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Student Accomodation, Homes For Rent, Rental Home Apartments, Rental Homes for Western University (UWO) and Fanshawe College Students in London, Ontario

Average Student Rental Fanshawe College House For Rent Accommodation in London On – Prices!

2/2/2014

 
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Above is an image of the average prices of homes for rent around Fanshawe College student accommodation housing bubble in London, Ontario. I will provide a little bit of insight in regards to these numbers and begin to justify them. First, the Fanshawe College Off Campus Housing service does not provide average rental prices for different types of accommodation, so these numbers were developed based off our experience and research of the local student rental market at Fanshawe College.

1 or 2 Bedroom Apartments – As you can tell, it costs more per person to live with less people. For a 1 bedroom apartment by yourself it’s $700 + utilities, for a 1 bedroom in a 6 bedroom house could be as low as $420 all in. The apartments across the street from Fanshawe College are usually full and not extremely popular with Fanshawe Students. Fanshawe College students are usually looking for a basement in a house or an apartment closer to Oxford/Richmond area. The drawbacks of an apartment are that they are expensive student accommodation, you need to pay your own utilities, and they are further away than single family residential homes

3 or 4 Bedroom Houses – It is difficult to find a 3 bedroom house at Fanshawe College. Usually a 3 bedroom houses is the upper floor of a single family residential house. Four bedroom homes are usually townhouses on Second or Third Street in London, ON which target Fanshawe College students. The 4 bedroom student accommodation at Fanshawe College provide really good value: short walk to school, all inclusive, usually 2 full bathrooms, and living only with 3 others for a great price. The three bedroom houses do cost a little bit more and there be another group/individual sharing the house.

5 or 6 Bedroom Houses – Five bedroom student rental accommodation homes for rent are the most popular with the Fanshawe College students in London, ON. The houses on Fleming, Prosperity, Farnsborough, Thurman, First Street, Mardell, Hyman, Mark, etc. are all popular student home for rent locations. The 5 bedroom houses at Fanshawe are so popular because: students enjoy living in larger groups, the houses are usually 2 blocks from campus, they come all inclusive, usually have 2-2.5 full bathrooms, and all of this for a decent price. The price and location cannot be beat on the five bedroom Fanshawe College student homes for rent. The 6 bedroom houses are a little more rare to find, usually have  1 or 2 rooms that are significantly smaller than the others, and sometimes it is really difficult living in a smaller homes with six Fanshawe College students.

As you can see, student accommodation and homes for rent for Fanshawe College students is difficult to organize because it is so fragmented. There are homes for rent, apartments for rent in London, and student accommodation that all have different Landlords who offer different properties, prices, services, leases, etc. 


Landlords: Is Buying and Renting a House To Fanshawe College Students on the Famous Fleming Drive Really Worth It?

11/28/2013

 
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In this case study, I want to give some insight on the famous Fleming Drive, thanks to the now famous Fleming Drive Riot that happened on St. Patrick’s Day in 2012. This riot gave a black eye to Fanshawe College as an institution, and to landlords in the area who are not looking after their properties. The real question here is whether or not to invest in this area as a Landlord.

The short answer is be careful. In my experience, the students at Fanshawe College are like any other college student attending the college. The student tenants are normal, effective adults who work and attend classes to get an education just like their peers living on other streets. There is definitely a negative stigma towards Fleming Drive, especially coming from parents. There are several parents who ask me to show them properties anywhere around the college, but not on Fleming Drive. However, there are student tenants who explicitly want to live in a student dominated area and prefer to live here.

Since the housing values dropped considerably since the riot, and the Landlords bought properties around 2007/2008 (before the market crashed) in the area, it is an ongoing topic of discussion: to sell their property and lose $30,000 - $50,000 on the value to get rid of the headache, or to ride it out until everything gets better and things settle down. For Landlords in this position, they are definitely pot committed to their investment and if they do not want the “headache” from student tenants anymore they should seek out a property management that has experience and expertise in renting out to student tenants on Fleming Drive. If you are a brand new investor looking to get into the industry, I strongly suggest you stay away from Fleming Drive as it is only for those investors who have a large tolerance for risk.

For the experienced Landlord, who has purchased several properties in the area and understands what it takes to properly maintain and run an effective student rental house, then Fleming drive continues to be a good investment. As the property values have decreased on this street around Fanshawe College, now is the time to save a lot of money and purchase a property that is not fully rented out in the area. Close the sale around February 1 of next year. These houses are roughly 20 years old and need some work: paint, flooring, light fixtures, upgrades to appliance, and especially replacing the roof. If these renovations are undertaken, and a property rental company hired to rent out the property, we have seen these houses rent for $425-$475/bedroom (on a 5 bedroom house) all inclusive which provides for a healthy return on your investment. Although the value of the property may not increase substantially in the next 5-10 years, the cash flow from the property is definitely lucrative considering the value that these houses are not selling for. For example, a 5 bedroom bungalow in 2007/2008 was selling for roughly $230,000 and we believe that a good price point to buy one of these properties now and fix it up and rent to Fanshawe College students will cost roughly $180,000.

I would caution Landlords to stay away from buying the attached townhouses on Fanshawe College because of the ever changing Landlord License by laws in London, Ontario. I would also stick to only five bedroom student rentals in the area. There are several properties for sale on the street and now is the time to purchase. Although the student tenants might have a bad reputation in the area, a major part of the problem is absentee Landlords (or slumlords) that do not really care about their properties or the quality of tenants that are occupying their units. I would suggest hiring a property management company that has expertise in the Fleming Drive area to rent and manage your investment that provides a substantial return for seasoned Landlords. If you have any questions about this case study, please email chris@corerentals.ca.



    Author

    Core Property Rentals and Management's Advice on Student Rental Properties at Fanshawe College and Western University in London, Ontario, Canada.

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