Is it a bad idea to purchase a rental property in a busy area? Many great investments are located near major highways. Because it can be loud and bustling, many investors hesitate if they realize a prospective investment is on a busy street or near a busy intersection.
However, you might be surprised to learn there are a number of benefits to purchasing a property in a busy area. In my experience, a rental property located in near a busy street or intersection performs very well.
Having a property near a busy area can be advantageous for both you, and your tenants! Think about it: when your property management team is advertising the property, they do so on busy streets. Since many passersby will see your signage, your property will be rented out quickly!
You’ll get more phone calls, and more applications! The more people apply to rent your property, the more selective your property management company can be. This will yield a high quality tenant! This situation might even allow you the opportunity to sign a multi-year lease.
As for tenants, I’ve found that many of my tenants enjoy being in a heavily populated area. In the best rental markets, tenants are blue-collar workers. Many of them need public transportation, and city bus routes run through these busy areas. Being located near a busy street is actually an ideal location for many tenants!
Don’t hesitate to purchase a rental property near a busy street or intersection. Want to know more about finding a great rental? Here’s how to assess a rental market!