Right now there are few places anywhere in the States as sought after by investors as Rochester, NY. If you’re looking for a rental investment property – whether it be your first foray into the market, or whether you’re a seasoned pro with a huge portfolio – then Rochester has likely been on your radar for a while. However, for those not from the area it can be daunting to know the best places to invest in, and other key pieces of local knowledge.
Our role is to ensure our clients are as clued-up as they can be about their rental investment. Property is a lucrative market, but can be risky, so having us give you the inside track can really be beneficial. In this article we’re going to look at some key pieces of local knowledge that can help you make your decision about investing, including some of the best neighborhoods anywhere in the state.
The Neighborhood of the Arts is a fantastic spot for those looking to take on their first rental investment. Property here benefits from wonderful creative and cultural attractions that will keep tenants happy and plentiful. It’s perennially popular with young couples as well as families and there is a great mixture of property types, so whatever your budget there will be a house, apartment or loft to suit.
A great spot that consistently features highly on lists of best local neighborhoods, Park Avenue has fantastic schools and a wide variety of building styles – from historic to modern. It’s a great place to walk around and explore, meaning that tenants who enjoy lively and vibrant places (of which there is no shortage) are likely to be eager to move in.
The median home value is the third highest in the city, meaning that rental incomes can be commensurately higher, as the income of the area is similarly high. Another bonus is that the delightful houses here are very picturesque when it snows.
Cobbs Hill is a great place to start your rental investment property portfolio as it is frequently voted the very best place in all of Rochester to live. Not only does it boast amazing schools but it has an extremely low crime rate and great opportunities in terms of work. Around a third of residents here have children, so it’s a top destination for tenants with families. If the reliability of families is what you’re looking for with your investment, then Cobbs Hill might be for you.
The median income here is a fantastic $83k, so your tenants are likely to be affluent and very reliable when it comes to rental payments.
The unusually named Swillburg is a great place for entrants to the rental investment property market, as the home values are a lot lower than the three mentioned above (around $99k as an average). But what the price doesn’t reflect is the fact that there are still fantastic amenities, low crime, great schools and a bustling restaurant scene. Because of the slightly lower prices it’ll be a great place to invest, as tenants will reliably seek out Swillburg for its atmosphere and convenience.
This is a personal favourite of our very well travelled staff at Torres Turn Key. One of the main reasons for that is the fantastic mixture of urban and suburban that gives Southwedge an almost Brooklyn-like feel as you wander its streets. There are few places to live in Rochester as fun and lively as Southwedge, which makes it a good choice for investors who are looking for something with a burgeoning reputation. Plenty of busy streets will make showing your property off to potential tenants very easy indeed.
Tip: The La Casa restaurant is a particular favourite if you’re looking for authentic Mexican food and brilliant cocktails.
For those looking for a more calm and picturesque part of Rochester to start their rental investment property journey, Pearl-Meigs-Monroe is a good place to think about. Although the wonderful gardens of this district might make it seem sleepy (and it is very peaceful to walk through), it’s actually the number one spot for young professionals in the whole city. With plenty to do, good local amenities and a vibrant commercial district, the tenants who live here are unlikely to want to relocate any time soon.
For a suburban atmosphere, Highland Park is a perfect choice. The original designers of the area included one of the architects that worked on Central Park, in New York City. It’s a close community, full of people who stay here for years, so any investors who opt for Highland Park are likely to find themselves some very long-term tenants. There are also a lot of professionals moving here and, with their arrival, rental increases are certainly possible in the near future. That’s very good news for those with Highland Park on their list of potential investment sites.
How We Can Help
The knowledge you’ve now gained from reading this article is only the first step towards a successful engagement with the rental investment property market in Rochester. Our experts at Torres Turn Key can ensure that you know all there is to know about your chosen neighborhood – statistics and local anecdotal stories included – that will make sure your decision is a well informed and soon-to-be successful one! If you get in touch today one of our trained professionals will show you why we’ve got such a great reputation in the local area and will get you on your way to investing success!