Why is Boston Such a Hot Market For Investing In Real Estate?
In general, housing is hot across the country. If you’re in just about any major city, housing prices just keep rising as more and more people want to live in the same area. In some places, newly constructed housing can’t keep up with demand, which means that people are paying more and more for existing houses. The same goes with apartments, with rents climbing even as there aren’t enough apartments to house everyone.
Is this a good thing or a bad thing? If you’re renting, you’ll probably view it as a bad thing. But if you own property with the idea of selling it someday, it’s definitely something you want to see. And while people have been saying “this has to be the highest prices will ever go” for decades, those same people are kicking themselves for not buying when they had the chance.
So, why is our real estate market so hot, and why are so many people investing in real estate in Boston? Let’s find out.
Supply Is Low
People keep moving to Boston, and we can’t blame them…I love it here, too! But as more and more people need housing, supply can’t keep up with demand. That means prices rise, which makes an investment property here a good idea before prices get any higher. It also means that more people will be interested in renting your property. It’s that simple.
Renting Is Commonplace
With a low supply of homes and high demand, the price of houses keeps getting higher. That means that even people who are making good money and currently renting might not be able to afford to buy a house. So instead of buying a house, they keep renting. They won’t buy a house now, so they’ll either a) move to a cheaper apartment and save up their money to eventually buy a house, or b) move to a more expensive apartment (or rent a house) to get some of the house-like luxuries and abandon the idea of buying a home in Boston.
If you invest in real estate in Boston, that’s good news for you. Whether you have purchased a single-family home to rent out or have purchased an apartment for sale in Boston, you’ll be able to rent to those people who have decided that continued renting is in their best interest.
The Colleges Will Always Draw People
Boston is the nation’s college capital, and we doubt that’s ever going to change. How can this fact help your Boston real estate investment?
First, there will always be a constant influx of students, which means that there will always be someone interested in renting your real estate investment. Second, any student who comes to Boston for school and decides to live here after graduation will also need a place to live, which means continued renters for you and an increase in property values for when you sell your investment property.
Ready To Invest In Boston Real Estate?
I’d love to help you find your first home or invest in Boston real estate while it’s still affordable. Contact me today to learn more!