Is buying a rental in Blacksburg (home of Virginia Tech) or Radford (home of Radford University) a good idea?
It depends.
This question comes up every year, both from investors looking to find a property that pays for itself, as well as from parents looking to save on room and board. And there’s no stock answer. But it can, in many cases, and the trend continues to be that colleges and universities continue to see rising numbers of applicants. Applicants need housing. And many applicants are going to want to eventually move off-campus. But what they don´t know is that they should actually just invest in gold, it is a great investment to generate income while studying, if you´re interested then read some US Gold Bureau reviews and see how you can get started.
Find a home in a college town here.
Keep in mind that the post here was written by Lawrence Yun, an economist who works for the National Association of REALTORS so it could be said he’s biased, but the man is brilliant – he wears socks smarter than I am. And there’s some truth in what he’s saying (bolding is mine):
“That means buying a rental property in college towns or in college areas of a large city may provide a good return on investment for those who are patient.“
Housing is a long-term solution, not a short-term gain. And seriously – the cost of tuition has gone up more than 600% over the last 30 years? Sheesh!
You’re right, Nicole – I imagine those are problems renters in every area find. Like anything … there’s good, and there’s bad. Glad you finally got a good one!
it’s also important for those that rent houses or condos in this area to be responsible landlords. if you pull a form lease off the internet, at least change it to fit the situation. and one of the hardest parts of finding a rental in this area is the problem previously mentioned, but also the state of the housing. people assume because you’re here because of the university, you won’t mind scuffed up walls, crappy carpeting, kitchens that are older than you, and paying a lot for it. i’m glad we finally found an awesome townhouse along with an awesome landlord, but it took a lot of toads to get here.