We don’t do a big trade in student rentals and I doubt we ever will. We’re just not the first names that come to mind. We don’t have the long track record in that part of the market, or the Rolodex full of investors’ names, the monied parents of Queen’s University and St. Lawrence College students. So I understand.
None of which is to say we cannot do the job well, and can’t bring a slightly different perspective to that sort of listing.
55 Beverley Street is a good example. It lists today, October 30. This rental property is located just one block west of the Queen’s University campus, and one block from Lake Ontario. The wonderful Tett Centre is just up the hill, and the downtown core is a pleasant walk east.
To my mind it’s that location that sets it apart from 99% of the rentals out there. It’s the hook. It’s why you should consider this one seriously, if you’re in the market for this sort of thing. It’s not about how many bedrooms you can cram in to the square footage. It’s about how long it’s going to take your kid to get to class in the morning, or how long it’s going to take them to get home again at night. Which connects directly to how much sleep they get, and how happy they are, right? It’s a quality of life issue. I’d want my son or daughter walking down to the lake’s edge to read that textbook or that novel rather than hiding in some hovel a mile away just because the cap rate is a shade higher. I’d want the moonlight bouncing off the water and dappling the walls of their room. Well maybe that’s one step too far. But you get the drift.
And not that there’s anything wrong with the numbers here. The seller of this very decent bungalow is pulling in over $2000/month. The main floor has two bedrooms at present, but a perfectly good third could be constructed before lunch on the weekend if you showed up with a framer and dry-waller, shelled out halfway through for some fantastic takeout from The Juniper.
There’s a sunroom at the rear too, which is a nice touch. And downstairs, accessed via a separate entrance, is a really good in-law suite. The nice yard, the hot tub, and the detached garage will prove popular too. It’s a good life you want for your kids while they’re away, that’s our thought.
The tenants have a lease until the end of April 2018, by the way, and I assume that’s perfect for you too.
Here’s the realtor.ca listing.
* No interior picture here, of course, and no fancy virtual tour either. The tenants are entitled to their privacy. That also means 24 hours’ notice is needed for showings. So if you want in there tomorrow, you’d best get in touch today.