Investing in rental properties in or near a university or college town can be a smart move due to the consistent demand from students, faculty, and staff looking for housing near campus. With several colleges and universities along the Wasatch front, there are several areas and options to choose from and the Layton and Ogden areas are no exception. However, before jumping into this market, it’s important to recognize that not all college towns are the same, and various factors can influence your success in leasing off-campus housing.
A few things to consider:
First, research the specific college or university and its surrounding community. Gathering information on enrollment trends, projected school growth, student-to-on-campus housing ratios, and planned developments can help assess an area’s performance potential. Shrinking enrollments or opening a second campus elsewhere can affect demand for off-campus housing.
Second, consider the type of institution at the heart of the town or city. Private universities often have more on-campus housing, while public universities may have fewer on-campus options but a high percentage of commuting students. Knowing this information is crucial before investing.
Third, evaluate investment properties based on key features like condition, neighborhood safety, amenities, and recent updates. Also, be aware of property taxes, homeowners’ association fees, and local regulations that may impact your ability to rent out the property.
If your research looks promising, set your budget, assess your risk tolerance, and determine how much time you can dedicate to property management. Rental properties in college towns often have high turnover rates, requiring active marketing, screening, and leasing efforts. Whether targeting students or faculty, be realistic about your ability to provide consistent property oversight and maintenance.
You can manage the property yourself or hire a property management company to handle tasks like advertising, tenant interviews, maintenance, and move-in/move-out procedures. Choosing a reputable company like Real Property Management Wasatch can offer various benefits, including nationwide investment opportunities through their franchise network.
At Real Property Management Northern Utah, we provide valuable market data and insights to help you make informed decisions about investing in rental properties near universities in the area.
Contact us today for more information.
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