Location is one of the most important considerations when it comes to investing in rental properties. When it comes to choosing a location for their rental investments, many real estate investors will look to locations that have desirable features, such as strong rental markets, good rental returns, and access to amenities. Guelph is one such location, with many features that make it an attractive investment option for real estate investors in 2023.
In this article, we’ll explore why Guelph is a great location to invest in rental properties this year and why location matters so much for successful real estate investments.
Housing Market in Guelph
Guelph is a city located in southern Ontario and it is known for its vibrant and diverse economy. It is also a hub for education and innovation, with the University of Guelph and the Guelph Research and Development Centre located within the city.
The housing market in Guelph is one of the most active in the province, with an average listing price just shy of $580,000 in 2020. This average price has seen a steady increase over the past few years, with a 6.7% year-over-year increase in 2020. Homes in the city are very desirable and are selling quickly, with an average of 28 days on the market in 2020.
The rental market in the city is also very robust, with rental units averaging around $1,250 a month. Vacancy rates remain low in the city, with an average of 1.6% in 2020, making it a great investment opportunity for real estate investors.
Why Invest in Guelph Rental Properties in 2023?
Here are some of the key reasons why real estate investors may choose to invest in Guelph rental properties in 2023:
Great ROI
Real estate investors will find great returns on investment in Guelph. The high demand for rental units in the area is due to the city’s robust economy and job market, as well as its proximity to Toronto and other major cities in the province. The high supply of rental properties also means that investors can expect to benefit from steady rental income from their investments.
Quality of Life and Amenities
Guelph is a vibrant city with a wide array of amenities for its residents. There are numerous parks, trails, and conservation areas in the area, and the downtown area is bustling with shops, cafes, and art galleries. The city also offers a wide range of cultural activities and festivals, making it an attractive place to live.
Highly Educated Workforce
Guelph is home to a highly educated workforce, with over 37% of adults having attained a university degree. The city also has a strong job market with a variety of professional industries and sectors. As such, renters in the area are usually well-educated and have the financial stability to pay their rent on time.
The Bottom Line
Guelph is an attractive investment option for real estate investors in 2023, with its strong rental market, high return on investments, and quality of life amenities. By taking location into account when investing in rental properties, real estate investors can maximize the potential of their rental investments. Working with a professional real estate agent can also help investors make informed investment decisions when it comes to rental properties.
FAQs
1. How strong is the rental market in Guelph?
The rental market in Guelph is very strong, with rental units averaging around $1,250 a month and a low vacancy rate of 1.6%.
2. What is the average listing price for homes in Guelph?
The average listing price for homes in Guelph is just shy of $580,000 in 2020, with a 6.7% year-over-year increase.
3. Is Guelph a good city to live in?
Yes, Guelph is a great city to live in with a wealth of amenities and activities for its residents. The city is also located in close proximity to major cities in the province, making it an attractive place to live.
4. What benefits do investors get from investing in Guelph rental properties?
Real estate investors can expect to benefit from steady rental income from their investments in Guelph due to the city’s strong rental market and job market and its proximity to major cities in the province.
5. What kind of advice can a real estate agent offer when it comes to investing in rental properties?
A real estate agent can provide valuable advice and insights when it comes to investing in rental properties, including tips on choosing a location and assessing the potential ROI of the investment. An experienced real estate agent can also help investors make informed decisions when it comes to rental properties.
