5 Benefits to Buying Investment Property Near a University
Purchasing investment property near a university can be a great long-term asset.
Gone are the days when the college experience meant being shacked up in a tiny dorm room. Many students find that dorm living is simply not an option when it comes to their lifestyle and way of living. This is especially true for students who are married, already have a family or for those who may be slightly older when attending college or university.
Others find that they desire more privacy than a dorm room can provide. No matter the reason, many students are looking for alternatives to dorm living, and as a real estate investor, it would be silly to ignore the advantages of buying rental properties in close proximity to universities.
Here are five of the most important reasons why you should invest:
Large Population Of Potential Students For The Long-Term
One of the biggest concerns of many landlords is the ability to attract prospective tenants for the foreseeable future. Having tenants who want to sign long term contracts is a bonus, as this guarantees a rental income for a set amount of time. By purchasing rental properties near a university, is not a problem. Even if you have a tenant wanting to move out, you will probably have a waiting list of people ready to take their spot.
Reliable Rental Payments
When it comes to students who opt for off-campus housing, more often than not, it is the parents who pay for their rent. This actually increases the chances that rental payments will be made timely and consistently.
Stable Property Values
In most university towns, there tend to be numerous appealing amenities within close proximity. This will not only help to attract potential renters, but it will also assist in ensuring that the value of your property remains stable.
Not All Tenants Are Students
Professors need housing too! A large percentage of your potential tenant pool may include students, however off-campus accommodation within close proximity is appealing to professors and other university staff as well.
Rental Properties Near A University Is A Sound Investment
If the time comes that you decide you need to sell your property, you will likely find that there is a strong demand for your property. Not only that, but your property should have increased in value from when you first purchased it. The number of properties near universities are rather limited, and it’s not uncommon for university towns to enforce zoning restrictions that limit the growth of housing. As a result, you will likely face little competition if you decide to sell.
While many people assume that renting to a college student means dealing with late payments and constant parties, that is certainly not always the case. There are many responsible college students looking for a secure place to call home while they complete their education. However, as is the case with any type of property rental, it is always important to ensure that you screen potential applicants. Using a professional company to assist you with your screening process, and to maintain your investment is a great idea and will definitely give you greater peace of mind.
Contact Metric Investments should you require these services, at extremely competitive rates.
