There are many ways to invest these days. But, how about creating a Purpose Built Student Accommodation in London? Every year London witnesses a large number of international students coming for studies. London has several different international universities. The famous UCL or King’s College of London, all of them have thousands of students coming every year to pursue their dreams.
The UK-based Purpose-built student accommodation market is considered to be worth more than $50 billion. From the streets of central London to the luxurious Hoxton area, several locations in London have the potential for PBSAs. Some of them are already a lucrative business for many investors.
Most of the investments come from North American investors and local property owners. Off late there have been conglomerate businesses that offer myriad services for students. While it is a lucrative business to invest in, there may be concerns about how it would fit into their investment profile. Let’s discover some of the reasons for which you should choose to develop the best student accommodation in London.
1. Repurposing The Property:
If you are looking to make your idle property to use, then student accommodations can be your best bet. If you have a property in Central London, then you can repurpose the property to attract international students. It is great for business people who travel more and have idle property gaining dust.
You can make a smaller investment into repurposing your property. Adding some common spaces, a TV lounge or a swimming pool in the compound can help gain more attention from the students. Many students are willing to pay a little extra for some luxurious space.
2. Investment Security:
Many investors in London believe, that offering cheap student accommodations for international students can harm their property. Then there is also a fear of not getting the return on investment.
But, there are norms by local authorities in London on renting students. So, you don’t need to worry about finding a way to make students pay the rent. The best option being an upfront holding deposit that is taken from the students on signing the contract for renting student accommodation.
3. Digital Partnerships:
You might repurpose your property and develop the best student accommodation in London. But, what do you need to attract more than 260 thousand students that come to the UK every year for their studies? Gone are the days when an advertisement in the local newspaper might do the trick.
The modern-day digitization can help put your PBSA into the spotlight. There are digital partners like Ocxee that can not only help you reach more students but, also partner up on other fronts. As these digital partners can offer, document support, visa consultancy for students, contracting support, and help you gain more revenue.
4. Add-On Revenues:
If you are willing to earn more revenue out of your property, then there are addon revenue opportunities for you. Student accommodations can be accompanied by other services that can help you achieve more revenues. You can offer.
- Restaurant Passes
- Gym Memberships
- Internet Services
- Laundry Services.
- Gaming Lobbies.
Such services can be offered with some extra charges along with student accommodation for international students in London. You can even offer some of these free to attract more students. Some of the websites that offer cheap student accommodations options in London, can also provide furniture rentals. Here, you can partner up with them and get some extra returns on investment.
5. Secure Policies:
The best way to ensure complete security of your property for PBSA is a stringent room-sharing policy. You can enter specific room-sharing policy. You can even repurpose your studio or one-bedroom apartment for such student accommodations in London with proper room sharing policies.
Ensuring security measures like CCTV cameras, digital keycards and even proper verification of international students can be good for your investments in student accommodations. Here, you can partner up with services that can help you with such verifications and documentation. You don’t have to spend considerable time or money for doing the painstaking police verifications by yourself.
Whether you are a property owner or a leasing agency, developing purpose-built student accommodations with modern amenities can help you achieve more ROI. It is far better than letting your old property bite the dust. London is certainly an expensive city and if you are willing to offer the best student accommodations at affordable prices, then you are in for Gold!