KWC Student rental oversupply or not

[23994]

Hi,

need some insights here...

After searching the websites and found out the following:

currently the Student Rental in KWC area are oversupplied and the high rise is still coming...

Any comments... better to hear some real 1st hands on experiences from REIN investors in KWC area...

Appreciated!

Sue

 

[Mike Milovick]

Hi Sue;

I am a student landlord and a student REALTOR and specialize in Waterloo. There has been a lot of building in Waterloo. There IS an oversupply of five bedroom units. There does not seem to be an oversupply of rental bedrooms in general.

I have a modest portfolio of multiplexes and lodging houses in Waterloo in AAA locations. We are finishing up our last rentals shortly for September.

About 98 percent of our portfolio is on 12 month leases. We DID have to rent to single renters though (as opposed to five bedroom groups), to fill up the final rooms in our portfolio.

The individual renters seem to be aplenty. The groups seem to be more scarce this year.

Note that several of my clients own large, large student buildings - 200-300+ bedrooms. They seem to be having a challenge - but they really have the same product - within their own buildings and with regards to their big building competition - unlike the low density landlords that have more variety and diversification over several locations.

Mike