Whether you’re a novice property investor or a veteran, you’ll find plenty of rental property investment opportunities in Massachusetts. Below are five communities with healthy housing and rental markets.
Rich in American history as well as home values, Quincy is another Boston suburb with a booming housing market. Presidents John Adams and John Quincy Adams were born there, resulting in the nickname “City of Presidents.” In July 2021, the average home sale price rose to $570,000 — an increase of 7.8 percent over the previous year. Houses are on the market for an average of 20 days.
The average rent for a two-bedroom apartment rose 2 percent to $2,000, while the average four-bedroom jumped a whopping 37 percent to $4,450. This is a market worthy of a property investor’s attention!
Lynn is another city that enjoys job growth and high demand for homes. The city’s rapidly developing economy includes companies such as Walsh Oil and Bent Water Brewing Company. The average home sale price jumped 19.8 percent to $385,000 from 2020 to 2021. Homes average 20 days on the market as of August 2021. Similarly, the average rent for a one-bedroom apartment rose 18 percent to $1775. The average two-bedroom rent rose 8 percent to $2,000.
Located 40 miles west of Boston, Worcester enjoys a robust housing and rental market. Locals call the city “the heart of Massachusetts,” and the investment picture will surely capture your heart as well. In July 2021, Worcester’s home prices had increased 30.3 percent, with a median sale price of $367,500. Properties spent an average of 19 days on the market. You won’t have to wait long to benefit from the average $1,505 rent per two-bedroom.
For investment property opportunities, you’ll want to check out the city of Taunton. Located 40 miles south of Boston, Taunton boasts a healthy investment climate. According to TurboTenant, the city boasts a 0.6 percent population growth and 1.1 percent employment growth as of 2019. Home prices have risen 25.6 percent in 2021, with a median sale price of $418,000. And those properties sell fast, with an average of 20 days on the market.
Although the average rent for a 1-bedroom apartment has flattened, Taunton continues to have a healthy market. Rent for a two-bedroom apartment rose by 5 percent to $1,600 between July and August 2021.
A suburb of Boston, Newton has all the ingredients for a robust rental market. As of 2019, its population was 89,000, and people continue to move to this city to take advantage of its job growth. As people move to Newton, the city’s demand for houses and apartments continues to increase. The median home value is $1,390,000 and rising. From July to August 2021, the median two-bedroom apartment rent increased by 1 percent to $2,525.
General Contracting for Rental Properties
Once you’ve found the ideal rental property, you may want to do some remodeling. RH Blanchard will put its 10-plus years of general contracting experience to work for you. Contact us when you’re ready for a free consultation.