If you’re seeking to invest in your next single-family Hartford rental property, you may be analyzing each alternative 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 a fair question since a local amenity such as a school could be either a bonus or a serious drawback, depending on who your renter demographic is. To understand whether buying a rental near a school is a good idea or not, it’s imperative first to analyze both the advantages and disadvantages of doing that.
Advantages of Owning Property Near a School
Perhaps the biggest advantage to owning a single-family rental house near a school is that it may appeal greatly to renters with school-age kids. Taking kids to and from school can be a major pain, particularly for working parents. This is why being able to tell prospective tenants that their kids can walk to and from school could be a significant selling point.
Another excellent advantage of buying a rental property near a school is the greater possibilities for your tenants to become friends with other parents nearby. Usually, renters feel like they don’t have a lot of chances to get to know their neighbors. However, living near a school could help facilitate neighborly interaction and help your tenants feel like a member of a community. That, in turn, can help boost your tenant’s satisfaction and desire to stay in the home longer.
Lastly, the final significant advantage of buying a rental house near a school is that it could make it easier to sell when the moment arises to do so. Homebuyers with kids and other investors who rent to families may both be ready to offer more for a property with a nearby amenity like a school. That can help guarantee that you can sell your investment for the highest possible return.
Disadvantages of Owning Property Near a School
Obviously, there are a few things to consider why you should think twice before investing in a rental house near a school. Roads surrounding schools tend to experience higher traffic, vehicles, and pedestrians throughout the day. The increased traffic can sometimes make it difficult for tenants to get in and out of their driveway at certain times of the day or even result in vandalism or littering.
Regardless of how close the property is to the school, residing nearby might also mean your tenants will have to deal with the nuisance of parents and staff parking in front of the property. Not only can limited parking cause issues for your tenants or their guests, but it can also lead to oil stains, trash, or other issues.
Ultimately, residing close to a school is usually associated with more daytime noise. If your tenants do not have kids, work from home, or want a quiet neighborhood, they may feel bothered by the sounds of children playing on the school playground or people and cars passing back and forth multiple times a day. A loud street or neighborhood can become a big deterrent for tenants wanting to enjoy their rental home peacefully.
For this reason, is purchasing an investment property close to a school a good idea? That depends! Every rental property owner’s situation is different, meaning that you are the best person to know whether a nearby amenity like a school would be positive 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 assist with that! Communicate with Real Property Management Hartford Metro/Greater New London to learn how our Hartford property managers help rental property investors evaluate if an investment property is a suitable match for your portfolio.
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