Student Accommodation in Galway
In this weeks edition of the Galway Advertiser Winters Property Management senior sales agent, Ian Hutchinson discusses the demand for and the lack of purpose built student housing.
Originally purpose built student accommodation (PBSA) was built as tax incentives for purchasers in the early 2000s. The allowances lasted for 10 years and have long since lapsed. We have seen a large volume of these individual properties sold over the last number of years, bringing a different demographic of landlords to the market. With constant changes to landlord and tenant legislation, these properties are attractive to landlords who want a hands off investment with a competitive return. These sites are well managed and offer students a secure and comfortable home away from home to live in throughout the college year. All sites have a manned office for the management company and security at night. Sales prices for these properties continue to rise from a low base in 2012 and still provide attractive returns with net yields (after all costs involved, eg, service charge and letting fees) in Galway city ranging from five to seven per cent depending on the location of the site.
Demand for student housing
There has been an unprecedented demand for student housing for the current student year due to the lack of purpose built student accommodation and to a large number of traditional one-off student houses exiting the private rental market. This trend looks like continuing in the short to medium term as the supply of purpose built student accommodation will not meet the demand. As with all residential properties these types of properties are registered with the Residential Tenancies Board and are bound by the restrictions of the Rent Pressure Zone. These types of property are seen as ideal pension investments by pension providers.
Winters Property is one of the largest private student accommodation managers in Ireland
Winters Property is one of the largest private student accommodation managers in the country and manages three large sites in Galway city. The company’s specialist understanding of purpose built student accommodation and the Irish student accommodation market is unmatched. The team appreciate the needs and requirements that both Irish and international students have, particularly when it is their first experience living away from home. The company works in tandem with the student accommodation and welfare services section of each University and Institute of Technology to ensure that it makes this transition as smooth as possible. In addition to providing convenient, well-appointed, and maintained facilities, the company also tries to create a home away from home for the students.
For any further information on this article, or if you are interested in selling or purchasing a property, contact senior sales agent Ian Hutchinson on 091 771898 or firstname.lastname@example.org.