Do Bedsits Rent in the North?

[Highland]

There is a building converted into 3 bedsits for sale nearby. Each flat/bedsit has a lounge/bedroom with a separate kitchen and bathroom. They are classed individually for Council Tax.

The flats were let to less desirable tenants in the past but have been renovated for sale and are currently unoccupied.

Does anyone have any experience of renting bedsits?

I currently only rent to working people and wonder if there would be a market for them to working people or would I be limited to DSS?

[Dottie]

I don't have experience of letting studios/bedsits (smallest are one beds) but imho there will always be a market for the smaller property, there are many singles (working as well as non-working) for various reasons.

My advice would be (and others here might well feel very differently) to contact the best letting agents in the area and ask their professional advice.

Are you thinking of managing them yourself, or involving an agent?

[QuestForFreedom]

Depends on the demographics of the area you are in. If in a large town or city you shouldn't have any trouble letting to young people - at the right price of course.

[Berlingogirl]

I could let them in WA7 area. Here we have a big shortage of single person homes.

[Highland]

They are in a small town and I think possible tenants would be from the local area.

I started initially using a Letting Agent but I have recently started managing my own properties so that I have full control of who I am renting to and it seems to be working as we have a. good relationship with all tenants.

[Berlingogirl]

Bedsits do tend to attract the 'less desirable' tenants by the very fact that they have lower rent. If you have a whole block of them you're in for a rough ride.

However, there is a refurbished building near me that only lets to over 40s, no pets, no children. which IMO seems a good idea.

[mariner]

IMO the key for any business (inc property renting) is a viable business plan if you purchase these 3 bedsits

Who are your target tenants. Bedsits are on the lowest rung of the property ladder, so will appeal toind singles, new couples or separated partners for 6-12 month
Is ther a demand for bedsits within 10 ml radius
What rent do you propose
How does this comparewith market rent for similarly appoinnted bedsits within a 10 ml radius
Do you have sufficient capital after purchase to fund a 2mo void (ex rent & repairs) for each fla) pa
Where you advertise vacancies could be crucial to type of applicant

If this business plan fails, how will you modify it to stay in business?
There is a UK need forsimilar accom, but mainly from HA Ts who have an 'excess' room who may not be prepared to re-locate
How long is a piece of string - prob more/less than you need!

[Highland]

I would ideally be looking for working single people.

There are no bedsits advertised locally so it is hard to gauge the demand.

I have sufficient funds to cover voids though the new Council Tax rates are not in Landlord's favour.

I advertise through Open Rent on Rightmove.

[Berlingogirl]

You could also try spareroom website.

[midlandslandlord]

Depends what you mean by "North".

Manchester City Centre possibly. Rochdale unlikely.

I'd look at the floor price for basic 1 bed flats, and see there is room for cheaper properties beneath.

If OK small 1 beds are available at 275 pcm (say), is there room for bedsits below?

Unless your target market is small people who hate cleaning !

ML

[Highland]

Decided that I cannot do without the hassle!

[mind the gap]

Decided that I cannot do without the hassle!

I don't think you mean that.