Real estate has always been a very lucrative business. However, housing prices have skyrocketed in recent years, but this doesn’t stop people from investing in real estate. Rental property is pretty popular these days. You need to find a good place where to buy a rental property that is not too expensive but in popular locations. NYC is one of the most famous cities in the world. However, median home prices are just too high and expensive for investing. For this reason, you should consider buying rental property in New Jersey. New Jersey has many benefits for buying a property, but the main ones are proximity to NYC and affordability. You can find really good property options and Ample Moving can move all your desired items there without a problem. Therefore, here are a few good places in New Jersey to invest in a rental property.
What are the best places in New Jersey to invest in a rental property?
When people think about a place where to buy a rental property, they usually focus their attention on big cities such as NYC. This is understandable but not very realistic as property prices in NYC are too high for many people. For this reason, when you are considering buying a rental property, you should pick a city based on several factors. Some of these factors are population growth, household incomes, and most importantly, the current prices of homes. Therefore, New Jersey is one of the states that fit these standards. You can also hire moving services NJ to relocate furniture and other items to your new rental property. New Jersey might not be the biggest state in the USA, but there are many good places to invest in rental property such as the following:
- North Bergen
- Asbury Park
- Jersey City
Why North Bergen is a good city to buy your rental property?
If you are looking for a great city near NYC and Manhattan, then North Bergen is the right choice for you. The city is located only 8 miles from NYC and Manhattan, so it’s a perfect place for young professionals who are working in NYC. Proximity to Manhattan is not the only benefit of buying rental property in North Bergen. The city is one of the safest places in New Jersey with crime rates 38% lower than the national average. So, you won’t have to worry about burglary and theft. The items that you moved with moving companies in North Bergen NJ will be safe. Affordability is another major benefit of living or buying a property in North Bergen. Based on all these facts, your future tenants could be young professionals, families with kids, and retirees.
Hoboken is a good city to buy a property
Hoboken was named one of the best cities in New Jersey for young professionals. Young professionals are the target demographics when it comes to renting the property. They usually don’t have families and a budget to buy their own property. For this reason, many young professionals choose to rent an apartment or home in the beginning. This is why you should buy a rental property in Hoboken as you will easily find tenants in no time. Hoboken is a relatively small city with around 60 000 residents. What makes Hoboken a great place for buying a rental property is its location. The city is located just 4,7 miles from NYC. For this reason, many young professionals or families are moving to Hoboken with Hoboken movers in recent years. Use this fact and buy a rental property in Hoboken while you still can.
One of the best places in New Jersey to invest in real estate is Asbury Park
Asbury Park has one huge advantage that none of the cities on this list have and that is a beach. Asbury Park was named the second-best beach in the U.S., so you certainly won’t have a problem finding tenants during summer. The city has only around 15 000 residents which makes it a nice place for gateways and holidays. Additionally, the city is going through a revival and it’s slowly becoming one of the best cities for young professionals. Therefore, you have a couple of good reasons to buy a rental property in Asbury Park. The first and the main one is the tourism potential of this city. It’s an ideal spot for short holidays and special occasions. Another good reason is the fact that many young professionals are moving here in recent years. So, you can have tenants for the whole year or rent your property for vacations.
Jersey City has a lot of good rental property options
This list can’t be completed without Jersey City. The city is located in Hudson Country and it’s the biggest and the county seat as well. Jersey City has around 300 000 and is the second-largest city in New Jersey. The city is often compared to NYC but with much more affordable living and housing costs. Additionally, Jersey City is located just over the Hudson River which makes it a perfect place for commuting to NYC and Manhattan. When it comes to investing in rental property, Jersey City is a great choice. The property prices are reasonable and most of the city’s residents rent their homes. There are predictions that the city’s economy will grow even more in the coming years as the population keeps growing every year. Also, job opportunities are more than good as one of the largest banking centers in the country is located in Jersey City.
How to choose where to buy a rental property?
As you can see, there are many good places in New Jersey to invest in a rental property. The decision won’t be easy as there are very good contenders. However, you should take into consideration your budget, what you are looking for, real estate trends, populations, etc. Investing in rental property is always a smart decision. Now, you only need to find the location and the right property.