As I mentioned in my previous video, buying student housing in Harrisonburg is a tricky, yet worthwhile, pursuit. And, thankfully, there are options that allow you to do so.
Before you decide to invest in student housing, though, realize that going under-rented for a consecutive year can be majorly detrimental to your cash flow and may jeopardize your investment. Most student housing is corporate-owned, so individuals looking to invest in this type of property will be up against some stiff competition.
There are only a select few communities in which individual investors can purchase student housing, including Hunters Ridge, Bradley Drive Camden Townhomes, Pheasant Run, Fox Hills, and Campus View Condos. The properties in these communities fall under the umbrella of “traditional” student housing.
These aren’t your only options, though. You may also want to consider buying property in some non-traditional student neighborhoods, which essentially just means buying a townhome or condo in a regular residential neighborhood and then renting it out to students.
However, if you choose to pursue this option, make sure that you are operating within city zoning restrictions as well as the CC&Rs for a specific neighborhood. In most residential neighborhoods, only two people who aren’t relatives can live together—a rule specifically designed to keep students from moving outside of student housing neighborhoods.
And don’t be fooled into thinking this rule can be easily bypassed. There is a lot of animosity among residents near JMU, where student housing and regular residential housing are somewhat intermingled. The last thing you want to do is break a neighborhood’s restrictions and have to kick people out of their leases.
The bottom line is that if you are thinking about buying student housing in Harrisonburg, you need to talk to someone who understands the nuances and regulations associated with doing so.
As it happens, I started my career by working with student housing. I got my feet wet in the real estate industry at a property management company, which opened the door for me to sell nine condos in Hunters Ridge in my first year as an agent. Beyond that, I happen to be a JMU alumnus, so I’m very much in-the-know about where students prefer to live in our area.
If you have any other questions or would like more information, I’m here to help and happy to catch; so please give me a call or send me an email. I look forward to hearing from you soon.
