Buying Housing near a Hospital

2 Replies

Yes. The medical industry continues to grow. Except for certain slums of the country, you can bet on hospitals making more money, improving their property, and growing. They have a lot of employees that will need a rental. They will help improve property values. Maybe they'll want to expand and buy your property for a premium.

Yes...but a couple of things we've learned:

1.  Medical students are either funded by the "Bank of Mom/Dad" or by student loans.  Those who are well funded make for great tenants.  Those who are not are still great tenants but they tend to find "shift sharers" to help reduce the rent.  What the later means is the original tenants will then solicit other med students who work on the opposite shift to move in and share expenses. If you're not careful, you'll have a full house.  (Do not include utilities in the rent!)

2.  Med students eat, sleep, study, work.  All good - but lawn service and the like must be included in the rent.  

3.  Require renter's insurance with additional insured (landlord); they may just overload the washing machine, bump the garage door with their cars, or other mini-disasters that come from being sleep deprived.

Medical students are the preferred tenants for my clients' rental properties. We actively seek properties close to the medical schools and hospitals.