Buying Boston Real Estate in College Towns
For Boston home buyers looking for an investment opportunity, purchasing property near a college or university is an excellent option. Both Harvard and Boston University offer a wide range of investment property for anyone looking to purchase real estate in Boston.
As a general rule, investing in real estate in a college town is a safe bet for several reasons. At the top of the list of advantages is the fact that real estate located near a college or university has a never ending supply of prospective tenants unlike other markets that may be subject to fluctuations in tenant availability. Both students and faculty need someplace to live, meaning that the demand for housing in a college town typically exceeds the supply. For a landlord, this is an ideal situation. Moreover, unlike other areas where changes in the neighborhood can result in a significant change in the desirability of the area, in a college town the real estate located near the school will likely remain in demand for decades to come.
Along with a relatively low vacancy rate, a college town often offers steady appreciation. Again, because the area is unlikely to fall into urban decline or suddenly change in character, real estate located in the area will typically appreciate at a fairly consistent rate.
The world famous Harvard University is located just outside Boston in Cambridge, Massachusetts. Boston home buyers, however, who are looking to invest should consider purchasing property in the area around Harvard University. As is the case with most real estate in Boston and the surrounding areas, most properties near Harvard are older, even historic, homes. The immediate area around Harvard is a blend of commercial and residential with condos and apartments dominating the residential offerings. Large old buildings have been restored and divided into smaller apartments, townhomes or condominiums. Home prices in the area as of April, 2013, start at around $300,000 for a one bedroom unit and can easily exceed $2 million for a large condo or single family home.
Located south of Harvard University and west of downtown Boston, Boston University offers another good investment opportunity for Boston home buyers. Property available near Boston University is similar to that available near Harvard. Many old buildings have been converted into lofts or condominiums although there are single family homes available relatively close to the university. Home prices near Boston University start at around $200,000 for a one bedroom condominium.
Overall, real estate in Boston offers an investor plenty of opportunities to purchase property near one of the city’s universities if the buyer has the funds to invest. Along with future appreciation, buying real estate in Boston can provide the buyer with a pre-existing tenant pool which means rental income from the moment the property is purchased in most cases.