If you are considering investing in the arena of industrial properties Wilmington NC, consider investing in a college town. College towns are a perfect place for just this type of investment and here are a few reasons why.
Location, Location, Location
As with any investment property, the location is the key to how successful your property will be. When you invest in a commercial real estate in a college town, you are inevitably in a good location. College towns are full of local restaurants, bars, movie theaters, shopping malls and other hangouts that college students love to frequent. Living nearby any or all of these locations, in addition to the college campus, will be a major bonus for any student looking to rent and will ultimately drive up the number of tenants in your building.
Tenants will Vary in Demographics but will be Many
When you invest in commercial property in a college town, the number of tenants you can choose from will be much larger than other locations. This is because there are not only college students looking to rent, but also graduate students, faculty and staff, and typical residents wanting a nice place to rent. Also, each semester will bring in a new crop of students or staff who will be looking for somewhere to live, leaving you with endless options at any time of the year. Also, many of these individuals, especially the college students, are looking to rent rather than buy because they might be new to the area or don’t plan on living there after college. This will also lead to more stable rent and you can charge an ideal amount because the demand is always going to be there.
There will also be fewer vacancies throughout your properties when you invest in a commercial real estate in a college town you will most definitely need to acquire a commercial property management service. This can be attributed to several factors. As stated above, each semester brings a new crop of students and staff looking for a place to rent, meaning that even when someone moves out there is likely to be a long list of others wanting to move in.
Another factor is that many colleges simply can’t accommodate all of the enrolled students into their on-campus housing, leaving a large need for off-campus housing. It could also be that the students who are renting your property get a job at the university or in town through the connections they’ve made, and they end up being tenants longer than expected.
As you can see, investing in a commercial real estate in a college town has major financial benefits. If you are seeking a great college town to invest in, consider Wilmington, NC, the home of the University of North Carolina!