Student Accomodation

[Elizabeth L]

Greetings All
We're in the process of renovating a house to make it suitable for student accomodation and would value other people's experience in this area.

Specifically, what's better:
Furnished or unfurnished rooms?
If furnished, should we have a bed, desk, draws?
Also, there's no deck at the moment, and hubby thinks we should be building one. I'm not sure if we'll get our return if we spend $7k on it. Do students like having a west face deck to sit on, or would they rather a courtyard with a north-east aspect.

At the moment, the numbers we're looking at for a house near the Uni of Qld with kitchen, bathroom/laundry facilities are $90 per room - and it's a 4bedder.

What else should we be thinking about? Would appreciate other people's views and/or experience on student rentals.

Cheers
Elizabeth L

 

[Kevmeister]

I don't think the deck question necessarily relates to students:

If the deck is going to be stinking hot, they *no-one* is going to like it.

I would imagine such a deck is used more likely of an evening than a morning (how many students you know get up early for the hell of it?). ie. West = Afternoon = Hot sun.

As far as the investment question goes. Can you get the $90/room without the deck. If so, then why build the deck? If not, build the desk, or can you build a cheaper deck?

(PS: if you're building it yourself, $7K is an expensive [or very big] deck!)

 

[Ross Sneddon]

Hi Kev

Have you seen the October/November edition of the Australian Property Investor. Page 23, Sandstone Success, an article by Geoff Dodge, a highly reputed renovator. It is well worth the read.

In it, Geoff tells the story of a young couple who purchased and renovated a property in Newcastle and rented it out to students.

I personally found it an excellent article as it showed exactly how and what to do many things in renovation. One segment referred to the furniture supplied in each room including a desk.

I suggest you grab a copy.

Regards

Ross

 

[bundy1964]

I think the uni would have a student accomadation officer. Have a chat to him/her they would know what is required.

Adelaide uni was advertising for places with a minimum 20 beds available. Each uni will have there own ideas as to what they want.

 

[Elizabeth L]

Thanks Kev, Ross & Bundy
The article on student accomodation in the latest API was good - a great read. Talk about an excellent return! Will give UQ a call and chat with them about what students need these days. I'm not too concerned about not getting tenants - the place is in a good location and close to transport. Appreciate your comments.

Cheers
Elizabeth

 

[Ross Sneddon]

Hi Kev, Bundy and Others

Yes there are Accommodation officers at these institutions.

Some years ago I needed to rent out a large number of similar types of student rooms as well as 1BR apartments in SYD.

I approached Sydney Uni, UTS, King George and RPA hospitals and was knocked over in the rush.

About 15 of the 1BR units (all new and fully furnished) were rented by Sydney Uni and RPA for the full year and used as short term better accommodation for academic visitors although they may have only been occupied for 3/4 of the year. Great tenants, the Uni and RPA accepted full responsibility for the units, including full cleaning and maintenance when the visitor left and in preparation for their next guest.

For students, they immediately provided a A4 page of minimum requirements and desired extras which made the task dead easy.

The 1BR apartments were FULLY furnished for about $8,000. This included all furniture, frig. TV, cutlery, crockery, but not bedlinen.

The student accommodation was furnished for about $1,500 and included bed, desk, 2 X chairs, 2 X lamps (one bedside and one for the desk), clock/radio, bedside table, built in wardrobe, mini frig., bookcase, several prints (screwed to the wall), window treatment and they were all well accepted.

Hope this helps. Regards

Ross

 

[Elizabeth L]

Ross
Thanks for the info - that's a great help.

Cheers
EL

 

[Jas]

Originally posted by Elizabeth L
The article on student accomodation in the latest API was good - a great read. Talk about an excellent return!

Pierre used to hang out on the forum... Try searching the archives for 'pierre' and 'newcastle'. He also has a website for the place to attract students. Sorry I don't remember the URL

Jas

 

[Michael Croft]

Hi,

If you have a choice tap into the post graduate students - these are my preferred tenants.

They are more stable usually staying a minimum of 2 years (PhD's are the best as they ALWAYS underestimate how long there doctorate will take), often have a scholarship and work as tutors so the rent is no issue, are two busy for parties, usually have accumulated their own furniture and the list goes on.

Another group I like is the foreign post graduates, the singles not the famillies (and not for what your thinking either!). They have been no trouble at all over the years (since 1974!). Thing to remember though is that it is very hard to pursue a foreign national if they leave having trashed the place and owing you money - so don't let things slip.

Had one married foreign post grad student want to rent a bedsit for himself, wife and six kids - so be careful!

warm regards, Michael Croft

 

[Elizabeth L]

That's good info - thanks Jas and Michael.

Michael - was very interested in your post on the current state of the market and what your plans are for the next few years. You're very generous with your posts!

Cheers
EL

 

[Michael Croft]

Thank you Elizabeth,

What I have found is that those with a 'scarcity mentality' hold all close their chests and they live impoverished lives (in more ways than one); I choose to live in a world of abundance and sharing it around in turn makes me better off (in many ways).

Warm regards, Michael Croft

 

[Sunstone]

Dear Michael,

A great attitude and one that I share as well.

This is what makes this forum so great.

"Helping is a two way street."

(And lets encourage more lurkers out there to get active. Remember carefully thought questions do add value to the forum.)

Cheers,

Sunstone.

 

[Elizabeth L]

So nice to hear someone with such a great attitude to life! Just one of the MANY reasons I love this forum.

EL

 

[Elizabeth L]

Hey Sunstone...I'd love to post more questions, but when you've got babies to look after, I'm lucky if I get a chance to scratch myself! I've never worked so hard in my life.... I've come to the realisation mothers are the unsong heroes of the world.

Three cheers for all the Mums out there!!
EL