Are you a new or experienced investor looking for your next investment opportunity? From our experience as a property company, we believe that Rhode Island would be perfect for you. While the state is the smallest in terms of size, it has plenty of opportunities for real estate investors.
You might want to know what makes Rhode Island the ideal option for you. In this article, the team from Stonelink Property Management will discuss reasons to invest in Rhode Island real estate.
If you have some experience in the rental property industry, you will appreciate the impact that education has on residents choosing their next rental.
The public schools in Rhode Island are well-rated, offering quality and comprehensive programs state-wide. In addition, there is the Rhode Island Kids Count Program. The program ensures the continuity of quality education throughout a kid’s lifetime.
Brown University, an Ivy League school, is also located in the state. The university offers first-rate education to thousands of students each year. As a property investor, you can choose to take advantage of this. You can convert your property from offering long-term housing to student accommodation.
Provided that you have the right amenities and utilities on the premises, you can attract a continuous stream of students.
Vibrant Culture and Welcoming Communities
There are a plethora of community events and festivals planned in most cities in Rhode Island every year. These are opportunities for locals to interact and invest in each other’s lives. These events promote a feeling of community that makes a place unique.
You could attend the Flickers Rhode Island International Film Festival in August to see films from around the world or take Tai Chi in the Japanese Garden in Providence.
The diversity of culture is also visible in the restaurant and food industry. You can enjoy different dishes and cuisines without having to board an airplane.
Natural Attractions and Recreational Activities
Once in a while, everyone needs to take a break from the stresses of day-to-day life. Rhode Island is a great place to unwind and enjoy the beauty of nature.
The state is blessed with a plethora of natural attractions and a coastline thriving with marine life. You can take a stroll along the East Providence boardwalk or take a boat tour and enjoy the beauty of the coastline.
Residents of Rhode Island are obsessed with the magnificent Atlantic coastline and beaches that stretch for miles without end. Easton’s Beach, Goosewing Beach, and Misquamicut State Beach are some of the notable mentions in the state.
As much of New England does, Rhode Island has a rich history. For anyone wanting to learn about that history, there are museums, galleries and theaters to visit. Whether you’re born and raised in the state or are a recent transplant, you’ll never run out of interesting things to see and do in Rhode Island.
Lower Cost of Investment
Investing in real estate is one of the biggest purchases you can make in life. You will have to part with thousands of dollars to purchase your first property, which is often why investors consider the balance of equity and mortgages when deciding where to buy.
Given its location in the northwestern region, you might expect the initial investment cost to be quite high. Compared to buying an investment property in Vermont or Massachusetts, the cost of a property in Rhode Island is more affordable, making it a good option for local or long-distance landlords.
Although New England is known for harsh winters and humid summers, Rhode Island gets to enjoy all four seasons in equal share; a balance of heat and cold.
The summers here are not so hot that you frequently risk heat stroke or might be able to cook an egg on the sidewalk. Although the winters usually bring rain and snow, the weather is mild compared to neighboring states. Plus, the cities know how to manage snow when it does happen, so you’re still able to travel easily.
It’s during the fall that the state really comes alive. In quintessential New England fashion, the foliage lights up in gorgeous oranges and reds during autumn. Thousands of “leaf peepers” come from all over the country just to get a glimpse of the state during the fall.
Investing in Rhode Island Real Estate: Conclusion
With its mild weather, a plethora of natural attractions, diversity of cultures, and affordable cost of investment, Rhode Island is the ideal place to invest. Approximately one million people live in Rhode Island. And with all that the state has to offer, you can appreciate why.
While it might be small, there are a wide variety of cities and neighborhoods to consider, each with its own pros and cons. You will need a local property expert who can help you navigate through the challenges.
Stonelink Property Management has a reputation for being investor-focused and driven to improve the performance of our client’s properties. We have years of experience advising clients and managing properties in Rhode Island and Southern Massachusetts.
If you are ready to invest in Rhode Island, get in touch with our property managers today! We are ready to share our expertise, knowledge, and experience with you.