New to Real Estate · Member since 2019 · 51 posts · 12 votes
Hi folks - I am looking at a duplex (student rental) near an university but it’s a mile away- there is a bus line close by the property that drops students near the uni.
The question I have is whether students would consider one mile too far from campus to commute (especially during winter months in Cincy) or is it ok to find student renters this far out too?
Also would rents be affected by it? I have seen student rents near the uni to be around $500/bedroom and the current ones are rented at $400 and $350. Wondering if I would be renting below market rates in future due to the lack of proximity to the university?
Hi folks - I am looking at a duplex (student rental) near an university but it’s a mile away- there is a bus line close by the property that drops students near the uni.
The question I have is whether students would consider one mile too far from campus to commute (especially during winter months in Cincy) or is it ok to find student renters this far out too?
Also would rents be affected by it? I have seen student rents near the uni to be around $500/bedroom and the current ones are rented at $400 and $350. Wondering if I would be renting below market rates in future due to the lack of proximity to the university? Thanks in advance.
Parag
For the first 6 years of elementary school we walked over a mile to school regardless of the weather. Jr High was 1.5 miles. If you are talking about college students, if they can't make a 1 mile walk they need to get a life and exercise. ;-)
It isn't a problem. If the property cash flows, buy it.
Are there other student rentals near the location you're looking at? If there are and they seem to be doing well, then I wouldn't be too worried. I'd also do some research to see how the property owners advertise and add value to their student rentals that are at least a mile away. I'm not sure what the expectation is for students at this particular college as far as how much they want to walk/drive/take public transportation, but my guess is it varies for each student, and it's great that there is a bus line nearby. Some students may actually prefer to be a little further away from campus depending on what they're looking for.
If the student has a vehicle, their looking for lower rent. If their walking it has to be super close with all the extras. Parents co-signing by the way.