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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

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.

Why Is Western University Always Building More Student Housing? How Will I Get My Student House Rented In London?

12/21/2013

 
Western University (and by extension Brescia, King’s and Huron) have and will in the future keep building new buildings and renovating older buildings. This will not change. There are two types of logic here from Landlords:



1.       I don’t like Western building more student housing because it will be harder for me to rent out

2.       I live Western building more because they will bring more students to the city, and by extension I will rent my house out

If you fall in logic #1 you will have a hard time, because Western is not going anywhere. The reason why Landlords in London, Ontario rent to students around the campus is because of Western and its reputation.

 Here is a little update on Western’s plans for building and renovating their students housing:

-          In September 2013, Ontario Hall residence added 600 more beds. September 2014 400 more beds will be added. This is 1000 beds total.

-          In September 2013, Brescia College added 300 beds.

-          Total beds added as of September 2014: 1300

-          Delaware Hall will be closed from September 2014 to September 2015 for upgrades, which provides 450 beds

-          First year enrollment at Western university has increased from 4350 to 4900 in the last few years.

-          This does not include the focus on international students, where Western does not provide any statistics.

-          Total Extra Beds Needed as of September 2014: 1000 (and this is not including official statistics on the push for international students.

So as you can see here, Western (and myself) suggest that there will not be any ripple effects into the local market. Although there are private buildings going up, Western is the recruiting machine that brings the students to the city and keeps them here for a few years. For this, all Landlords should be grateful. If Landlords subscribe to the logic of Western is always building to suck up the entire student rental market, I don’t believe that and the statistics show this. Western is building for its needs and after first year Landlords should be able to find a group of tenants and hold onto them for a few years.

Here are a few quick statistics from Western Off Campus Housing:

2013 AVERAGE RENTAL PRICES

Average rental prices, as of May 2013, based on the Off-Campus Housing listings:

Bachelor Apartment $550 (inclusive)

One-bedroom Apartment $699 + utilities

Two-bedroom Apartment $830 + utilities

Three-bedroom Apartment $1284 + utilities

Room $434 inclusive

Share House/Apt. $443/489 + utilities

A lot of these numbers are derived from Western’s Off Campus Housing Website prices which are not exactly accurate because some of the houses don’t rent, and some of the houses rent for a negotiated price. However, I do believe that these numbers are roughly what Landlord’s should be looking for in regards to rent for this year depending on their property, bedrooms, condition, location, etc.

When to Purchase a Student Rental Property at Western University or Fanshawe College in London, Ontario

11/28/2013

 
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There are several times per year where there are family homes and student homes that go up for sale around the campuses of Fanshawe and Western. In our history, we see many of these properties go up for sale October-December and May-July. This is not a coincidence: many times these properties are not rented out for the upcoming year (usually Sep. 1 or May 1 lease) so current owners are losing money onto their asset and would rather sell then keep losing money. This is where several real estate, property management, small businessmen, and even numbered corporations come in and buy up properties in the area. But when should you buy?

Finding a property for a good value is difficult at Fanshawe College, and especially at Western University. The best investments that we see from local landlords and businesses are those that are buying houses on the “low end.” There are several reasons why houses still sell in these areas for under market value: they are not fully rented, they are empty and need a lot of work, and if a new owner would step in there would be several months of carrying costs prior to renting the house out to a new group of students.  Since the new owners (who are usually savvy Landlords with a good realtor who know what the real price of some of these properties are) understand the market and cycle of renting, they know that they need a maximum of 90 days before May 1 or September 1 to buy, renovate, and rent a house comfortably while minimizing carrying costs. Therefore, the best time for a prospective Landlord to close the purchase of a house on the low end of the market is around February 1 and July 1.

This advice is not for all Landlords. Buying and selling happens on a weekly basis around Fanshawe and Western in London, Ontario. However, if you are looking in to investing in these areas outside of the time frames outlined previously you will be buying a turnkey investment: a property that is renovated, rented, and hassle free. There are Landlords who definitely want this (usually Landlords from out of town) but there are others who have a different philosophy: buy low, spend some money, rent it out, and either hold onto the equity or cash out.  

FANSHAWE AND WESTERN School NOW IN SESSION and Your  STUDENT Rental PROPERTY is Empty. What Do You Do?

11/28/2013

 
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Around Western University and Fanshawe College campuses, there are several student rental homes. The supplies of these homes are increasing year over year, and it is getting more difficult for Landlords to successfully rent out there houses. Sometimes, Landlords (like yourself) are not so lucky and cannot find tenants on a full year lease for May 1 or September 1 (depending when your cycle of renting begins). So, what are your choices at this point?

1.       Double down on marketing efforts – minimal clean up (cheap option)

2.       Start renovating property and cross your fingers (expensive option – long term value)

3.       Sell property (property will be undervalued due to the house not being rented)

A.      Double Down on Marketing Efforts and Minimal Clean Up

This option is what most Landlords prefer. They usually think they can rent out their houses on their own. Sometimes this doesn’t work out, and they scramble at the last minute to contact a student property rental service company in London, ON like us. Unfortunately, we usually end up going into these properties and realizing they are in poor condition, need a lot of cleaning and also to be marketed properly. If Landlords oblige to make the necessary repairs, cleaning, and other small upgrades the Landlord may have luck with a rental service company who can promote a good product that prospective tenants will sign a lease on right before school begins.

B.      Start Renovating Your Property and Crossing Your Fingers

There are several reasons why student rental properties in London do not rent out (bad location, price too high, house is in disrepair, no marketing, etc.) but the #1 reason we have found is that the house needs to be upgraded. Routinely, many of the student rental properties need regular maintenance (service furnace, AC, upgrade roof, etc.) alongsidecosmetic upgrades. The largest improvements you can make in your rental property are paint and flooring, and next are kitchens and bathrooms in regards to renting out your house. The landlord may lose money in the short term (i.e. September) but if they take a few weeks to renovate there unit, and have enough burn through funds to pay the bills until January or May, the house is sure to rent out if it is marketed properly.

C.      Sell Property

This option is for those Landlords who no longer want to be in this business anymore, who do not have the capital to invest money in the house, nor the funds to pay the bills for an extended period of time for the rent to kick in again. These landlords usually lose money on the sale price of their house because if it didn’t rent out before school started, as stated early, it probably needs money for cosmetic upgrades. If a student rental property goes up for sale right after the school year has started, needs money to bring it back up to par with other rentals, and is currently vacant, this will drive the price down. An opportunistic investor can apply the tip above (start renovating your property and cross your fingers) to buy a house, fix it up, hold onto it, and hire a company to get a lease that provides great value and top dollar out of your house. 

If you are a Landlord who needs advice on purchasing a student rental, renting a student rental in London, Ontario or wants to know how much rent you can get out of your current rental, contact us. 

UWO – WESTERN UNIVERSITY RENTAL MARKET 2013

11/28/2013

 
Landlords have emerged from London, Ontario and from larger cities such as Toronto to invest in student rental housing at Western University. For some local Landlord’s, it’s a buy and hold strategy: hold on to the property, make sure it’s updated frequently, always rented, and one day the house will be paid off. Out of town Landlords usually get involved via their child who attends UWO, and buys a house for their friends to live in for a few years and then turns around and sells it after a few years for a profit. 

                 Traction at UWO Western University Rental Market

The single bedroom, apartments, 3 bedroom, 4 and even 6 bedroom units have been renting very quickly and easily at Western this year. The five bedroom student rental properties at Western have seen a dip this year in renting. They are more difficult to rent, and they are not fetching the prices they were in 2008-2009. Landlords and investors should be aware of this when buying and renting properties. The reason for this has been less movement among current students living in 5 bedroom properties, the location of these properties, and since they have been rented for 3 or 4 years, these units need to be updated on the inside. These factors have led to the decline in these units renting out, and not necessarily the new development found around the University. 

        How Do I Make Sure My Student Rental is Always Rented?

Landlords need to continuously update, upgrade, and add services to their student rental properties that create a great property, achieves top dollar rent from prospective student tenants, and attracts good tenants to avoid such things as damage in your UWO Western student rental property. Using arental service that specializes and student rental properties at Western University will also help you to achieve your goal. 

    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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