Many people have caught on to the trend of investing in DC rentals as well as rental properties in the surrounding DC Metropolitan area. Investing in rentals in DC usually provides investors with a good ROI. All of the competition between many real estate management companies has made the cost of property management extremely low, making these DC rentals a great opportunity for passive income. Well, if you understand investing, then you know
that after purchasing a few different rental properties in DC, it is time to diversify your holdings by investing in properties in another city. If you’re looking for the next great city to invest in, then it is time to start understanding rental properties in New York City.
Similarities in NYC and DC Rental Properties:
As you know, New York and DC are both big cities within the United States.Because they are two of the largest and most well-known cities in the USA, they have some pretty big similarities:
Each of the cities has different neighborhoods with different income ranges and different cultures. For example, China Town is going to have a smaller income than Manhattan, and the culture in China Town will be much different than that of any other part of New York. You will need to take different socioeconomic backgrounds into account when you are choosing a property to invest in because you may not be able to understand the needs of your tenants if you invest in a property surrounded by an unfamiliar culture. This does not necessarily mean that you should not invest in these properties, but you should strongly consider hiring a property management company if you are investing in property in a unique neighborhood in New York.
Another similarity between the features of New York and DC is the type of properties available to purchase and rent out to tenants. When most consumers think about renting a property, residential properties like townhouses, apartments, and condos come to mind. While these are great investment opportunities in DC and NYC, they are not the only options. Both cities are also home to office buildings for rent as
well as storefronts for rent. A lot of great office buildings in New York will be located near Wall Street while a lot of the modern storefronts will be situated near Times Square, SOHO, and other tourist attractions.
Differences in NYC and DC rental properties:
While these two cities have many similarities, they are also two completely different cities. They will have a lot of cultural differences, pricing differences, and income differences. One of the major differences you need to consider as a real estate investor, however, is the differences in real estate laws. Of course, if you are hiring a property management company to do a lot of the work for you, then you will not need to know every detail of renting laws and codes. This is why, when you are renting in two or more different locations, it is smart to have a property manager rather than doing everything on your own.