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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. 


Are You A Western University Student Needing a Home For Rent or Student Accommodation? This is Your Ultimate Guide Rental Home Guide.

1/19/2014

 
Since the Western University 2014 rental season is officially upon us, I would like to help Western University students find a rental home, student accommodation, or an apartment in London, Ontario for the upcoming year. Below is a short list of where you need to go to find a student rental home, and why you need to use the service.

1.       Ask Your Friends For Their House If You Like It

I see this happening with a lot of Western University students recently. If you know someone and their entire group is moving out of the house, and you have a group who really wants the house, ask your friends for the Landlord’s phone number. In this scenario, you will have already seen the house, knows who lives there and the ins and outs of the house, and your friends who live there will be able to vouch for the Landlord.

2.       Western University (UWO) Off Campus Housing

Western University Off Campus Housing has received a much needed facelift recently, and their ads are usually of higher quality because each Landlord/business must pay $10 to post an ad. This service filters out much of the noise available on other services and boils it down to owners looking to rent specifically to Western University ungraduated, international, or graduate students. The only issues with UWO Off Campus Housing is the fact that there are only 3 pictures allowed to be uploaded (and pictures can be deceiving), no videos are allowed to be posted, and the description of the properties are limited. However, this is still a great resource to start looking for a property. 

3.       Kijiji – London, Ontario – House Rental / Room Rental Ads

If you are a Western University student looking for a rental home or student accommodation on Kijiji, please be careful. Kijiji has some great built in features like the highly specialized search filters (price/bedrooms/location/keyword/etc.), allows 10 pictures and a video link, as well as a generous section to properly detail your ad. Also, since Kijiji is the most popular platform every landlord posts their ads on this service as well as it is free. Here is what you need to watch out for on Kijiji:

-          Semi – Completed Ads: If the ad doesn’t have many pictures, or doesn’t have a detailed description of the property, bedrooms, prices, when the lease starts, what is included, etc. be very hesitant. 

-          Scams: There are several scams out there where (usually foreign and fake) people try to get you to email money transfer them a deposit without viewing the property and then not hearing from them again. Keep a close eye on anything suspicious. 

-          Noise: On Kijiji there is a lot of noise. Right now, there are over 1400 house rental ads in London, Ontario. Hundreds of those ads have expired, already are rented out, have an unresponsive landlord who won’t respond to emails, and some ads are reposted dozens of times. If you can filter out the noise on Kijiji, you will be able to set up showings at several houses. 

4.       Student Rental Companies That Rent Homes for Student Accommodation to Western Students (i.e. corerentals.ca)

There are about a handful of companies that rent homes, student accommodation, and apartments in London to students from Western University (and Fanshawe College). We don’t want to give them free advertising on this site, but you have seen the blue signs, green signs, purple signs, yellow signs, etc. all over the Western University bubble. These companies use the listing services above to help market their properties, but ultimately they have the contracts with owners to rent them out to students. Here is a shameless plug for our service at Core Property Rentals and Management, where we specialize in renting to Western University (UWO) students looking for homes for rent, student accommodation and rental homes in London, Ontario. We have our own properties and can show you any property that is available on this wensite.

How To Avoid the “Headache” That Comes Along With Students In Your Rental Property

12/10/2013

 
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The reason why many Fanshawe College Landlords and Western University Landlords burn out and get out of the industry is because of what is known as the “headache.” It is not very difficult for owners to maintain the property, to upgrade their property when needed, and maintain the exterior of the home.  Core Property Management and Rentals deals with the “headache” for our property management clients in London, Ontario. If you are new to this business, or you want to avoid “the headache” from your student rental tenants, than you must consider the following:

1.       Be Upfront With Your Student Tenants at Fanshawe and Western

If you are from out of town, let them know that. That way they will not expect you within 10 minutes if there is no hot water running. When sitting the tenants down to sign the lease, go through each line out loud and give examples of you operate. For example, if all the light bulbs work and the lease states if any bulbs go out they have to replace them, then they call you for more bulbs you need to remind them of this conversation. Being upfront and transparent goes a long way

2.       Try To Have You Student Tenants Pay Their Own Utilities

If the student rental tenants are paying their own utilities, you have three less things to worry about: London Hydro bill, Union Gas bill, and probably a hot water rental. With the tenants paying the utilities, they will be much more responsible with the bills and with your property in general taking care of it because they are obligated to care more than the “all you can eat buffet” which is renting all inclusive.

3.       Sign Joint Leases With Groups of Tenants

Signing groups of tenants to rent your entire property is the best way to go about renting your property because you will get the London, ON Landlord License, you will sign on a group of friends who know each other, and the tenants will be jointly liable to pay the full amount of rent. When tenants are jointly liable and obligated to pay the rent, there is a much greater chance of none of your student rental cheques bouncing.

4.       Buy a Townhouse to Rent

When purchasing a student rental property, some of the “headache” comes from cutting the grass, cutting branches, raking leaves, cleaning snow, changing windows/doors, replacing the roof, etc. which can all be taken care of if you pay a monthly condo fee and buy a townhouse to rent to students to Fanshawe and Western University students.

5.       Hire a Property Management Company That Has Experience in Managing Western University and Fanshawe College Properties

To make most of your headaches going away, sometimes the only way is to outsource it to a local, London Ontario based company that has a rich history in providing Landlords when a great service. Some Landlords of student rental properties don’t appreciate text messages at 9 PM on a Sunday evening asking “what is the postal code of the house?” from their tenants. The little things definitely add up, and if you haven’t utilized a combination of the above recommendations to minimize your headaches, you are better off hiring a company to manage and rent your property to local Western and Fanshawe students.



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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