A crucial factor when it comes to choosing and purchasing an investment property is location. If you’ve been looking into properties near and around universities and colleges, you’ll want to consider the pros and cons, then you might just turn this decision into a lucrative one.
You won’t have to worry too much about extended vacancy periods since tenants will be staying for a long period of time. They’ll also be regularly replaced by new ones every start of the school year or semester. This means collecting rent will be consistent and stable.That is of course as long as your property is available in the peak period such as the start of a semester.
More potential tenants
Students are coming in every year, so you’ll never run out of options. You could be choosing from dozens of prospective tenants, depending on the supply and demand for the area.
Plenty of amenities
Nearby shops, restaurants and transport options are all important to any tenant. Fortunately, in areas near a university, there is an abundance of these, giving your property rental an attractive feature.
Your tenants may stay all year long and for several years, but many of them will return to their family homes during holiday breaks. This won’t mean a very long vacancy period, but you can expect turnovers to occur often every year.
More wear and tear
Student life can be hectic as well as energetic, sharers can also mean more changes of tenants during a lease. You’ll want to acquire landlord insurance and to have ready a solid repair and maintenance plan.