Residential Property Management in West Chester, PA is to service two different rental communities.
The first community includes students who attend West Chester University. As some geographic areas of West Chester do not allow student rentals, it is very important that you make sure which part of town your investment property is in. Student accommodation takes a long time to property managers and requires extra hours of work to meet their needs. For example, with student accommodation, we get calls to change light bulbs, remove snow or ice, clean rooms, and many other requests that we don’t typically get from non-student tenants. As an investor, you want to make sure that you have a property management company in West Chester, PA ready to handle these issues or be ready to handle them yourself.
Also, with student accommodation you will have a lot of turnover and most students stay for a year and move out. So be sure to expect high tenant turnover when considering investing here.
The second largest community in West Chester, Pennsylvania is made up of non-students. This may 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. Plus, they tend to pay 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 cut into 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 home to QVC, one of the region’s largest employers.
This city continues to be a very hot market for sales and rentals. The average sale price of a home in November 2018 is $414,100. The average sale price is up 3.4% compared to last year. The rental market is also experiencing strong price appreciation. The average rent is $2,242 per month and is up 1.5% from last month. This compares to the average rental in Philadelphia of $1,581 and nationally of $1,449. Given the high popularity and high employment rate in the area, I would suggest this be a ideal location for real estate investors looking for investment property and above average returns.