More and more people are choosing to supplement their income, or even start new entrepreneurial businesses, through investment in the housing market. Investing in the rental sector is great whether you already own a second home or it’s something that you’re interested in. But those looking to enter this competitive area should be sure that they are backed up by experts in the field of property management. In Rochester NY you’ll find a housing market that is booming and perfect for a wide variety of investors.
It’s renowned for being among the most liveable cities in the country, and tenants will be drawn here for its strong economics, active cultural scene and its relaxed approach to lifestyle. Property management in Rochester NY is a smart move because the area has seen such positive attention lately that you’re more likely to get interest and, therefore, a return on your investment. Here are some of the things that make it such a great spot for investors:
Cost of Living
Something that continues to drive interest in property management in Rochester NY is the cost of living in this remarkable city. Considering its location in New York State, the cost of living here is only marginally higher than the average for the country as a whole. What this means in practice is that if you choose to invest here, you’ll likely continue to see a stream of potential tenants who want to make the city their home.
Affordability ranks pretty highly on everybody’s priority list right now, and Rochester is great in terms of healthcare, transport and groceries. Because of this, investors are sure to find new tenants whenever they need them as people move here from other parts of the country.
Although people flock here in their thousands because of the affordability that the city provides, those people obviously need work to sustain their new lives. Thankfully, the job market here provides plenty of opportunities for career advancement. This is good when considering property management in Rochester NY, because it’s so great for tenants. A lively job market means that the city becomes a more attractive option for workers. Between 2021 and 2022 the city saw over 4% growth when it came to new job vacancies. This is higher than both the average for the whole US and New York State itself.
Having ample opportunity is not only good for investors because it ensures a steady stream of potential tenants. When the opportunities are this good it means that the economic power of those tenants is higher, meaning that they are more likely to be professionals in good, secure positions who are unlikely to have any problems affording rent. With Forbes ranking the city in its top 100 for business, you’re likely to see more wealthy individuals move here looking for accommodation.
The city of Rochester is home to some of the very best culture that the country has to offer. Although it shares a state with NYC, it is not overshadowed because it provides a wealth of activities for people in a very different and much less chaotic environment! Property management in Rochester NY is actually made easier by the fact that your tenants will never be bored or unhappy with the events and attractions that take place in close proximity to them. In fact, having a company like ours involved in your investment can make a big difference: as we are locals ourselves, we know the best areas of the city to attract different types of tenants who might have different interests.
Music aficionados will be right at home in the city, with its annual jazz festival an event that draws people in from all over the country. There are also great theatre and concert venues that have fantastic performances every week. While you might think that as a prospective landlord it doesn’t matter to you, it does – because you can use your property’s proximity to cultural and artistic heritage as a major selling point.
You may prefer an investment that edges closer to the outdoor activities that the city has to offer. It isn’t just nightlife and artistic performances that makes it such an attractive place to tenants, as lovers of the great outdoors will also want to live and work in a city like this. There are hundreds of miles of hiking/cycling trails, thousands of acres of parkland and adventure activities that take place in every month of the year.
These cultural activities are enough to make any potential investor see the benefits of property management in Rochester NY, but there are a whole lot more than even this – from shopping to historical heritage, there really is something for everyone. Not only will this keep tenants happy and content while living in your investment, it’s likely to continue the drive of people moving here, ensuring more security for your investment as time goes on.
Professional Property Management
While some people attempt to overburden themselves with the tasks associated with a property investment, in Rochester NY investors are lucky enough to have access to Torres Turn Key. Our expert property managers will be able to ensure that the harder and more stressful aspects of the process are taken care of for you, allowing you to focus on building your investment portfolio and enjoying the fruits of your success. Our team knows the area very well, so we can advise on aspects of the city that you or other companies may not be aware of. This local knowledge can be truly crucial to the success of an investment.
This city is truly a gem in the crown of America, but as more people discover just how great it is to invest in property out here the market will become more competitive. As experts in the property market, our approach is to put in the effort for our clients so that they and the tenant get the best experience possible – so if you’re thinking of buying an investment property to rent out, why not get in touch with us?