I'd be fairly pessimistic on rents holding up over the next couple of years - so what you are calling up for single rooms as €100, I'd be looking at €80 (i.e. €300 a month) and rather than €115 I'd be looking at €92 (i.e. €400 a month) when working out my calculations. (If you were lucky and waited long enough you'd get what you are looking for in the present climate, though I would expect rents to soften significantly in the coming years).
This depends on how many rooms are sharing of course, and the standard to which you are fixing things up - it could be less, but not much higher.
What is interesting is just how much shopping around tenants are doing at the moment - so many people interested in viewing a property does not translate into rentals necessarily - it has become a renters' market.
Given that there are so many rooms involved which you appear to be renting singly, and that your target market is student based, I'd be working off having rooms rented for 9 months of the year - this would assume that you'll fill some of the rooms over the summer, but that you will also have some void periods during the academic year.
The wear and tear on something which had 9 "units" with a "tragedy of the commons" effect on facilities would also be enormous - are you going to have a fridge in every room or a couple of fridges in a common area? If you have common fridges, who do you hold responsible if one breaks (for example)?
Also given the number of units you are proposing to have, taking care of the units, making sure everyone pays their rent, cleaning up after someone leaves, tidying up common areas when new people come along so that it doesn't look too bad, looking for new tenants etc. is a full time job - unless you or your partner has nothing better to do you will not find the time.
I think it is a really bad idea in the present climate - wait two years for the smoke to clear and it might begin to make sense - property prices will have dropped significantly, and you'll be in a better position to know what sustainable rents are likely to be.
This depends on how many rooms are sharing of course, and the standard to which you are fixing things up - it could be less, but not much higher.
What is interesting is just how much shopping around tenants are doing at the moment - so many people interested in viewing a property does not translate into rentals necessarily - it has become a renters' market.
Given that there are so many rooms involved which you appear to be renting singly, and that your target market is student based, I'd be working off having rooms rented for 9 months of the year - this would assume that you'll fill some of the rooms over the summer, but that you will also have some void periods during the academic year.
The wear and tear on something which had 9 "units" with a "tragedy of the commons" effect on facilities would also be enormous - are you going to have a fridge in every room or a couple of fridges in a common area? If you have common fridges, who do you hold responsible if one breaks (for example)?
Also given the number of units you are proposing to have, taking care of the units, making sure everyone pays their rent, cleaning up after someone leaves, tidying up common areas when new people come along so that it doesn't look too bad, looking for new tenants etc. is a full time job - unless you or your partner has nothing better to do you will not find the time.
I think it is a really bad idea in the present climate - wait two years for the smoke to clear and it might begin to make sense - property prices will have dropped significantly, and you'll be in a better position to know what sustainable rents are likely to be.
