5 College Town Real Estate Goldmines
The real estate marketing industry has always been a relatively well populated realm, and it continues to grow every year. There’s no shortage of competition and it seems every agent and franchise has its share of winning strategies.
However, there is one well known ‘trick of the trade’ that might escape some newcomers to the field, but is a tried and true tactic for real estate veterans. The concept involves pursuing property in targeted towns based on the presence of thriving college campuses therein.
With ‘college towns’ (although many are not really towns but rather huge, bustling metropolises), and especially in and around college campuses, the market climate is often very desirable and represents a great investing opportunity.
Prospering towns with thriving college campuses tend to have excellent market metrics when it comes to real estate. They have low vacancy rates, stable pricing and values on rental properties and steadily increasing demand for housing. Savvy real estate investors know which towns to target, and how. Here’s a list of seven of those real estate gold mines.
Boston / Cambridge, MA
The greater Boston area including Cambridge in Massachusetts leads the pack with some of the most attractive statistics for real estate franchisors and investors. Cambridge is home to not just one, but two of the most prestigious colleges in the country: Harvard and MIT. Numbers for the 2012 fiscal year show a 17% increase in property sales with an average 5% increase in sales prices due to the high demand. The healthy housing market is also anticipating record low interest rates.
Home of our nation’s capital, a magnet for political science and law students, Washington D.C. is a real estate market hotbed of activity. It’s no wonder, as the renowned Georgetown University represents a lively hub within the DC population. Spread out over three Washington DC campuses, Georgetown is likely a key factor in the city’s outstanding property values.
With a population over 2 million, Houston is the fourth largest city in the United States. The metropolis is a sprawling melting pot of residential, commercial and industrial sectors, ranging widely in size and property value. Houston is also home to a handful of colleges and universities, most notably the highly distinguished Rice University. Home sale prices have remained largely stable, declining less than 1% year over year, with average property values climbing steadily since the start of 2013
Syracuse, New York is home to the renowned university of the same name, with an average student population of nearly 25,000 students and almost 1,000 faculty members. This city represents a unique opportunity for home investors. It has all the benefits of a great college town, plus prices have been dipping while the market as a whole remains much better than the national average. There’s rarely a better time to jump into a real estate market, the low prices won’t last long and investors are sure to see big returns.
Did you know that Princeton, New Jersey as we know it today has only existed for about two months? It’s true! On January 1, 2013, the Borough of Princeton and Princeton township were incorporated into the city we now know as Princeton. It’s also home to famed ivy league college, Princeton University. The town has nearly 29,000 residents, including a huge student population. Housing in the charming, yet bustling, college town remains in high demand, especially with its location being within close reach of many other major New England hot spots.