If you’re planning to invest in your next single-family Federal Hills rental property, you may be weighing every possibility against your property wish list. So where does “proximity to a school” rank on your list – and should it be on there at all? It’s an excellent question since a neighborhood amenity like a school could be either a bonus or a serious drawback, depending on who your renter demographic is. To determine if buying a rental near a school is a good idea or not, it’s necessary first to examine both the advantages and disadvantages of doing so.
Advantages of Owning Property Near a School
Possibly the biggest advantage to owning a single-family rental house near a school is that it may appeal significantly to renters with school-age kids. Carrying kids to and from school can be a real burden, mainly for working parents. This is why being able to tell prospective tenants that their kids can walk to and from school could be a major selling point.
One more major advantage of buying a rental property near a school is the increased possibilities for your tenants to become friends with other parents nearby. Generally, renters believe they don’t have many openings to get to know their neighbors. However, living near a school could help facilitate neighborly interaction and help your tenants believe they are part of a community. That, in exchange, can help boost your tenant’s satisfaction and intention to stay in the home longer.
Ultimately, the last important advantage of buying a rental house near a school is that it might make it easier to sell when the time is right to do so. Homebuyers with kids and other investors who rent to families may both be likely to offer more for a property with a nearby amenity like a school. This might assist you in ensuring that you can sell your investment for the maximum possible return.
Disadvantages of Owning Property Near a School
Unquestionably, there are some factors why you should think twice before investing in a rental house near a school. Roads nearby schools witness higher traffic, vehicles, and pedestrians throughout the day. The increased traffic might make it tough for tenants to get in and out of their driveway at certain times of the day or even result in vandalism or littering.
In line with how close the property is to the school, dwelling nearby could also indicate your tenants will have to deal with the nuisance of parents and staff parking in front of the property. Not only can limited parking generate difficulties for your tenants or their guests, but it can also lead to oil stains, trash, or other issues.
In conclusion, dwelling close to a school often results in more daytime noise. If your tenants do not have kids, work from home, or want a quiet neighborhood, they may become annoyed by the sounds of children playing on the school playground or people and cars passing back and forth multiple times a day. A noisy street or neighborhood can become a big deterrent for tenants who want to enjoy their rental home peacefully.
Therefore, is acquiring an investment property close to a school a good idea? That depends! Every rental property owner’s situation is exceptional, which means that you are the best person to know whether a nearby amenity like a school would be advantageous or negative for your tenants.
No matter where you are in your investing career, it can be very helpful to get the advice of a local market expert. And we can help with that! Contact Real Property Management Metro to learn how our Federal Hills property managers help rental property investors determine whether an investment property is a good fit for your portfolio.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.