Residential property management in West Chester, PA is to serve two different rental communities.
The first community includes students attending West Chester University. Since some areas of West Chester do not allow student rentals, it is very important that you make sure that you make sure of the part of town where your investment property is located. Student accommodation takes a long time to property managers and requires additional working hours to meet their needs. For example, with student housing, we get calls to change light bulbs, remove snow or ice, clean rooms, and many other requests that we typically don’t get from non-student renters. As an investor, you want to make sure that you have a property management company in West Chester, PA aligned to handle these issues or be prepared to handle them on your own.
Also, with student housing you will get a lot of turnover and most students stay for a year and move out. So be sure to plan for a high tenant turnover rate when considering investing here.
The second community in West Chester, Pennsylvania is made up of non-students. This can include people who live in this very popular community or, in some cases, people who work at West Chester University. These types of tenants tend to be more mature and more easily manage the properties in which they reside. Plus, they tend to pay rent on time and don’t need as little maintenance or attention. As an investor, this may be the best option, but these types of investment property tend to cost more per unit.
The good news is that non-students can live in your investment property for many years and reduce your free time.
West Chester, PA is a very popular community with many shops and restaurants in the downtown area. West Chester, PA is also the home of QVC, one of the area’s largest employers.
This city continues to be a very hot market for sales and rentals. The average selling price of a home in November 2018 is $ 414,100. The average selling price is up 3.4% from last year. The rental market is also experiencing good price appreciation. The average rent is $ 2,242 per month and is up 1.5% from last month. This compares to the average rent in Philadelphia of $ 1,581 and $ 1,449 nationally. Considering the high popularity and solid employment in the area, I would suggest that ideal place for real estate investors to search for investment properties and above average returns.