how is the student housing market in urbana-champaign (real estate, renters)

[eyoeyo]

I am looking to buy a 2 bed condo in Urbana,IL close to University of Illinois at Urbana-Champaign; how is the student housing market and please will it be easy to rent to students? how is the supply and demand situation?

[madpaddy]

The University seems to be ever-growing, creating a continuous strong demand for housing. That said, student housing can be a brutal business. The turn-over rate is high so you'll likely incur the expense and hassle of reconditioning and marketing the unit almost every year. Damages beyond the security deposit are common. It's more difficult to screen student renters since they often have minimal or no previous rental history references to draw on, and are unlikely to have a substantial credit history to use in evaluating their potential financial responsibility. A few local Goliath property management companies with vast holdings of available units set the defacto standards for rental rates.

You seem to be posing the question as someone unfamiliar with the area. Are you planning to move to the area yourself? I would strongly advise against being an absentee landlord in a student housings situation.

[amylewis]

Well, Urbana should be a safe place, they have a law on the books making it illegal for any monster to enter the city limits. Perhaps that had been a problem there in the past.

[CSD610]

Originally Posted by eyoeyo

I am looking to buy a 2 bed condo in Urbana,IL close to University of Illinois at Urbana-Champaign; how is the student housing market and please will it be easy to rent to students? how is the supply and demand situation?

Do some research online at the many real estate websites.

By the way, it is "Champaign - Urbana" which really are two different cities. I think it is an obscure law that you have to always use the proper position for the city names before you can purchase a home there.