A dedicated student let service has been launched by Bradford & Bingley aimed at investor landlords looking for new buy-to-let avenues.
VarsityLets is the brainchild of Bradford & Bingley Letting Agents providing a specialist letting and management service for those considering investing in student property.
The company believes landlords can expect to secure rental yields on average of 2% higher than the traditional letting market and it also offers a unique rent guarantee insuranceproduct.
The service has been launched in three pilot areas of Oxford, Bristol and Brighton.
Combined they have a student population of over 100,000, the majority of whom require off campus accommodation. Since it was launched to students last month Bradford & Bingley Lettings have been overwhelmed by the interest and are currently registering an average of 25 students a day in each area.
Judienne Wood, lettings director at Bradford & Bingley says: “Both undergraduate and post-graduate numbers have grown by around 5% per annum since 1997 and are set to increase further. The vast majority require privately rented accommodation, hence why B&B has launchedVarsityLets to help provide a service for both landlords and tenants.
“There is also the financial advantage for investors in that students tend to live in less expensive areas where properties are often cheaper to buy helping to boost rental yields.”