Glasgow is home to several high-education institutions, including the University of Glasgow, Glasgow Caledonian University, and the University of Strathclyde. Around the universities, you’ll have more than 40,000 students living in Glasgow each and every year. What’s more is that every single one of these students will need a place to live.
So, when looking at where you should buy a buy-to-let property for students, there are certain things that you need to consider. We’ll talk about these below after which, we’ll talk about the five biggest hot spots that students in Glasgow look at when renting a property.
Things Students Look at When Looking for a Property to Rent
There are a handful of things that students look at before deciding on any particular rental property. Knowing these will help you immensely when it comes to investing in a property and setting it up for tenants.
Distance From Their University
When living outside of the university campus, students will have to walk to their classes every single day. And if the property you’ve bought is quite far away, it will instantly become less desirable as most students prefer to be just outside of their university. That way, they don’t need to wake up super early and walk a long distance to reach class.
What the Nightlife is Like in the Area
Going out and partying with friends is something almost every university student in the UK does. At the end of the day, they are young people and want to have as much fun as possible before they start their careers. So, before you invest your hard-earned money in a property, make sure that it’s in close proximity to popular for students pubs, bars, and nightclubs.
Cost of Renting Out the Property
The rental price is one of the main things that students take into consideration when renting a property. As you probably already know, most students aren’t working and if they are, it’s most likely not full time. And as a result of that, they don’t have all the money in the world. That’s why many students opt for cheaper accommodation over any luxury apartment complexes.
If Bills Are Included or Not
Despite being young, many students are also very wary of their budgets and the different expenses that they’ll have to cover when living outside the university campus. So, one of the key things students look at before renting out a place is whether the bills are included in the rental price or not.
If you’re new to buy-to-let properties for students, you should know that the majority of landlords in Glasgow take care of all utility bills on behalf of the tenants. That way, it’s more convenient and the landlord doesn’t risk students not paying their bills on time and causing them extra trouble.
Best Areas in Glasgow to Invest in Buy-to-Let Student Properties
West End
West End is one of the most popular parts of Glasgow amongst students from all ages. It’s mostly well known for its bohemian atmosphere, large number of green spaces, and stunning architecture. With that said, the main attraction for students that makes this place so popular is that it’s in close proximity to the University of Glasgow.
When not in classes, students often go down the charming small streets of Hillhead, Patrick, and Byres Road, which are filled with cafes, bookstores, vintage shops, and more. The area also hosts a number of live events and theatrical shows. It’s a very tight-knit community with a real sense of community.
Properties in West End vary greatly. Most properties are apartment buildings, but if you look hard enough, you’ll also find normal semi-detached housing. The average property price in West End is currently sitting at around £259,000.
Of course, depending on the type of property you end up buying, you might have to spend more and less. However, since most people look to rent with their newly-found friends, it’s worth considering getting a place with at least three bedrooms.
Finnieston
Over the last couple of years, Finnieston has emerged on the radar amongst students. There are many reasons why, including newly founded retail stores, pubs, bars, and clubs. However, the main reason is because the area is close to both the University of Glasgow and the University of Strathclyde.
As we mentioned already, the area is famous for its vast selection of trendy pubs, restaurants, bars, and clubs. Finnieston is also close to the River Clyde and Kelvingrove Park, which further add to the appeal of the area.
The large majority of properties here are flats and apartment complexes. You’ll still find an odd house, but those are quite pricey as they are few and far inbetween. The average property price in this part of town is currently at around £261,656. It’s cheaper than West End, but nowhere near the Glasgow average of around £200,000.
Merchant City
Situated in the heart of Glasgow’s city center, Merchant City is one of the most vibrant and cosmopolitan parts of the city. Its location couldn’t be more perfect for students as it has everything they could possibly need, including bars, cafes, nightclubs, restaurants, and more.
Not only that, but it;’s also very close to Glasgow Caledonian University and the University of Strathclyde. For many students that live in this part of town, their classrooms are only a couple of minutes away by foot, which is exactly what every student wants.
The most popular and sought-after type of property here is apartments. There are so many of them that coming across an actual house is nearly impossible. When it comes to the average price of a property here, you can expect to pay around £186,134. This is quite a bit below the average for Glasgow and significantly less than West End and Finnieston.
Woodlands
And last but not least, we have the area of Woodlands. Woodlands is located just west of the city center and is a popular choice amongst students going to the University of Glasgow. Here, you’ll find a mix of properties, but the most popular by far are apartments.
Students love this part of Glasgow because it’s close to shopping centers and a handful of Glasgow’s most popular bars, restaurants, and clubs. It’s the perfect spot for those seeking a thrilling and electric nightlife.
Property prices here vary, but on average, you can expect to pay around £280,000. The prices are fairly steep but the annual yield in this area is also fairly decent (it’s around 7%).
In Glasgow alone, there are over 40,000 students that attend the city’s three universities. The high demand in combination with relatively affordable property prices (in comparison with the rest of the UK) have made Glasgow a great place for investors to purchase buy-to-let properties.
When it comes to picking the perfect location for your investment, any of the four areas mentioned in this article are worth your time and money. When you buy a house in any of the above-mentioned areas, you’ll not only profit from it but you’ll also be able to sell your house fast if you decide to cash in. This is largely due to the constantly growing interest from investors in the area.
