Residential property management in West Chester, PA, it involves serving two different rental communities.
The first community includes students attending the University of West Chester. As certain geographic areas of West Chester do not allow student rentals, it is very important that you make sure where in the city your investment property is located. Student accommodation is time consuming to property managers and requires additional work hours to meet your needs. For example, with student housing we receive calls to change light bulbs, remove snow or ice, clean rooms, and many other requests that we normally do not receive from non-student tenants. As an investor, you need to make sure you have a West Chester, PA property management company lined up to handle these issues or be prepared to handle them yourself.
Also, with student housing you will get a high turnover with most students staying for a year and moving out. So be sure to plan for a high tenant turnover when considering investing here.
The second community in West Chester, Pennsylvania, is 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 easier to manage the properties in which they reside. Also, they tend to pay their rent on time and don’t need as much maintenance or attention. As an investor, this may be the best option, but these types of investment properties tend to cost more per unit.
The good news is that non-students can live in your investment property for many years and reduce their free time.
West Chester, PA is a very popular community with lots of shops and restaurants in the downtown section. West Chester, PA is also home to QVC, one of the largest employers in the area.
This city continues to be a very hot market for both sales and rentals. The median home sale price as of November 2018 is $ 414,100. Average sales price has risen 3.4% over the last year. The rental market is also experiencing good price appreciation. Median rent is $ 2,242 per month and has increased 1.5% over the last month. This compares to the average rent in Philadelphia of $ 1,581 and nationally of $ 1,449. Given the great popularity and strong employment in the area, I would suggest that this great place for real estate investors to look for investment properties and above-average returns.