Pros of buying rental property in Upstate New York

Investing in real estate in Upstate New York can eventually lead to financial freedom since investors can generate a nice passive income. But you may be wondering about the advantages that Upstate NY cities offer to real estate investors.

Check out some of the reasons why buying an Airbnb investment property in Upstate New York is a great idea:

• US’ Top 2 Richest State

New York is an economically strong state with a GDP per capita of $96,502. For this reason, it occupies the 2nd place as one of the wealthiest states in the US. The state is home to several big corporate headquarters that contribute to a strong job market depending on which city you’re located in.

• Reasonable cost of living

One of the main advantages of buying a property in Upstate New York is that the cost of living in most of its cities is quite reasonable and below the national average. 

Among the best cities to live in Upstate New York are Syracuse, Rochester, Buffalo, and Lake Placid with median houses values of $154K, $182K, $197K, and $251K respectively.

• Charming tourist destinations

New York State offers a lot more than meets the eye, especially the upstate region. Located in the north region of NYS, Upstate New York is filled with striking rural sceneries, hills, lush forests, rivers and charming towns.

It’s a great place for nature lovers since most parts of Upstate New York are farmland and wilderness with landscapes of rivers, creeks, and mountains that open the doors to plenty of exciting adventures. Here we can find some iconic places like Niagara Falls, the Adirondack, and Catskill Mountains.

New York State welcomes around 265M visitors per year, and while NYC is the most visited city, there are still others that have a thriving tourist market. For example, around 16M travelers visit Buffalo annually, while Rochester receives over 3M tourist arrivals. Hence, if you ever aim to cater to tourist accommodations, some cities of Upstate New York are great markets for you!  

Why should you consider investing in rental properties in Winnipeg, Manitoba?

Investing in rental properties in Winnipeg or nearby cities of Manitoba will allow real estate investors to generate a nice passive income and ultimately achieve the desired financial freedom. Nevertheless, there’s still a question that needs to be answered – what are the advantages that Winnipeg offers to investors? 

Check out some of the reasons why investing in real estate in Winnipeg, Manitoba is a great idea:

• Healthy economy & job market

The “Gateway to the West” has a diversified economy and a strong employment market. The top contributors to the city’s economy are trade, education, health care, tourism, and manufacturing sectors. Currently, Winnipeg’s job market is thriving, offering plenty of employment opportunities to young professionals. The unemployment rate is 4.7% as of February 2023, which is slightly lower than the national average.

Another key factor that makes Winnipeg attractive for real estate investment is its steady population growth, which generates a strong demand for housing. Thus, investing in the rental market in Winnipeg allow investors to get a good return on investment.

• High standard of living

Researching the living conditions of your target location is always important since it will let you know whether your investment will be situated in a good place or not. 

Moving to Winnipeg means that you will have access to a great quality of life since it offers top-quality amenities, great recreational facilities, an exceptional education system and the best medical facilities in Canada. In addition to this, Winnipeg is also regarded as a clean and diverse city. 

• Affordable housing market

It’s widely known that most of the major cities in Canada have an expensive real estate market. However, the good news is that the metropolitan area of Winnipeg offers a stable housing market with affordable prices. The average property price is C$349,490, trending up 2.6% year over year.

• Plenty of things to do

Winnipeg is the largest urban center in Manitoba. Yet, the city is located at the confluence of two major rivers, Red and Assiniboine. It’s surrounded by prairies, boreal forests, and crystal-clear lakes. Thanks to this, the city offers access to a variety of natural attractions where visitors and locals alike can enjoy exciting outdoor activities.

If you are looking for cultural activities, then you will also like Manitoba’s capital city! Winnipeg offers an exciting cultural scene with plenty of museums, art galleries and venues. The city also hosts a variety of events and performances annually, principally in the Centennial Concert Hall and the Manitoba Theatre Centre.

Benefits of buying an investment property in Toronto, Ontario

Buying an investment property in Toronto, Ontario and surrounding areas can help investors to earn a good rental income that will ultimately allow them to achieve financial freedom. 

Toronto and some cities in Ontario offer profitable opportunities for real estate investors. But, you may still be wondering what advantages are offered by this location to real estate investors. Check out some of the major benefits that Toronto offers:

• Healthy economy 

As the capital of business and finance in Canada, Toronto enjoys a strong and diverse economy with a thriving job market. In fact, the city is one of the top 10 global financial centers. 

Toronto is a city that’s steadily growing. It constantly invests in infrastructure to ensure a good quality of life for its residents. The city is also home to the largest startup ecosystem in the country. Many big corporations are headquartered here such as Facebook, Google, and Microsoft. Thanks to this, Toronto provides a healthy and diverse job market that invites more and more people to relocate to the city.

• Thriving hub of education 

Toronto is not only a financial and business hub. It also offers a wide range of top-tier educational institutions, from schools to universities. 

There is a variety of great public and private schools throughout the city. When it comes to higher education, the city doesn’t lag behind because prestigious universities like the University of Toronto, York University, and Ryerson University are all located here.  

• High quality of life 

If you’re looking to have access to high-quality amenities and career opportunities, then Toronto is the perfect choice for you. On top of that, it’s a clean city with low crime rates. These factors combined with its robust economy, great food scene, good education,  and reliable healthcare system allow the city to have a high standard of life. 

Toronto is also a multicultural and diverse city where you can find a wide array of ethnicities. You will find over 140 languages spoken here besides English, which is still the predominant medium of communication.

• Leading tourist destination in Canada

Toronto offers a wide variety of attractions, music festivals, and also an amazing cultural scene that attracts a great number of visitors annually. In fact, if you ever aim to cater to tourist accommodations, you will be pleased to know that the city welcomes around 27M visitors annually.

Toronto has a lot of recreational activities to offer like museums,  public parks, art galleries, iconic neighborhoods, and top-tier restaurants. Moreover, the city hosts many sporting, musical, and cultural events throughout the year.

Pros of real estate investments in Connecticut

Investing in real estate in the state of Connecticut won’t only allow investors to enjoy all kinds of unique experiences but it will also offer them the opportunity to eventually achieve financial freedom. With that being said, you may be wondering what are the advantages that this state offers to real estate investors? 

Check out some of the reasons why buying an Airbnb investment property in Connecticut is a great idea:

Top 7th Wealthiest State in the US

Connecticut is an economically healthy state with a GDP per capita of $85,609. Thanks to this, it occupies the 7th place as one of the richest states in the country. The state is home to some big corporations’ headquarters and there’s also a visible increase in the increase in job growth. In fact, Connecticut is currently considered one of the best states to find a job.

The population in Connecticut also increasing and among its fastest-growing cities we can find Waterbury, New Haven and Norwalk. 

Convenient location

The Constitution State enjoys a privileged location in the northeastern part of the US. Aside from being bounded by the Atlantic coast in the South, it’s also bordered by the states of Massachusetts, New York and Rhode Island. Thus, traveling to major cities like NYC, Boston and Providence is a piece of cake. 

Entertainment all year round

Connecticut offers the perfect mix of experiences in one place! Whether you enjoy summer or winter activities, the state has something prepared for you. 

The state is bounded by the Long Island Sound, so you can enjoy some water activities during the summer or do skiing and ice fishing in the winter. But you must watch out for the spring season because there are a handful of festivals and events hosted throughout the state. Moreover, you will also find top-tier art galleries and museums such as the Yale University Art Gallery and Mystic Seaport Museum.

Balanced real estate market

While the overall cost of living in Connecticut is high, it’s still more affordable than most states in the US. The average property price in Connecticut is $349K, which is lower than the national average ($428K). 

Considering that the state has an overall strong economy, a growing job market and some of the best education institutes, a great number of people are relocating to Connecticut’s cities. Among the cheapest cities to live in Connecticut, we can find Hartford, Waterbury, Bristol, and New Haven with median houses values of $145K, $207K, $257K and $259K respectively.