Longwood Medical Multi-Family Homes

The Longwood Medical and Academic Area, more often called "Longwood Medical," is best known for its research facilities, teaching hospitals, and other medical organizations, some of which are associated with Harvard University. The neighborhood is close to downtown Boston, and residents can take public buses and trains to reach destinations throughout the city.

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Longwood Medical is a dream come true for people who are looking to purchase multi-family units and other kinds of real estate. It offers an alluring selection of condominiums, townhouses, and apartment buildings, including many luxury apartments. Its real estate prices have been rising as of late and should only continue to climb over the next few years ― if not longer.

Keep in mind that tens of thousands of people come into Longwood Medical every day for their jobs, for school, or because they need treatment. Many of those individuals come to realize that it would be more efficient to just move into the neighborhood. For that reason, the pool of prospective tenants is particularly large for Longwood Medical property owners, and studios seem to be especially prized. In fact, given this steady demand, it can be relatively easy for a landlord to find tenants who are willing to sign leases that last for longer than a year.

Now, large apartment buildings constitute much of Longwood Medical's housing supply, and such facilities might be well out of your budget. However, if you shop around, you should be able to find a smaller and more affordable multi-family that you could buy, perhaps on one of the many quieter side streets. In particular, you might investigate the part of Longwood Medical that's just to Tremont Street's south. There are many old and roomy homes there that contain apartments, and you could always install apartments in such a house if none currently exist.

As the name suggests, this neighborhood is primarily known for its medical organizations, teaching hospitals and research sites. While there are many medical centers in the area, there are still a number of multi-unit homes available in the area. Renters want to move to this area because it is close to downtown Boston and public transportation. In addition, many of the renters in the area work on one of Longwood Medical's centers or research institutions.

Within this area, investors will find a range of different properties. There are luxury apartments, condos and single-family homes. Investors can check out the standard apartments and townhouses in the area. Like most of Boston, Longwood Medical has watched prices rise over the last few years. This trend toward rising real estate prices seems set to continue for at least the next few years, so investors can expect a decent return on their investment.

Many of the renters in the area move to the area because it is more efficient to live next to where they work. Because of this, a number of residents are looking for studios and basic apartments that they can use during the work week. Because of the demand for these units, landlords can often ask for longer leases and expect many of their tenants to rent for multiple years.

Like many areas, large complexes provide a significant amount of the neighborhood's rental supply. While the larger apartments might get a lot of the attention, there are still more affordable properties out there. Older, larger homes can often be converted into multiple units. Check out the area on the south of Tremont Street or along many of the quieter streets in the area. These areas offer the multi-unit options that investors need when they are on a budget.

Navigating the real estate market is not always easy. To get information and help with your property search, call Boston City Properties today.

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