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Rochester NY is a truly year-round destination, with a vibrant arts scene, amazing gastronomic sights and brilliant cultural attractions – including theme parks, gardens and spellbinding architecture. People visit from all over the country whether for shopping, vacations or to see friends and family. One thing they all have in common, though, is they leave having fallen in love with the place! For these reasons, and so many more, Rochester is fast becoming a hot-spot for property investment. With great amenities, lovely neighbourhoods and a booming cultural and economic scene, there has never been a better time to invest. Standard of Living The standard of living enjoyed in Rochester is perhaps among the best reasons to consider it for property investment. The rental market here is driven by a desire to be close to things such as great educational institutions, job opportunities and cultural and leisure activities that appeal to a wide range of demographics. As an owner, you can be sure that your property will always have tenants in a place where life is so good. Local Highlights One of the cultural gems of New York State, Rochester is home to the city ballet, brilliant museums and galleries, and places to learn. The oldest photography museum in the world is located here, as well as the great RMSC Science Center – both of which are well worth a visit. Property investment here benefits from proximity to these brilliant sights. Affordability One of the reasons that renters flock to Rochester (making it an ideal spot for property investment) is the affordability of the place, particularly compared with other parts of NY State. The median home price here is $246k, making it great for those looking to invest; the rental prices keep things competitive. In terms of the average income in Rochester, renters and homeowners alike enjoy the favourable ratio between salaries and outgoings. Potential Returns With the cost of buying a home here so low, the potential return on investment is sizable. With average rental income of $900-1000 a month, there is plenty of money to be made on what amounts to a relatively modest initial expenditure. This is especially interesting when compared with large metro areas nearby, and other parts of NY State. Both Boston and NYC experienced large decreases in the cost of rent recently, and a similar situation was experienced in Buffalo. On the other hand, Rochester saw a 4% increase on rental prices compared to the year before. Consider Rochester Property investment is never something that should be taken lightly, so it’s important to know the facts and figures about a location before making a final decision. As this article has shown, Rochester is home to some extremely favourable economic conditions, as well as culture and local character, which makes purchasing a home here something to seriously consider. Author Plate Danny Torres is from Torres Turn Key, a property management company in Rochester NY with more than ten years’ experience dealing with both domestic and international clients for property investment. Providing a holistic service for both commercial and residential properties, the company brings together a host of experience and specialist knowledge to build long-term relationships and create maximum value and benefit for their customers.
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