Another thing to consider when looking into Provo investments, is whether you want to rent to single students or to married couples. There are advantages to both.
Let me explain…
Married couples are nice because they usually stick around through the spring/summer, which is when most of the single Cougars head home.
Couples usually rent the older homes and duplexes below campus because they don’t have to live in BYU approved housing, and because most of the older places are hard to get approved. (See. BYU approved properties).
The other nice thing about couples is that they generally take a little better care of your investment.
Investment note: A two bed one bath apartment near campus generally rents to couples for around $600-$650 a month. Three bedroom units rent from $700-$800 depending on location and size.
Singles are nice, because although they usually take a break spring/summer, they generally pay more during the eight fall/winter months than the couples do. There seems to be a shift to year round contracts right now, making it the student’s responsibility to find a replacement if he/she decides to head home for the summer.
Singles must live in BYU approved properties. Most live in apartments or condos near campus. Singles also seem to be a little harder on things than married folks.
Investment note: BYU approved condos near campus have appreciated very nicely in the past. It seems the closer the condo is to BYU, the easier it is to rent. Single rooms vary in income from $260-$450 for a private room, to $230-$260 for a shared room fall/winter, depending on the project and its proximity to campus. Rents drop around $100 per student Spring/Summer.