State: New York
According to a recent Realtor report, the Rochester real estate market is the ninth hottest market in the country! That’s right. Rochester is an affordable market with high demand and low inventory. It’s created a lot of competition driving home values up and keeping real estate agents busy. Most homes sell in just ten days, often above the listing price.
Rochester’s affordability offers real estate investors an opportunity to enter New York’s robust market. They should act quickly before the city’s demand drives home values up, pricing many buyers out.
Rochester is between Buffalo and Syracuse in the Finger Lakes region of New York. It’s considered one of the best places to live for families because of its low cost of living, excellent school district, and low unemployment rate.
There are over 1,770 Rochester properties listed for sale on the RE/MAX Realty Group website. Real estate investors can find nearly every property type in Rochester’s homes for sale. However, as a family-friendly city, most property listings are single- and multi-family homes.
The Rochester area is home to some of the best suburbs for real estate investors to consider. They include Batavia, Pittsford, and Seneca Falls.
Rochester, NY, is an affordable housing market with strong demand for rental properties.
According to Realtor, the median listing price in Rochester is $111 per square foot with a median sale price of $159,900. Zillow’s Home Value Index reports a 13.9% change since last year. The median rent in Rochester is $1,150 per month.
The Rochester metropolitan area is home to over 1 million residents, which helps fuel the city’s strong rental market. Rochester has a renter occupancy rate of 52%. The city has a vacancy rate of 7.6%. What’s more, Mashvisor estimates a price-to-rent ratio of 14 in Rochester. That’s not a bad return on investment.
Combine the affordability of Rochester homes with the city’s strong rental market, and you have the makings of an excellent real estate investment. A Rochester rental property has the potential to yield significant returns for real estate investors and property management companies.
Rochester is the seat of Monroe County, New York, and the fourth most populous city in the state after New York City, Buffalo, and Yonkers.
Rochester’s primary industries are manufacturing, technology, healthcare, and education. The largest employers are the University of Rochester, Rochester Regional Health, Rochester Institute of Technology, Xerox Corporation, Bausch & Lomb, Inc., and Delphi Automotive Systems. The Rochester area is also the headquarters of Eastman Kodak. These employers provide well-paying jobs that contribute to Rochester’s high quality of living while fueling the city’s economy. In fact, the unemployment rate is just 3.8%.
The Rochester real estate market offers homebuyers and real estate investors affordability, demand, and a stable economy. They combine to create a tremendous investment opportunity.
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