Waco, TX Rental Market
Hello TX investors!
I was hoping to get opinions/input on the rental market in Waco, TX, specifically the student market around Baylor University. I have family in the area and am contemplating an investment property around Baylor, in which the property would be rented by the room. However, there's a lot of new multiple family construction going on, notably new developments like Haven South (840 bed development) and a new $40M, 702 bed complex that the city just approved. This is in addition to newly built student buildings that are already on the market, such as 11th St Flats, the View, the Domain, Heritage Quarters, etc.
It seems most of the new development is priced starting at $500-$600/month per room. At those prices, there still seems to be room for the smaller investor with a lower rental price point. Of course with all this rental inventory coming on the market, it could have some downward pressure on rental rates.
Are any of you Waco investors/realtors seeing a risk with all the new construction or do you think the demand will still exceed the increase in supply?
Thanks for any inputs!