Choosing the right property to invest in is difficult, whether you are a new homebuyer or a seasoned real estate investment professional. The market of college town properties is a very polarized one, as some property management companies love working with them and others aim to stay as far away as possible! Should you consider investing in a college town property? Consider these four points before you invest.
A Robust Pool of Tenants
College towns have a constant flow of new students coming in and old students heading out, so you know that you will always have a robust and diverse pool of tenants at all times. If you have a rental property in a college town, you might be able to rent it to a new group of students every year and a different group of students during the summer months.
Good Rent Prices
Rental prices are often high during the school year, even when other types of housing are not working as well. Another benefit of working in a college town is that many rental properties are paid for by parents and not students themselves. This also allows you to get higher rental prices and ensures a greater likelihood of their rent being paid on time.
Low Vacancy Rates
In addition to the two benefits listed above, college towns typically have very low vacancy rates. Since demand is so strong and rental prices are so competitive, as long as your investment property is not the most expensive one on the block, you shouldn’t have any trouble keeping it full.
A Great Area
Many people also like living in college towns because these areas are often full of entertainment and dining options. From college theatre, to museums, to diverse food options, many people who are out of college love living in college towns simply because of all the excitement that they have to offer.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for the perfect realtor for your property or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, Pinterest, and Google+.