College towns have always enticed real estate investors for a amount of entirely compelling reasons. For one circumstance, housing demand is normally high in these towns and scrubby cities. Additionally, vacancy rates are unqualified low and rental prices are continually on the rise in areas surrounding institutions of higher learning. For these reasons, investing in rentals in college towns repeatedly makes good financial sense.
With this in mind, the following are my selections for the best college towns to plan in real estate holdings.
The Boston - Cambridge area in Massachusetts is one such area to look for wager property. This area is full of colleges. In fact, it is home to more than 50 graduate and post - graduate institutions of higher learning, including 2 giants ( Harvard University and Massachusetts Institute of Technology ). The median rental rates in this area are also very high, going for $3, 130 for a unit with 2 bedrooms.
The next hot spot for investment property is the Nashville area. Nashville is home to more than 15 diverse colleges and universities. All of these are at freshman capacity. This means that all the upperclassmen present in the area have to rent. Nashville is indeed a strong market for those targeting the pool of student renters.
Next area in this list is the Chicago metropolis area. Chicago is home to the University of Chicago, Loyola and Northwestern universities, DePaul universities and the large University of Illinois. Chicago is the most searched area in the U. S. in many realtor online sites. Rent in this area for investment property is very high, guaranteeing quick returns in investments.
The Washington area is also a magnet for investors. The area includes more than 20 colleges and universities. Investors can collect a lot in rents. The average rate was $3100 for a 2 bedroom unit.
The next hot spot in this list is the area of Houston. With prices substantially low in Houston, investors can easily cover the monthly mortgage with rental rates. The average mortgage in the area is about $700, while average rent is $1, 220 for units with 2 bedrooms.
The home of the University of Notre Dame is also included in this real estate investment list. Aside from Notre Dame, South Bend in Indiana is also home to other educational institutions. The average rent for a typical two - bedroom affair was almost double than the national average. Additionally, South Bend also boasts a very low median home price. This makes mortgages very affordable.
Atlanta features a whole district affiliated with Georgia Tech. the median home price range in this area is also considerably lower than other places. Average rents for apartments in the area can easily cover average mortgage.
