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Thanks so much for this David – really appreciate it. Have been well and truly put off HMOs in Coventry – eeshk, those SpareRoom numbers sound bad! What are your thoughts on Stoke/Upper Stoke for single lets? (I know that's a really broad question and it'll come down to individual streets/houses, just wondering whether there is something off-putting about the area for single lets, eg the fact that it's not as residential/community-feeling as some of the others you mention, plus there are a fair amount of students there). Cheers for taking the time to share your thoughts!
Just seen this one. Born and bred in Cov, I could name a few areas not to touch because of crime (not on here though, might offend someone!, PM me if you really want to know); used to be known as Dodge City 1,2 and 3 in one of the trades. And one or two posh areas where you won't find a rented property, the exception being a big 6 bedroom mansion on millionaires row (Kenilworth Road) that got into the daily papers after a police raid - it was being used as a high class brothel for rich businessmen in Rollers, Mercs and BMWs when the police raided (it had its own website called Tallulah Towers according to the papers).
I agree about students. Warwick Uni has most of the off-campus ones in Leamington Spa, but Coventry Uni has now virtually taken over the city centre. There are big cranes and skyscrapers going up everywhere within the ring road, and I'm informed it's all student accommodation. The problem with students in private house is that the crime follows them. Now that they have to pay £9k a year or whatever, a lot of them have money, rich parents, and items worth nicking. There's a large area of ex-council houses near Warwick Uni that has been a student mainstay for years (not one of the Dodge Cities). They've recently pulled the students out of that area completely because of the increase in crime. It's safer to have the students in specialised student blocks with security arrangements in place.
In a similar situation to you. I came to same conclusion re. HMOs. Might be worth nothing there is a niche market for post grads or students who don't want to be around other students and want some space. They might be more towards Warwick University though. There is a professional market in Walsgrave, Whitley but those areas should multi-lets be you thing can revert to family areas with good schools as well.
I've visited a few estate agents in Coventry (New Union Street and W
Im a Coventry portfolio landlord and a letting agent. The city is buoyant but you need to be careful where you buy. There is a glut of Rooms at the moment but both unis are growing. Ive always bought simple 2 and 3 bed family homes. Nothing exciting I know but they have worked well for me. We manage over 500 so feel we have an incite to the city.
This is our Coventry Landlords FB group
Hi Kat F,
Coventry is a very student city, are students your target market? If so try and purchase a property close to the city Centre or just a short drive away. There are many decent properties around the Centre and will produce a healthy yield. In regard to the new student flats I don’t feel that there is any fear of HMOs and multi – let’s being in less demand if students are your market. Some new build Student accommodation is unaffordable to some and if you produce good quality accommodation it will be snapped up. In regard to talking to locals etc. I think if you want to get to know an area have a walk around and you will get a feel for it. Have you found any properties yet?
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