Any Success With Student Rentals For Conestoga College (Kitchener) Laurier U (Brantford)?

[ClintL]

I know that student rentals are usually pretty successful in areas for Mac (Hamilton), Laurier and U of W (Waterloo). I'm looking at specifically some other areas like Kitchener near the 401 for Conestoga College students and downtown Brantford for the satellite Laurier U campus there.



Has anybody had any success (or difficulties) they can share about these two areas for potential student housing, ie., Conestoga and Laurier's Brantford campus?

 

[housingrental]

I do not service those area's but I've talked with many investors and property managers who have



From what I've seen it is hit or miss - you get places rented = all's good with higher than other area default rate, harder to re-rent when defaulting.



Much higher chance of not getting rented re smaller market = make sure product works for non students, lower rent is economically viable as investment



I'd stick to Waterloo.

 

[MatPiche]

Hey ClintL



I'm a realtor specializing with investors in Doon (it's where I personally invest as well). While I don't specialize in student rentals, I can tell you the demand for student housing here is pretty big and growing as they just added a new building to the campus. The problem is, a lot of the properties investors are buying are 3 bedroom townhomes and are trying to cram 4 or 5 students in, which is totally against code. I know this because I live in the same complex I invest in and I have to deal with these issues as a board member.



Trying to find a detached home in the area to house 4 or more students in order for it to cash flow is hard as the homes in the area are priced fairly high. As Adam said, it's hit or miss. If you can find a good property to pull it off, you're laughing!

 

[ClintL]

Mat,



This is exactly what I'm actually looking at - a 3 BR condo townhouse with a finished rec room in the basement where I would think I can place a 4th student.



Are condo boards stopping investors from putting in that 4th student even in a finished room in the basement?



Clint

 

[MatPiche]

Hey Clint,



It depends in which complex your are buying in. Some boards may be tighter on investors and student investors in particular, but do know if the window in the basement is not big enough to be used as an emergency exit and is not accessible, that's against code. While 90% of investors stick a student down there anyway, its not "legal". Are you currently looking at a specific property? The complex I invest in (165 Green Valley Dr.) is tight on student investors. Feel free to let me know which complex you are buying in and I can give you my opinion - [email protected]

 

[ClintL]

430 Pioneer

 

[MatPiche]

Hey Clint,



That's a good complex for students, especially with the basement door access for the 4th student. I had a client a almost buy one unit last year but there were major projects on the carports being planned and they were uncertain as to how that would affect the condo fees at the time. Just keep an eye on that during your due-dilligence! If you have any questions on Doon, feel free to contact me. Good luck!

 

[MrHamilton]

[quote user=ClintL]downtown Brantford for the satellite Laurier U campus there



Hi Clint, I know a couple investors who are doing well in downtown Brantford. FYI Conestoga has a partnership in Brantford with WLU



As with any market there are differences in seasonality. I know a keen investor who deliberately paid for his ad to remain posted on places4students for 12 months to determine when peak season the students are looking.



Leads for our rentals are a bit slow which is probably due to the reading week hang over but we're offering a premium rental so we're confident it will be filled soon enough.



Hope that helps,

Erwin