Whether you’re a parent of a college student or an investor in real estate, some college towns are more attractive than others. In some of the country’s hottest rental markets, landlords who own rental housing are seeing low vacancies and higher rents, while parents of college students might be finding it difficult to buy an investment property for their kids to live in while in school.
Buying a rental property often makes more sense for parents than paying ever-rising costs of room and board or off-campus rent. But they may be competing with experienced landlords when it comes to purchasing reasonably priced properties in today’s competitive markets.
According to Realtor.com, the following markets show promise for parents and other real estate investors:
| City | Median Home Price | Average Rent |
| Boston | $334,900 | $3,084 |
| Washington, DC | $395,000 | $2,637 |
| Los Angeles | $358,000 | $2,290 |
| Princeton, NJ | $265,000 | $2,056 |
| Chicago, IL | $194,000 | $1,630 |
| Providence, RI | $259,000 | $1,527 |
| Philadelphia, PA | $234,900 | $1,475 |
| Pittsburgh, PA | $140,000 | $1,122 |
| Atlanta, GA | $175,900 | $1,187 |
Of course, owning rental property and leasing to college students presents another set of challenges. Study the market, consult your tax, legal and financial advisors, and decide whether the pros and cons work out for your needs and personal situation.
This article originally appeared on tenantscreeningblog
