Seems like there is less and less suitable student housing. Landlords have been finding that their rentals that were usually filled with students have been leased by longer term families. One landlord said that the families "stay longer which is great for low vacancy, but... not so much for property performance" . 2 similar condos in my market are performing very different. 250$ per month! that's $3,000 less cash flow the students that turn over more often are willing to pay current market rents, the long term tenants are lower maintainence; however, legal rent increases prevent taking full advantage of this hot market.
September is Back to School!, have you noticed the rental Market is heating up?
- August 24, 2014
CENTURY 21 Millennium Inc., Brokerage*