Philadelphia is a popular location for real estate investments, but it is crowded, densely populated, and congested with traffic—and the same can be said for the suburbs immediately surrounding the city. While some thrive in such a fast-paced, jam-packed environment, others are ready to stretch their legs and head into some new areas that are less populated and ready for a modern development in a Philadelphia suburb.
Delaware County: The Perfect Package
For real estate investors, Delaware County has it all: from large apartment buildings and complexes to condos, townhomes, and detached homes, there is something for every level of investor. Delaware County is located along Interstate 95 and for a long time known as a blue-collar demographic. In the past twenty years or so, this blue-collar demographic remains but has drastically seen an influx of large single-family detached home communities to support a white collar demographic throughout townships in the county.
One suburban area that is starting to see tremendous population growth is Garnet Valley. Located just ten minutes from I-95, about 40 minutes into the heart of Philadelphia, and a quick 25 minutes to Wilmington, Delaware, Garnet Valley is becoming a hot real estate market from its location alone. While it may be farther from Philadelphia in terms of mileage when compared to areas in Bucks County or Montgomery County, the lack of overpopulation means that highways are not jammed, and commute times are much shorter as a result.
Another draw that Garnet Valley has is the fact that the developments are so new. People are clamoring to get into this area, and new developments are working hard to keep up. For investors, it’s easier to get into new construction, and it’s a reasonably current and modern investment. This means that rather than having to struggle with the costs of upkeep and updating old structures and the complicated rules for historical buildings, everything will be new and up to code. A fresh start with modern fixtures, layouts, and features that today’s renters are looking for is a great way to get a new investment off to a profitable start.
For individuals and families considering Garnet Valley, the appeal is undeniable. The schools are top-notch, crime is virtually non-existent (especially when compared to the rest of the Philadelphia metro area), and the continuously-developing shopping, dining, and entertainment options are plentiful, so there’s always something to do without having to make the drive into the city. Plus, the small-town feel is appealing, especially after a long week of hectic work.
The average rent for a four-bedroom home ranges between $3000 and $3750, whether the building is a townhome or detached home. The income potential is agreeable in comparison to other developing areas, yet the cost to renters is more reasonable than other suburban townships in the Philadelphia metropolitan area. In other words, a win for everyone financially.
Garnet Valley: The Time is Now
For smart real estate investors, the time to jump into Garnet Valley is now. There are still plenty of undeveloped areas and room to grow, but once those areas have been filled in, the cost to develop in Garnet Valley will increase, and the development boom is likely to move further into Delaware County—and farther from the employment hubs of Philadelphia and Wilmington. For smart investors who get a footprint in Garnet Valley now, the payoff will be significant in the long run.
For excited investors who may not be familiar with the Garnet Valley area, working with a full-service property management company that’s experienced working in Delaware County is a smart move. Bay Property Management Group tackles all the tedious tasks related to investment properties, including filling vacancies, accounting, compliance with state and local laws, and more. We’ll help manage a single-family residence and make it simple to stay on top of the needs of multi-family homes and apartment buildings. Contact us today to learn more.