Back to school: Investing in student housing in Binghamton, NY

Binghamton, NY, is home to Binghamton University, the number-one ranked public university in New York. BU has almost 17,000 students, approximately half of whom live off campus. 

In the summer of 2022, Binghamton outlawed student housing in the city’s single-family and two-family residential zones, which includes the West Side – the neighborhood most popular among students. While it’s a big change, there are still ways to legally accommodate students in the area and nearby.

Investing in student housing is attractive for a number of reasons: 

– Your tenant population is very stable and has to return to school every year. Many students stay in the same apartment or house for all 3 years of undergrad, during which they are allowed to live off-campus.

– Students are, in most cases, supported by their families, who can serve as guarantors.

– They have no incentive to stay in a house once their studies are over. 

– Many come from areas of NY state with higher income and can afford to pay a lot more than the local population.

– Local real estate prices are low in comparison to other state school locations in NYC or on Long Island, for instance.

One can start making an all-cash investment at about $200,000 and can expect to get about a 10 percent return without even relying on financing. The properties are professionally managed.

For more details, please get in touch with us at anya@verusnyc.com.