Has your child been accepted into University of RI and are dreading the Dorm Life or are they already attending but they are so sick of living with strangers? I’m going to introduce you to the available living options in South County Rhode Island.
Yes, URI has many dorms. However, that gets old fast and we all know that older students would prefer to live with their friends off-campus, with more freedom and fewer rules. But know that URI does monitor these off site areas and if there are noise complaints , the students are dealt with through the school—that’s called the Orange Sticker Law. URI tries to be a “good neighbor” and they have cooperated with the South Kingston PD to keep the kids from doing damage, either to themselves or to others.
Why Rent when you can Own?
So, instead of finding a home where your child can rent with his friends, how about buying a property yourself? The positives of purchasing a home here is three-fold. One is to save you money which I will explain in more detail Another benefit is that you will be investing in real estate near the oceans of RI (which has tremendous value) and once your child graduates, you can use this home as a summer getaway for your family, as a summer rental which can bring in thousands per week depending on the number of bedrooms, and, from August to May, you can continue to rent it out to other URI undergrads, or even better, Graduate students. Obviously there will be some maintenance and deep cleaning involved between students, summer renters and academic years but that’s par for the course when dealing with any rental properties.
One of the most desirable communities for URI students due to its proximity to both the campus and other amenities are Bonnet Shores and Eastward Look in Narragansett although any neighborhood near Scarborough Beach would be attractive to renters. The next most desirable areas are in South Kingston and they are in the Green Hill and East Matunuck sections. All of these have equal proximity to the school and the beaches, of which there are many!
Fun Things to Do
These areas are also very close to Newport and Wakefield, each about 10 minutes away and loaded with shops and restaurants. These businesses draw in residents from hours away!
The Bottom Line: Numbers
Now let’s talk numbers. The average monthly cost for a dorm room is $2,325 per student, per month. The average cost of a single family, 3 bedroom home in South County is around $400,000. Monthly, the Principal/Interest/Taxes/Insurance would be $2,289. That’s based on estimated taxes of about $4500 and interest rates at 4% (which as of this publication, are at about 3.5%). Therefore, you could have 3 students living in the house, renting out 2 of the bedrooms at $1200 each, which is half of the cost to be ON campus, and YOUR child could live rent free.
So that’s a great deal of information to absorb in one sitting so feel free to watch the video as well, and of course contact me directly with any questions or a list of homes currently on the market, in these areas.