Are you considering investing in rental property in Montgomery County PA? Along with all of the financial things to consider, the location should be number 1 on your list. Read on as we list some of Montgomery PA’s best places to invest and things you should evaluate before jumping in.
Best Towns in Montgomery County to Invest in Rental Property
- Pottstown: Conveniently situated between Philadelphia and Reading! Home to the nation’s oldest mill, Pottstown continues to grow while maintaining its main street charm. Rental value is also on the rise, up roughly 3% over last year.
- Fort Washington: Ft Washington boasts small-town charm just 25 minutes from Philadelphia. This is an ideal place to soak up local parks, culture, and historical attractions.
- Lansdale: Convenient to Philadelphia, Lansdale is diverse and densely populated. Many young professionals utilize local transit to commute to the city.
- King of Prussia: Named for a 1769 tavern and inn, King of Prussia offers tons of things to do thanks to luxury shopping and a variety of restaurants.
Important Factors for Choosing a Profitable Rental Investment Location
Location, location, location! You’ve probably heard that location matters, but it is the number one factor when determining both where people decide to live and where you should invest. Check out these different location-based considerations below before you chose an investment property.
- Neighborhood: Visit and thoroughly evaluate the area in which you plan to purchase. The community will drastically affect the quality and size of your tenant pool, so choose wisely. The rental market anywhere will have some seasonal changes. However, buying near colleges means landlords could struggle even more to fill Winter vacancies.
- Nearby Amenities: Spend some time roaming the neighborhood. Visit local shops, restaurants, parks, gyms, and see if there is access to transit. All of these are selling points to a renter, and your familiarity with the area hotspots will help market the unit more effectively.
- Research Local Taxes: Pennsylvania has overall property taxes that are higher than the national average. Since these tax rates can vary from county to county, evaluate tax trends and costs for the specific area you plan to purchase.
- Crime Rating: Local area crime watch or local police have up-to-date crime statistics that may be helpful if you are not otherwise familiar with the area. Nowadays, online searches can also shed light on neighborhood crime reports. So, look for trends in the area and types of crimes reported. While homes in higher crime areas may be cheaper, they will also take longer to find a qualified renter.
Additional Neighborhood Considerations for Investors
- Employment Opportunities: Places with a growing economic or business scene will attract more renters as the area expands. Review growth in the region using resources such as the U.S. Bureau of Labor Statistics or local job boards.
- Local Rental Market: Research the areas average rent and see how many units are currently listed in the neighborhood. If there seems to be a lot of listings, its vital to determine if that is just a seasonal trend, or if the community is undesirable. If rental unit supply is high, landlords must lower rates to fill units.
Need Help With Property Management Services?
With charming neighborhoods like Pottstown, Montgomery County has so much to offer investors and renters alike. If you do your research from the start, you, too, can find investing in rental property in Montgomery County PA quite profitable. For help managing your Montgomery County rental property, from leasing to maintenance, reach out to Bay Property Management Group Montgomery County today! Our team of seasoned Montgomery County property managers understand the market and know how to help you maximize your ROI!