Owning rental property can involve making a number of decisions – starting with the best location to purchase your investment. While the Orlando / Central Florida area offers many opportunities for investing in real estate, such as vacation rentals and properties near the theme parks, obtaining units near a college or university can also provide a long list of benefits for you.
One of the biggest advantages is that your property will be close to a large population of potential renters. In fact, each and every semester can offer you a new group of students who are looking for a place to live.
Because of this, the demand for rental housing will typically be high in these areas, which in turn, can help with keeping rent prices strong. In addition, because of this high demand for rental housing, it is likely that you will face fewer vacancies, too.
If or when your property does become vacant, it generally doesn’t require a lot of marketing to find a new tenant fairly fast. That’s because college towns usually offer a long list of amenities to prospective residents, such as shopping, restaurants, and entertainment (both on and off campus). There is also oftentimes a nice array of public transportation options, such as buses, and even university shuttles. This, too, can make living in the area convenient for tenants.
While there are many pros to owning investment property in or near a college town, though, being a landlord can still come with a sizeable commitment of time in terms of maintaining your property, as well as managing tenants.
In order to free up more of your time, you could turn to a professional property manager. That way, all of the property marketing and management can be delegated to someone else. For more details on how working with a property manager can benefit you, give us a call today.