Do you own a rental property close to a desirable school? If so, you might be able to charge a premium to desperate parents looking to ensure their child secures a place at a top school.
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Tenants Pay More to Live Close to Good Schools
A survey of 500 landlords has revealed that 70% of tenants are keen to live within the catchment area of a good school and many of them are willing to pay a higher rent in order to do so. A lot of landlords are unaware of the value of owning a property in a key school catchment area, so they might not realise that tenants are willing to pay more to live there.
“It’s long been clear, that many parents will do whatever it takes to get the best education for their child, even if it means lying about where they live, or relocating, so they can be close to a good school” says Jane Morris from Propertyletbyus letting agency.
“We have worked with some landlords that were unaware that their properties were in catchment for good local schools and we have been able to secure higher rents and longer tenancies for them. The school league tables can change each year, so it is worth landlords keeping an eye on the performance of schools in their area.”
Look at School League Tables
If you don’t have children of school age, you might not know whether the local school is a good one or not. So, as Jane Morris suggests, look at local league tables and talk to parents if you are not sure.