Anyone interested in purchasing investment property in Atlanta should take note: Redfin recently ranked Atlanta as the best college town to buy a home and get the highest return.
Redfin analyzed the latest U.S. New and World Report ranking and looked for colleges with low tuition and high-quality education. It also included the median list price for homes in the area and the Walk Score – which is Redfin’s scoring for how walkable a place is.
The affordability of the Georgia Institute of Technology – $12,212 for instate and $32,404 for out-of-state students – is the best option in the area. The median list price for homes in Atlanta was $235,000. The university was No. 34 on last year’s U.S. News and World Report rankings, and received a walk score of 72, which is categorized as “very walkable.”
An investment home near a major college or university is a safe bet. Universities provide a constant pool of new tenants while maintaining stable rent prices. Additionally, selling the home will be easier because there will always be demand near universities. Or if owners want to live in the home in the future, there are plenty of amenities near universities.
“The pool of potential tenants is also stable with new students coming in every year, so a property owner really doesn’t have to worry about where they will find the next tenant,” Redfin real estate agent Rory Haigler said in the report. “I’ve had a lot of clients looking to invest in property near Georgia Tech, but the problem is that because it’s such a hot market, homes aren’t listed often. It’s not just a great location for students to rent, but also a great option if an investor ever decides to live in their investment home, given that the school is in the heart of a major metro area with everything to offer in terms of entertainment, culture and food.”