Promising College Towns for Landlords and Parents

By E-Renter Tenant Screening
Posted on August 29, 2012 under Housing Trends, Rental Market | Be the First to Comment

Whether you’re a parent of a college student or an investor in real estate, some college towns are more attractive than others. In some of the country’s hottest rental markets, landlords who own rental housing are seeing low vacancies and higher rents, while parents of college students might be finding it difficult to buy an investment property for their kids to live in while in school.

Buying a rental property often makes more sense for parents than paying ever-rising costs of room and board or off-campus rent. But they may be competing with experienced landlords when it comes to purchasing reasonably priced properties in today’s competitive markets.

According to Realtor.com, the following markets show promise for parents and other real estate investors:

City	Median Home Price	Average Rent
Boston	$334,900	$3,084
Washington, DC	$395,000	$2,637
Los Angeles	$358,000	$2,290
Princeton, NJ	$265,000	$2,056
Chicago, IL	$194,000	$1,630
Providence, RI	$259,000	$1,527
Philadelphia, PA	$234,900	$1,475
Pittsburgh, PA	$140,000	$1,122
Atlanta, GA	$175,900	$1,187

Of course, owning rental property and leasing to college students presents another set of challenges. Study the market, consult your tax, legal and financial advisors, and decide whether the pros and cons work out for your needs and personal situation.