Fall and the back-to-school season is often characterized by parents and students getting last-minute school supplies, books and, for college-bound students, all the dorm necessities. However, this year, parents with college-age students may consider a different kind of bac- to-school purchase – a rental property.

The University of Chicago isn't only attracting students to our city.

Move, Inc. released a list of 10 college towns that might just make the grade. College towns were selected based on the leading universities featured in the US News Rankings and Reviews list of best colleges in 2011.

In the next two years, real estate investors – including some parents of students attending colleges within these college town markets – are expected to outnumber traditional homebuyers in these local markets by three to one. In addition, 56.5 percent plan to take advantage of the college towns and use their investments as rental properties, according to a national survey conducted by Move, Inc.

“Local markets with universities or colleges can be an attractive option for many local real estate investors,” said Move, Inc., Chief Executive Officer Steve Berkowitz. “Housing demand in college towns is generally high and vacancy rates are usually low. Combine the supply and demand ratio with rising admissions and the five percent rise in rental rates expected by the end of the year,(2) and rental property in college towns can be a smart option for the right investor.”