In the last 10 years, Philadelphia has emerged as one of the hottest destinations of real estate investment in the United States. National Realty Investment Advisors, LLC strongly believes that 5 factors have contributed hugely to the property boom of the largest city in the Commonwealth of Pennsylvania.
Below listed are the points, and also the reasons why you should also consider making a real estate investment in Philadelphia:
Positive migration trends
It is a well known fact that economic growth in a region attracts people seeking employment opportunities. Philadelphia went through the same period and thus is home to young working professionals who are willing to pay for quality residential rentals and apartments. This is adding to the demand of new properties.
Unique tax breaks
Philadelphia is known for its unique tax credits, grants, and other incentives. The provision of 10-year taxes abatement on qualifying rehabilitation or construction is greatly encouraging urban development in the region. Companies like NRIA are building top class real estate properties under the same tax breaks. Click here to go through all the tax provisions in the region.
Low apartment vacancy rate
Philadelphia has a growing local economy where young professionals come to build their careers. Apartment vacancies have been recorded at its lowest in the last 10 years. This means if you invest in a rental property to earn regular monthly income, there is a low chance that it will remain vacant.
Good market demand
Prices of residential as well as commercial properties show an upward trend. Considering mortgage rates are exceptionally low at this moment, it is a great time to make real estate investment in the City of Philadelphia.
Great local economy
Philadelphia’s economy has grown by leaps and bounds in the last decade. It is home to multinational companies, young startups, educational institutes, universities, and pharmaceutical firms. The city also has impressive banking infrastructure.
If you are considering real estate investment, then, Philadelphia has to be one of your top preferences. Build your investment townhome at less than $12,000 by joining hands with local real estate investment firm.
Go through this Youtube video to learn more about absentee ownership and professional management. Call 201-210-2727 to speak with NRIA team.