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Updated almost 5 years ago, 01/21/2020
Interested in College Station TX
I have an investor that is looking to clear up some assets to invest in the Austin and College station market. He is mainly interested in multi family properties close to a university. I heard that Texas A&M has one of the biggest Campuses in the state.
Does anyone know the average rent for off campus students? And is there any special requirements or students renting off campus?
@Demetre Dyse
Hi! I am currently looking to invest in the same area as a house hack. From what I’ve looked at so far, it looks like the average rent for an apartment is around $1,200. But when you look at rental rates for individual rooms (which are what a lot of students are looking at) the rates seem to be a little higher somewhere around 400-700 per room depending on the property. Again I have not yet invested in the area and these statistics are just from what I’ve looked into so far. Hope I helped!
Hey! I am an agent in Bryan/College Station. For off campus single-family homes it’s about $1200-$1500/mo for a 3 bedroom house and about $1600-$1800/mo for a 4 bedroom house.
Let me know if I can help!
@Jonathan Chandler
Thank youb for the information. What about for apartment renting? Do you know the average rents for students living in apartments?
I'm not sure if A&M still requires freshman to be on campus. Housing prices (SFH, MF, and apartments) all can vary depending on neighborhood class, size/location, time of year you're trying to fill it, quality of finish out, etc. However, College Station-Bryan, Texas, had the biggest share of renters nationally with 59.1 percent of the population being renters, there is no shortage of tenants. (That 59% does not include a majority of students, as most students do not update their address to B/CS.) Due to the influx of high-rise student housing near campus that opened in the past 24 months, some investors have seen a decline in rents due to higher inventory. Not all, but some. As both an investor and agent born and raised in B/CS, I feel confident in our market and will continue to pump my money in it!
Chris is correct. The new supply over last couple years has increased vacancy rates and from a recent market report will continue throughout this year. CS is a solid market I've seen a couple multifamily deals get picked up very quickly due to attractive prices.
Ask for some market reports and go do market surveys. Nothing like hitting the pavement.
Echoing what others have said. Student housing IMO is overbuilt in BCS. There are a number of huge A+ class complexes that have been built right off campus. These complexes have full amenities, pool, jacuzzi, weight room and etc. This has put a lot of pressure on older properties. That being said there are still good investments just outside the A&M bubble. C class properties that house the people that work on campus. I own two properties within three miles of campus that do well. For C class rents are higher in BCS compared to most of Central Texas. 2BR apartments go for $700-750. Similar property in Killeen only rents for $650.
Originally posted by @Pete Harper:
Echoing what others have said. Student housing IMO is overbuilt in BCS. There are a number of huge A+ class complexes that have been built right off campus. These complexes have full amenities, pool, jacuzzi, weight room and etc. This has put a lot of pressure on older properties
I will say that the price points for the above mentioned complexes are ranging $600-900/mo PER ROOM. While this does have an impact on vacancy across the board, I feel the types of students renting these units are not the same as people renting $300-400/mo. rooms
Originally posted by @Michael Dang:
Chris is correct. The new supply over last couple years has increased vacancy rates and from a recent market report will continue throughout this year. CS is a solid market I've seen a couple multifamily deals get picked up very quickly due to attractive prices.
Ask for some market reports and go do market surveys. Nothing like hitting the pavement.
Bryan/College Station Market Reports - These are provided by our Realtor Association, updated monthly.
@Chris Quinn
Thank you Chris. Are these reports based off of single family properties?
College Station and Bryan are areas that I have experience in, and are getting great prices for a wide variety of properties. We are steadily getting 3-5% rental price increase per year on the units my company manages. It is all about WHEN you market the property, and HOW you market it. Too many times, I see investors and managers fail at these things, and then feel forced to say that the market is saturated.
I think differently. The market is not saturated, it is CHANGING. If you don't change with it, then you get left behind. You must appeal to the tenant prospects in this area to succeed.