Lubbock, Texas, has been called the ‘healthcare hub’ of the South Plains region in Northwest Texas, and it's also known for its good education system. It's home to one of the leading technical colleges of the U.S., Texas Tech University, as well as several other reputable colleges. Although Lubbock is one of Texas’s largest cities, with a population of about 200,000 people, you could still call it a ‘college town!’ Lubbock is also a great place to live which is why more and more people move there each year. Housing is very affordable, too. The real estate opportunities combined with the university atmosphere creates a third opportunity: investing in student housing.
Why is investing in student housing in Lubbock, Texas, a good idea? You might actually be able to make a good amount of money being a landlord for college students. Many students are looking for something nicer than the student housing they are stuck with, and perhaps they're willing to pay just a little bit more for something better. Perhaps you have seen some poorly maintained dorms and apartments and think the students deserve something better. You may even have a college student of your own and are concerned about their well-being! Whatever your reason may be, there is a lot of potential to make some extra money doing this. You can even make it your full-time job.
A group of six or so college students might be looking for better options than on-campus housing and want to rent out an entire house off-campus for their senior year. If you own that property and charge a decent amount for rent from each student, think about it: You could make a good chunk of change and have a steady cash flow for at least nine months out of the year. One thing to think about of course is if the students are trustworthy or not and can get their rent to you on time. That is why, as all landlords do, you should get to know the students a little bit before letting them rent, and use your best judgment.
At big colleges or universities, many students will opt to live off-campus. Lubbock, Texas, is a perfect example of this because their biggest university has several thousand students. One expert says that you should make all of your decisions about investment based on how many places to sleep are owned by the university compared to however many students are enrolled. Therefore, there is a much greater demand from the students for your rentable property. Plus, if your child is attending that school, you have the added advantage of helping them out with their housing situation. However, investing in student housing is a good idea whether your son or daughter is a college student there or not.