A successful real estate investment involves picking the right market. To make it easier, you should try narrowing down your choices by each state to find the perfect investment opportunities. If you’re looking for a state that has shown to be profitable for investments, consider Maine.
Maine has seen an increase in the number of people visiting their beautiful state. This brings a high demand for rental properties, vacation homes, Airbnb’s and other types of accommodations. Due to this high demand, home values are increasing and there is a hot market for home renovations and house flippers. This is great for investors looking to make a long term profit.
Of course, there are more favorable cities to invest in than others. Here are the top five real estate investment markets in Maine:
Westbrook is now the new home to American Roots, which is a textile company. This has created many sustainable and steady manufacturing jobs. Westbrook has also overseen some changes to their downtown area, attracting breweries, food establishments, and unique businesses. These new businesses would make for a quality commercial real estate investment.
The median property price in Westbrook is $263,321 with the price per square foot being $182.83. As stated before, the Airbnb market has really grown in Maine and Airbnb hosts are making around $6,092 a month in rental income.
Brunswick is home to Bowdoin College, attracting many college students looking for places to rent. Residents flock to this city for its many year-round activities and vibrant outdoors. They have many new restaurants, museums and shopping centers opening up, making it a great place to invest in commercial or rental real estate properties.
Due to their many activities and attractions, their Airbnb market is fairly high, bringing in an average of $4,141 per month. There is also a high market in providing affordable housing for college students. The median property value is $385,573, making it one of the highest real estate markets in Maine.
Orono is another young and vibrant college town that has lots of potential. The demand for fun places to spend time in making it a hot commodity to invest in commercial real estate. You can also invest in larger properties like townhomes, apartments, and condominiums that are in demand because of the students.
If you decide to renovate a real estate property to transform it into an Airbnb, you can expect an average of $2,373 monthly in rental income. The median property price sits around $179,000 and the average income is fairly high.
Windham is one of the cities in Maine that are not centered around a college. This city has a very educated population that has a higher median income, sitting around $124,000. The average property price is $316,013, which is very affordable considering the average income.
This would be a city that has the potential for house flipping and renovating properties to rent. They have a mix of blue collar and white collar jobs, and plenty of people are not ready to buy a house yet. Windham hs a high rental income rate of around $3,908 every month, which makes it a profitable area to invest in.
Kennebunk is a relaxing coastal town that attracts people looking to settle down with a family or retire. Plenty of families also flock to this city during warmer months for water activities and a family-friendly vacation spot. This gives investors the opportunity to rent out some great single-family houses as vacation homes.
If you are wanting to go down the Airbnb route that many other Maine investors have, you can expect a monthly rental income of $4,355. If you are interested in commercial real estate, you will be able to find many storefronts that will attract buyers with a high income. The median income of a family four sits around $194,808.
Whether you’ve never invested in real estate or you’ve already started your portfolio, partnering with a real estate professional is always a good idea. They can offer guidance through every step of the way and help you conduct market research to pick the right location.
Clever Partner Agents understand the local market and how much success can come from real estate investments. With Clever, you’ll be able to get the quality service that any real estate agent can provide while spending less on commission rates.