Investing in College Towns (or specifically Ithaca, NY)

[Megan Elliott]

Looks like we are moving to Ithaca, NY this summer! Anyone know what the investment market is like?  Seems like the universities are the main attractions. I haven’t bought in a college town before. Any recommendations would be greatly appreciated. 

[Stephanie Jacobson]

Hi Megan! I’m an agent and I specialize in student rentals. I live in Ithaca, but I cover Cortland and Binghamton as well. 

Ithaca has a very healthy rental market, particularly for students and young professionals. The students pay what I consider an absurd amount of money, particularly as you get closer to campus in upper collegetown. (The same exact apartment might be $450/bed in Binghamton vs. $800/bed or more in Ithaca.) The downside to investing in an affluent area with high rents is that the price point for entering the market is higher. But appreciation here is excellent, and there are good deals to be had. I’ll shoot you a message and see if there’s any way I can help!