Real Estate Investing
Residential property management in West Chester, PA involves serving two different rental communities.
The first community includes students who attend West Chester University. As certain geographic regions of West Chester do not let student rentals, it is vital that you ensure what portion of town neglect the property is located. Student housing is extremely time consuming for property managers and extra man hours to provide their needs. For example, with student housing we have calls to improve light bulbs, remove snow or ice, clean rooms and plenty of other requests that people typically don’t end up being from non-student tenants. As an investor you would like to make sure that you just have a property management company in West Chester, PA arranged to handle these complaints or be prepared to address them yourself.
Also, with student housing you’re going to get a lot of turnover and the majority students stay 12 months and vacate. So be sure you plan high tenant turnover when contemplating investing here.
The second community in West Chester, PA is non-students. This may include people that live in this very well liked community or even in some cases individuals who work at West Chester University. These kinds of tenants will be more mature and much easier to manage the properties through which they reside. Additionally, they have a tendency to pay rent promptly and do not need nearly as mush maintenance or attention. As an investor this is the better option, however, these types of investment properties are likely to cost more per unit.
The great news is non-students may live in forget about the property for quite some time and reduce your vacant time.
West Chester, PA is a popular community with many different shops and restaurants within the downtown section. West Chester, PA is additionally the home of QVC, one of several largest employers inside the area.
This town may be a very hot marketplace for both sales and rentals. The average sales price for home since November 2018 is $414,100. The average sales pricing is up 3.4% during the last year. The rental market is additionally seeing nice price appreciation. The average rental is $2,242 a month and is up 1.5% during the last month. This comes even close to the average rental in Philadelphia of $1,581 and nationally of $1,449. Given the strong popularity and strong employment within the area I would suggest slideshow great place legitimate estate investors to consider investment properties and above average returns.