Many prospective students are hearing back from universities with offers of places in the next few weeks. With rental costs rising faster than inflation in many student cities, the difference in cost over three years could be considerable. Buy a property near your son or daughter's university and their housemates' rents could cover the entire mortgage.

Student accommodation has been no exception to rising rents. Some popular towns have seen vast increases, with 20% rises in student rental costs in Winchester and Durham and a 25% increase in student rents in Hull. The most expensive areas for student rentals include London, Guildford and Exeter.

With the right mortgage, buying a student property can be a cheaper option, and leave you with an asset at the end of it... which makes it an opportunity worth considering.

Our 5 point checklist for buying a student property

  1. Freshers week and beyond - The first year of a course may not be the best time to buy a student property. The first year is the time where many live in halls of residence, settling into their course and meeting new people. Before even thinking of house hunting, you need to be sure that university life suits your child.
  2. Finals – not such a long way off? - Many university courses are just three years long, while other students, such as those studying medicine, spend far longer in the same location. If your child is studying a longer-term course, or likely to do a masters degree at the same university, investing in a property is likely to be more appropriate. Also consider the possibility that another one of your children may also study in the same city.
  3. DIY Property Management - Buying a student property means you become a buy-to-let landlord, especially if you are not considering selling the instant your child leaves university. Unless you are willing to take on the fees and charges for someone to manage the property, you will have to do it yourself, and the time that you may need to invest could be considerable.
  4. The small print - When looking for mortgage deals, check that you are allowed to rent your property to a member of your own family, as well as any exclusions about renting to students.
  5. Eye on applications - Rents in university towns have performed well in recent years. However, experts warn that a fall in university applicants could hit student landlords hard. Therefore, student landlords should keep a close eye on university admissions in their area, as well as choosing areas which are more mixed where professionals also live.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.