Buying an investment property near universities and colleges is a smart use of money. What to know why? For one, it offers unique opportunities to you as an investor. Having a stable pool of potential tenants that will never dry out is a huge bonus. Secondly, since the demand is usually much higher, you have more room to set better rent prices. Most importantly, you will have a steady stream of income because your property will be in demand.
If you are considering buying an investment property in Chicago, here are four college neighborhoods that you may want to consider:
Lincoln Park is undoubtedly one of the most charming areas in the city. It is close to several universities and colleges like Depaul University, the University of Illinois at Chicago, and many others. It’s appeal, however, is definitely not limited to its nearness to top schools.
It is ranked second on the list of Movoto Real Estate’s Best Neighborhoods in Chicago. People love its many beautiful attractions like the Art Institute of Chicago, parks, and the Lincoln Park Zoo.
Lincoln Park is essentially a place where anyone can thrive and live comfortably.
This neighborhood is ideal for students and families who want to be near to campus. It's also perfect for people who want a neighborhood that is filled with interesting attractions for everyone.
Hyde Park has world-class museums, gorgeous parks where anyone can relax and commune with nature. The area is also accessible to public transportation, even bicycles plus its only 6 miles from downtown!
Apart from being near diverse colleges and universities, Ukrainian Village boasts of the top wants and needs of students — affordability, accessibility, and attractions. This neighborhood is part of the list of “Chicago’s Coolest Neighborhoods” by CNN Travel. The area is filled with modern restaurants, dives, nightlife spots and other features that young residents love. There's a ton of neat architecture to admire and lot to learn about Ukrainian culture too
Bridgeport is also included on CNN’s list. It has become home to diverse residents including students, working individuals, and families. The area is close to Illinois Institute of Technology, Columbia College Chicago and the University of Berkeley, among others. Bridgeport is brimming with many restaurants that offer delectable food choices especially pizza and steak sandwiches. It has a TON of local color.
All the neighborhoods mentioned above are not only near the most prominent universities and colleges in Chicago but they are also known for being highly accessible using public transportation. as well as for being home to some of the most popular attractions in the city. While students would be your primary client these neighborhoods will help ensure you get a high-quality tenant, not one that will trash the place. Remember, location, location, LOCATION is the key to a successful investment property.