Are you looking to invest in Boston, Massachusetts real estate? Real estate investments are often touted to be a very lucrative income source.
However, it’s worth considering that real estate markets can be unpredictable. This highlights the importance of intensive research. As an investor, you need to survey the market and pinpoint regions that exhibit strong economic growth, high employment, excellent quality of life, and a steady rental market. Boston excels in all these areas making it a prime choice for investors.
This article will list the reasons property investors should consider before purchasing a property in Boston, Massachusetts.
Why Invest in Boston, Massachusetts Rental Properties
Strong Local Economy
Boston is known for having a robust economy. The region has several industries such as education, tech, finance, and medicine that help support and grow the local economy.
What’s more, unemployment rates are also low and the average salary is higher compared to other states, providing residents with plenty of disposable income. In fact, Boston secured the top spot for the job market in the country.
In terms of property value, Boston has always enjoyed a steady rise in value given its solid economic growth. The wonderful mix of industries helps keep Boston’s economy steady even during uncertain economic times.
As a city with a wealth of history, Boston’s well-preserved heritage sites make it irresistible to tourists. This further strengthens the economy of this city. The must-visit attractions are also easily walkable, enticing visitors to explore this impressive area.
Some of the highly-visited tourist spots in Boston are the following:
- The Freedom Trail
- Boston Common and Public Garden
- Museum of Fine Arts
- Isabella Stewart Gardner Museum
- Fenway Park
- New England Aquarium
- USS Constitution Museum
- Boston Tea Party Ships and Museum
- Beacon Hill
As a real estate investor, leaning into short-term rentals can ensure quick ROI. The reason is that tourists will be looking for rental spaces to accommodate them during their trips to Boston. You can take advantage of the popularity of vacation rental sites like Airbnb to market your rentals.
Hot Real Estate Market
Making the top 10 best cities list for real estate investment, Boston retains its appeal to property investors. The property prices may be higher compared to other cities but its property value and appreciation are what makes it so enticing.
Strong Rental Demand
The Greater Boston Metro Area is occupied with 80% of the state’s population. A lot of people will need to rent given the high price of homeownership. Therefore the higher housing prices and large population means there’s a strong demand for rental housing.
You can convert your property into rentals suitable for families, professionals, and university students depending on the location. Rental vacancies tend to be low in Boston given the attractive job market the city boasts.
Professionals working in finance corporations, medical hospitals, universities, and technology companies are demographics that are available to be served. With many people coming to the area for work and leisure rental demands remain high.
Good Local Education
Families and students are also a good niche to target as renters given that Boston has easy access to quality education with its myriad of schools and universities. Many families are drawn to the area because of the level of schooling their children will have access to at any age.
Some of the best schools in Boston are the following:
- Primary and secondary schools – Boston Latin Academy, John D. O’Bryant School of Math & Science, and Boston Latin School.
- Universities – Harvard University, Massachusetts Institute of Technology, Tufts University, Boston College, and the University of Massachusetts Boston.
- Conservatories/ Art Schools – Lesley University College of Art and Design, Massachusetts College of Art, School of the Museum of Fine Arts, Berklee College of Music, and Boston Conservatory.
Plenty of Local Attractions
Boston is an interesting city that renters are drawn to given the wide variety of entertainment options. People are inspired to visit Boston frequently or stay here for the quality of life that’s easily available here. Whether you’re looking for arts and culture events or want to enjoy the great outdoors, there’s something for everything.
Here are just a few of the things that residents and visitors can do in Boston:
- Go on a museum tour – Museum of Science, Boston Children’s Museum, and Harvard Museum of Natural History.
- Admire public art displays – Underground at Ink Block, The Rose Fitzgerald Kennedy Greenway, and HarborArts.
- Stop in at fantastic craft breweries – Samuel Adams Boston Brewery, Harpoon Brewery, Distraction Brewing Co., Democracy Brewing, and Turtle Swamp Brewing.
- Explore the local parks and botanical gardens – Franklin Park, Arnold Arboretum, Public Garden, Christopher Columbus Park, Boston Harbor Islands, Harborwalk, and Copley Square.
The Bottom Line: Why Make a Boston Real Estate Investment
Boston is a remarkable city that has something for everyone. Its economy is steady and beautiful attractions are a magnet for tourists. Moreover, wonderful schools are easily accessible making it a draw for families and students alike.
Real estate investors can maximize their ROI by investing in this city given the high appreciation rate and the outstanding value that Boston properties provide. Rental demand is expected to continue to thrive with the strong mix of good schools, tourist spots, and high employment numbers.
First-time investors should consider getting in touch with professional property managers as managing a rental business can be more work than one might expect. Under the guidance of an industry professional, mistakes are avoided and the property purchase process is smoother.
The team at Boston Green Property Management has the skills and knowledge necessary to protect and grow your real estate investments! Contact us today to learn more about our services!