new carpets are secondary concerns in the student market. Primary concerns include; Price, Location to University of Lincoln, Location to Nightlife, Television Licence & Broadband Speed.
2. Stand out from the crowd;
There are over 1,000 other landlords in the immediate area all fighting for the same tenants, you need your advert to stand out from the crowd. Previously by upping the monthly rent and including bills would be enough. However this has quickly become the norm in Lincoln for Student Accommodation.
Upload photos that are both flattering and show space. Its a good idea to dress the property with a few home comforts such as photo frames, bedding and cushions in order to make the property look more appealing.
3. Location Location Location;
Read though the University of Lincoln’s “Master Plan” before making any new investments, the master plan details exactly where the University of Lincoln is planning to be. In recent years the university had been expanding along Tritton road, with a further £6.5m promised to redeveloping a new science and innovation park, properties on Monks Road (a once thriving student area) will not be ideal for the new 3-4k students planning to study in the new innovation park due to the university expanding west of the city.
Properties in the west of the city are quickly becoming a gold rush.
4. USP – Unique Selling Point;
Letting your property is just like running a business (for some people it is exactly that). You should think of a USP for your property or your service. One we have used in the past is inclusion of flat screen wall mounted televisions in all bedrooms – this can be achieved fairly cheaply and is a real bonus for a student tenant looking for accommodation in Lincoln.
5. Agents – The Good, The Bad, The Ugly;
If you plan on using a lettings agent make sure you have done your homework. Some agents are really unpopular with students. One complaint on social media made against an agent can have a disastrous effect on their reputation within the student population. Do you homework, this will save you money and give you peace of mind.
Agent Location: Are they a jack of all trades or experienced in student property marketing? Finding student tenants in Lincoln does not have to be this hard. Call Student Housing Lincoln on 01522 410646 for your free marketing appraisal or speak to us about dedicated Landlord Services.