You probably think buying a rental property, an apartment, or a house you can rent to other people, might do you no good in the long run. Well, it sure is an ambitious investment. It requires some thinking, for sure, no doubt about it. You need to have it all figured out. Where will you buy one? Is the area around your property home to a growing and prosperous community? Will that last in the future? Many other questions can come up pretty soon after you decide to buy a rental property. The best way to ensure yourself you’re not making a wrong decision is, basically, to investigate and search for the best option available. We’ll feel free to take a guess – that’s how you ended up here, right? Also, does Manhattan, NYC sound interesting to you as we assume? No need to worry, almost everything you need to know about the benefits of buying a rental property in the Upper East Side of Manhattan is in the article below. So, let us start.
Where it’s at?
There’s not a living person in the world at the moment that is unable to recognize NY iconic imagery. From Manhattan skyscrapers to Coney Island’s Wonder Wheel, there’s so much to mention that it would take too long before every interesting piece of Big Apple gets its well-deserved spot on the list. That being said, we shall focus on a single NYC neighborhood. It’s tucked nicely between 59th and 97th street, its western border being Central park and its eastern border being East River. Did you know that the famous movie Breakfast at Tiffany’s, starring Audrey Hepburn, takes place in the Upper East Side? Also, Jerry Salinger spent his childhood there. Now that we’ve satisfied your basic human need for pop culture trivialities, let’s talk business.
Cost of living in the Upper East Side
New York may be the most expensive city in the US, after San Francisco and Upper East Side may be one of its most affluent neighborhoods. But, the real estate prices are marching upwards. So, basically, you’re giving a lot of money at first, but it can be quite of an investment, if you can afford it, of course. The money invested will come back in the long run.
Quality moving services
Upper East Side, and NYC en général, is well known for its moving providers’ scene. You should always have that in mind when thinking of a place where you’d buy the property. For example, if you want your Upper East Side flat fully equipped with some cool furniture and all, experts are the best assistance when you’re in need of a helping hand with experience. They will make sure your stuff is being taken great care of.
All roads lead to Big Apple
Did you know that more than a quarter of a million new residents flock into NYC every year? Now, that’s something. It makes a great market widening for owners renting out flats to the newcomers, or people living in NYC for quite some time now. If the demand is high, having something everyone wants is surely an advantage. You can pick out from a number of potential lodgers those that fit your image, ones that you can trust with your property. The city is widely known to lure young professionals with $100k or more salaries on a yearly level. You can rest assured someone will want to rent out your place.
You can always count on tourists
If you’d hear somewhere someone calling New York a go-to place for tourists you’d probably think: well, nothing new. Right? So, always count on that. For example, you can provide housing for people staying in the Big Apple one or two weeks before they move on. Some people prefer to rent their apartment to small-time occupants and that just might be you. Upper East Side is pretty close to the midtown jungle and all of the cities’ main attractions.
New York is home to more than a million students
This one speaks for itself. Being one of the educational centers on the national level, NYC provides schooling facilities for more than a million students. We can imagine students not having enough money to rent out an Upper East Side apartment, but you never know. Anyway, if your tenant is a student, and he/she needs help with moving their stuff to your sweet apartment, be sure to check out Capital City Movers NYC, a quality moving provider that has been in the game for quite some time now. What better way to tighten the bonds with your fellow occupants than making sure their stuff is safely moved.
A brief reminder why buying a rental property in the Upper East Side might be a game-changer for you
New York might be one of the most expensive cities to live in. That’s a fact the cannot be disproved. At the same time, it’s a place where real estate prices are always on the rise. It may seem like a risky decision at first but it will do you well in the long run. With hundreds of thousands of newcomers looking for a place to live, New York is one giant market. Demand is high, and with ownership of a rental property, you’re in a position of power. Also, the student population in the city is quite high. And don’t you forget about tourists flocking in every year from every corner of the world. Having all that in mind, buying a rental property in the Upper East Side might be a game-changer for you.