BYTHE NUMBERS
LOCAL MARKET MONITOR
Top Towns for Renting to College Staff
POPULATION (2017)
HOME PRICE INCREASE (2017)
AVERAGE HOME PRICE (THOUSANDS)
JOB GROWTH RATE INCREASE (2017)
LOCAL MARKET MONITOR
RENTERS
203,189
10%
$206
4.8%
49%
Athens, GA
156,993
3%
$163
4.7%
42%
Auburn, AL
TEACHERS AND ADMINISTRATORS ARE A SUPERIOR CATEGORY OF RENTER.
249,156
7%
$177
3.8%
50%
College Station, TX
by Ingo Winzer
$350
2.8%
36%
585,799
9%
Fort Collins, CO
277,969
9%
$288
2.7%
40%
Durham, NC
Our Top 10 list shows markets small enough so the local colleges have an out- sized effect on the local housing market, and with good job growth in the past year. With a few exceptions, note that average homes prices are fairly affordable. This means you can rent out a single-family home without dividing it into multiple units. You might get the best returns buying a slightly dilapidated home and rehabbing it into a superior rental. •
ollege towns can be great places to invest in rental property. They
C
Ingo Winzer is president of Local Market Monitor, which analyzes conditions in 300 U.S. markets, using such economic data as home values and growth in employment
2.6%
45%
333,577
1%
$198
Ithaca, NY
typically have a large renter population and a stable economy. They also are off the radar of institutional investors because they aren't growth markets. You probably don't want to rent to the college students themselves - that's a specialized activity. But school staff - teachers and administrators - are a superior category of renter.
552,493
9%
$268
2.6%
41%
Eugene, OR
and population. Winzer, who has analyzed real estate markets for more than 20 years, was a founder and executive vice president of First Research, an industry research company that was acquired by Dun & Brad- street in March 2007. He is a graduate of MIT and holds an MBA in finance from Bos- ton University. Winzer resides in Cambridge, Mass www.localmarketmonitor.com.
104,926
5%
$203
2.5%
40%
Iowa City, IA
362,895
8%
$257
2.5%
41%
Ann Arbor, MI
319,372
5%
$171
2.4%
43%
Lafayette, IN
Source :: Local Market Monitor, February 2018
110 | think realty magazine :: april 2018
thinkrealty . com | 111
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