People have often shied away from purchasing a property near a school or university for many reasons. Some don’t like the thought of the pedestrian and vehicular traffic it brings for the majority of the year, for fear it will be a deterrent for future purchasers or potential tenants. Others believe the safety is a bit more compromised. However, there are definitely more benefits to purchasing a property near schools/universities, than there are negatives.
Starting first with one of the obvious reasons….
Large population of students who will need accommodation.
This applies mostly to universities. Universities scholar thousands of students at all hours of the day – thus making it optimal to have housing close to the university. And of course, there is a large population of students needing housing.
The same does also apply to the parents of students at primary and secondary schools. Because the majority of the schools in present day rely on catchment zones for the intake of its students, if there is a house available for lease in the catchment zone for a very good school, it’s only natural it will be snapped up fast.
Not only students need a home!
Stating the obvious here – but teachers and lecturers will need a place to live as well. Those who are new to that school or university will often rent before purchasing a property themselves – and categorically, teachers always make reliable tenants.
Stability in property values.
It goes without saying that a property located close to a school, or more so University in this case, will always hold their values well. Where there’s an educational facility, there is always people attending, and always the need for housing for these people.
Lower vacancy rates.
Generally vacancy rates are statistically a lot lower for properties housing students – both primary, secondary and tertiary. With the lower schools, parents prefer to keep their children in the one school, with minimal disruption. With tertiary, most courses are minimum of 3 years so generally a student will need to stay in close location for that number of years.
Where there is schooling, there is always transport. People always need access to facilities so the government always ensures that when new schools and universities go in, if public transport isn’t already existing, it will be installed. Universities tend to attract more transport than schools. There will always be at least a bus or train line directly to the doorstep – some with both and a ferry! This of course aids well in the property value.
Whether it be a school or a university – properties have the potential to do consistently well when in the close region of them. Consider too, properties in regions where educational facilities are yet to be built or completed…the natural growth of area is thrown in to that mix as well!