Are you considering investing in Rhode Island real estate? Provided that you have selected an appropriate rental property, you can be assured of stable passive income, and enjoy several tax advantages, and there is also the issue of appreciation to take into account.
Rhode Island has several advantages that would attract a potential investor compared to other locations in the region. In this article, the professional and experienced team from Lyon Property Management outlines the various reasons for investing in the state.
The rolling landscape and the miles of thick forests will make anyone fall in love with the State. As an investor, you won’t have a hard finding a renter who wants to extend their stay in your rentals.
In addition to the rolling landscape, there the never-ending beaches and shorelines. Should the residents or visitors get tired of the beach, they can choose to visit the stunning lakes and streams or go for a hike. These natural attractions serve as the locals’ favorite past-time recreational areas.
Potential tenants are always looking for an area with quality education. Rhode Island’s public education system is highly regarded. Residents acknowledge this and can attest to the good foundation that the public system has set for younger generations. Rhode Island has several well-regarded universities including the University of Rhode Island, Franklin University, Brown University Johnson & Wales University, and Bryant University.
A prudent and adventurous investor can choose to diversify their portfolio by investing in student accommodation. At any time, thousands of students want to stay close to the university and would be looking for housing nearby. This can be the niche that you have always been looking for. You can also look at more long-term investments for those looking to establish roots in the community.
Rhode Island’s small size offers you easier and quicker access to all its beauty, charm, and ambiance. You can enjoy a hike on the Western border in the morning and a picnic in the early afternoon. The roads and transport system are also well done and affordable. You can more easily move around the state, something many renters enjoy. If you have a rental property near transportation hubs this could make it more appealing to tenants.
Residents can live close to the cities and towns, enjoying the pace and lifestyle that the urban areas offer. Providence is the main urban area in Rhode Island. It has a rich history, with its old architectural designs and several cultural attractions. Its entertainment sector has been thriving for decades and should continue doing so.
Should you choose a more relaxed option, there are neighborhoods with that rural/ small-town feel ambiance. Coastal living is also another viable option. For coastal property investment, you can consider the towns of Newport, Charleston, Little Compton, and Jamestown.
The diversity of Rhode Island properties allows for investors, with different budget restraints to come into the market. You don’t have to break the bank to invest in the state.
Proximity to Amenities
There are so many local amenities residents can enjoy. This can consequently make it easier to market your properties to prospective tenants. What’s more, Boston and New York City are just a short trip away allowing residents access to a perfect for a weekend getaway.
Should you be in a hurry, you have the option of flying thanks to the Rhode Island T.F. Green International Airport. It offers both short and long-distance flights. The train is also a preferred option by residents. You can move easily to Boston, Baltimore, Philadelphia, and New York via rail. This easy access to local amenities and nearby tourist locations makes Rhode Island a great option for real estate investors.
As you can figure out by now, the state is a popular vacation option for tourists, both local and international. It’s during the summer that Rhode Island enjoys the highest number of visitors. They come to take in the natural beauty in the area in its various forms. Many locals also opt to vacation within the state during this time.
As a rental property owner, you can choose to capitalize on the high number of tourists. There are several short-term rental applications such as Booking.com, Airbnb, or Expedia that you can use to market your property to your potential tenants.
If you’re looking at properties in high-traffic areas with plenty of local attractions and activities then short-term rentals may be a great investment. Just make sure to assess your short and long-term goals as study tourism rates in your desired regions.
Demand for Property
As a potential real estate investor, you need to determine if there is a good demand for your rental property before investing. It is advised to invest in a location where the rental demand is on an upward trend and where there are plans for future development that could increase property values. Rhode Island has this kind of demand within its rental and real estate market. The demand for rental property is steadily ahead of the supply of units in the area.
That said, demand can vary, so it’s best to determine your investment goals and seek top-ranked neighborhoods that will match them.
With its charming lifestyle, diverse investment options, quality education options, and ideal location, Rhode Island ticks all the boxes for most real estate investors. Investment in the local real estate here promises all the advantages that come with rental property ownership and leasing.
Property investment involves the selection of the asset and its management over time. Real estate is somewhat different from other assets and you might need an experienced and reliable partner to help you. If you have decided on Rhode Island, the ideal partner for you is Lyon Property Management. Our company has years of experience and can help you with your property investment goals. Get in touch with us today to learn more!