While students are the not always the best tenants, there are lots of good reasons to buy investment properties in college areas.
College enrollments expected to rise by almost 1.6 million students, or
15 percent, over the next 10 years, according to the U.S. Department of
Education, and the number of graduate and professional students is
growing even faster, at almost 25 percent.
With the increase in students, there will of course be a rise in professors, administrative staff, space needed by the colleges, and supporting industries (research, retail, restaurants, etc.). While the article at REALTOR� Magazine Online -Daily News- College Town Properties Are a Smart Buy focussed on small college-dominated towns, this is a very good sign for Richmond. With Randolph Macon, VCU, UR, VUU, and the community colleges here, the areas around each of these schools will feel the impact.
Now is the time to jump in and start investing for the future growth, especially since the market has slowed down just a bit.
[Source: Dow Jones Business News, Jennifer Openshaw (07/04/2006), cited in the article mentioned above]