“Where are the best places to buy investment properties?” – That’s a question that Boston condo investors ask me me all the time. If you’re looking to invest in real estate but can’t decide on an area or a neighborhood, then you should look for the closest college town that you can invest in.
The best places to buy investment property are locations with high population traffic. You want your real estate investment to be a success. For a rental property, this success translates into a high number of tenants and a stable rent. Both of these can be found in – you guessed it – college towns! The two areas I specialize in are Boston Charles River Park and Boston’s Beacon Hill.
College towns are among the best places to buy investment property for a multitude of reasons. And while there are some downsides to investing in college towns, the advantages that they bring to any downtown Boston condo investor far outweigh the disadvantages, keeping college towns as a runner up among the best places to buy investment property.
So what are the advantages that come alongside investing in a rental property in college towns, and how do you make the most use out of them?
A Large Pool of Tenants for YOUR Boston Condo
The main reason why college towns are among the best places to buy investment property is the fact that college towns are tenant magnets.
Not only will you have a large pool of students who are looking for accommodation, but you also have a large number of faculty staff, administrative employees, and others. Basically, a college campus is a concentration of different kinds of potential tenants, from college teachers with a steady income, to freshman students whose parents pay their rent for them, you will never run out of tenants looking for a place to rent.
Stable Boston Condo Rents
Another factor associated with rent which makes college towns among the best places to buy investment property is that students don’t usually pay their own rent, but their parents or the college itself pays the rent. This could allow the real estate investor to ask for higher rent prices, and in some cases even negotiate deals with the university to manage the tenants and their payments for you.
The Area
Another factor that makes college towns among the best places to buy investment property is that the area sells itself. Investing in college towns could save you a lot of time, effort, and money which you would otherwise spend on marketing and advertising your rental property. This is because college areas pulse with life and culture and all the other goodies that come with them, such as:
- Entertainment: What better form of marketing for your rental property than the guarantee that your tenants will always have something entertaining to do in the area? College towns are usually full of theaters, museums, and art exhibits, in addition to all the sports events that the college students take part of.
- Food and shopping: There are certain kinds of businesses that work very well in college towns; restaurants and shops are among the best examples of these. This means that your rental property will always be close to a restaurant and a shop, making it all the more attractive for all kinds of tenants.
- Transportation: From university shuttles, through buses, to taxis, a college town has them all. College towns usually offer a wide variety of transportation facilitation due to the large number of high-energy college students who are moving around the town all the time, which makes your rental property more attractive.
Conclusion
College towns remain among the best places to buy investment property. The large pool of potential tenants, the stability of occupancy, and the fact that the area sells itself are all factors that make them the best places to buy investment property. However, you should also keep in mind the different issues that may arise before owning an income property in a college town, and plan your moves accordingly. You might want to hire a professional property management company to take the pressure of having to deal with spoiled college students trashing your property yourself, or you might want to skip the students and aim for faculty staff and administration. This, however, can decrease your potential tenant pool by a lot. But with the right planning and marketing efforts, this won’t mean that your occupancy rate will drop, it will only mean that your maintenance costs will decline.
If yo’re interesting in buying a Boston Charles River Park condo in 2019, or perhaps a more traditional style Boston Beacon Hill condo for sale. Please contact me via cell or email.
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