The UK's second city Birmingham takes top spot when it comes to student property returns for buy-to-let investors.
Analysis by online letting agency Urban.co.uk calculates an average rental yield of 11.66% in the areas surrounding both Aston and Birmingham City universities.
Other locations where landlords can pick up a bargain student property and achieve generous returns include the areas around Teeside University, Leeds Arts University, the University of Edinburgh, Nottingham Trent University and Bangor University - all of which have an average rental yield of over 8%.
The research shows that the worst locations for buy-to-let investment in the student market are in Prime Central London.
According to Urban, the least desirable university to purchase a property close by is South Kensington's Heythrop College with an average expected yield of just 2.49% per year.
Other poor performers include the University of Westminster (2.67%), the University of Cambridge (2.87%), Anglia Ruskin University (2.92%) and Leeds Trinity University (2.93%).
"The buy-to-let market will always be a profitable business close to the nation’s university campuses despite the impositions that have been forced on the buy-to-let market of late, as thousands of students are in desperate need for accommodation every year," explains Adam Male, founder of Urban.co.uk.
"Although the housing market is stronger in London and the South East in terms of actual prices, the Midlands and further north provides a much more attractive proposition in terms of rental yields and these areas are also home to some of the UK’s top universities."