The first question that is on your mind is probably “Why Boston?” We don’t think the answer to that question can be answered in such a short blog post. There are many reasons that make Boston a solid option for real estate investors.
Let’s first talk about what landlords are concerned about: the rental prices. From our experience and research into the housing market, Boston ranks highly in terms of rental prices. And from the looks of the market, this is bound to increase over the years. Landlords are guaranteed to enjoy good returns from their real estate investment.
Another positive element of Boston is its strong and vibrant job market and economy. The average salary in Boston is higher than the national average and unemployment is down to single digits. The economy is also quite diversified with healthcare, tech, finance, hospitality, and tourism being some of the notable sectors.
Furthermore, Boston hosts over a quarter a million students on an annual basis. Investors can choose to invest in student accommodation/ housing. Upon graduation, most of these students choose to start grinding or looking for employment in the city. This bodes well for the future of the city because of the youthful demographic.
With nearly two decades of experience offering investment advice and property management services, Boston Green Property Management offers several options for prospective investors. Their experience has proven crucial for hundreds of investors in the past and the same could be said as they offer the following tips.
Best Neighborhoods in Boston, Massachusetts
Dorchester is one of the largest neighborhoods in Boston and also the most diverse in terms of culture. One can experience this by the wide range of establishments, cafes, and eateries in the area.
Housing units in this area are snapped up pretty quickly due to the neighborhood’s close proximity to the downtown area. Residents also have several and reliable transportation options if they choose to leave the car at home.
When people think of East Boston, the image that comes to mind is the busy Logan International Airport. And while the location offers you some convenience in that regard, the neighborhood offers you more than just that.
East Boston boasts of some of the iconic and stunning views of the views. The neighborhood is peppered with waterfront apartment complexes. Investors should take note that they will be expected slightly more to acquire property in East Boston than the other recommended options. The extra dollars will however be offset by lower vacancy rates and tenants willing to pay a little extra for a unique experience.
Some of the older locals of Roslindale still refer to the neighborhood as the ‘garden suburb.’ A walk or drive through the area will confirm that the nickname is still relevant till now. The area is known for its cool, soothing atmosphere and tranquility. It is common to see residents out on a walk with the dog or with the kids on the weekends.
The local authorities and community associations have gone to great lengths to maintain the slow to moderate pace of life in Roslindale. It is impossible to find entertainment spots and establishments here. If you are an investor who is looking for a neighborhood close to the city but without the big city rush, there is no better pick than Roslindale.
Earlier, we mentioned the continuous stream of University students who make Boston a youthful and vibrant city. Cambridge is their operating base. For centuries, Cambridge has been known as a college town. Students from MIT and Harvard are the tenants you should expect once you rent our property in the area.
To meet the needs of the target audience, the neighborhood has plenty of entertainment options from dive bars to cuisine restaurants to pubs. And while each has its own feel, there is a provoking and rebellious atmosphere that is common in all.
Don’t be thrown off from investing in East Cambridge. There are plenty of tenants willing to pay that extra dollar for a well-furnished and maintained property.
Back Bay has that traditional Victorian brownstone house architecture often considered synonymous with Boston. In terms of appeal and aesthetics, there are few neighborhoods that can match up. The entire district is well organized with tree-lined avenues and its fair share of amenities and services.
The neighborhood is also an entertainment and shopping destination. Some of the notable mentions include Copley Place, Newbury Street, East Boston, and Prudential Center Malls.
The Bottom Line
Investment in real estate should be the result of research and consideration of an ideal and growing market. The Boston real estate market is such an option. The population is growing, the economy is outperforming several bigger cities in the country, and the rental market promises higher than normal returns on investments.
If you have made up your mind about investing in Boston, we recommend you look into the following neighborhoods: Dorchester, Roslindale, East Boston, Back Bay, and East Cambridge.
Considering the resources you will sink to acquire a rental property in Boston, you need to work with an experienced and reputable company. You also need to invest in a neighborhood that matches your financial goals, tastes, and preferences. Trust in the company known for its attention to detail, quality service, and professionalism in the greater Boston area.
With Boston Green Property Management, you can enjoy peace of mind knowing your property is in the safest hands in the city. Contact us today!