In 2023, Red Bank NJ embarked on an ambitious plan to upgrade the borough, focused primarily on harnessing the economic power of the traffic on Route 35 and expanding affordable housing. A year later, Red Bank is becoming one of the hottest areas in NJ for real estate investing.
Buying an investment or rental property in Red Bank is sure to be a profitable venture, but you can maximize your ROI by picking the right neighborhood. Learn more about Red Bank's neighborhoods and the investment strategies that suit them in this quick guide.
Red Bank West
Red Bank West is a quaint neighborhood on the southern bank of the Navesink River and is directly connected to the Coopers Bridge. This is an ideal spot for a rental property because the median rental prices are relatively high for NJ while the average buying price is far lower than the state average.
Red Bank West also borders the borough's central business hub. This means that most of the types of tenants one can expect will be business owners and working professionals looking for a short commute. Attracting tenants will also be easy because of the neighborhood's stunning river views.
Hilltop Terrace or Elkridge
Hilltop Terrance (or Elkridge) is an older neighborhood south of Red Bank West. The real estate price in this neighborhood is higher than the average for NJ. The average rental price is roughly the same as that of Red Bank West.
Hilltop Terrace consists primarily of apartment complexes and single-family homes. This makes it an ideal neighborhood for a passive income investment.
This neighborhood also has many homes that were built before the 1970s and even some built before the 1940s. Therefore, there are also properties in the area that lend themselves to house-flipping. However, the relatively expensive real estate market would make flipping more difficult.
Fairview
Fairview is Red Bank's oldest and northernmost neighborhood. It's also the area's most pricey neighborhood.
Fairview sits on the northern shore of the Navesink River and boasts terrific views of the river and the town to the south. Most of the real estate in this area consists of houses and townhouses with an average of three to five bedrooms each. It's a favorite for established families and retirees.
Because of these factors, Fairview is excellent for a real estate investment meant to hold and accrue value. If you have the right property management connections, you can make your Fairview real estate work as an opulent short-term rental.
Real Estate Investing Supported By Sound Advice
Choosing the right location is fundamental to a great real estate investing strategy. There's no better location in New Jersey than Red Bank.
Red Bank offers a variety of great neighborhoods. Each neighborhood has unique traits that suit particular investment strategies. Red Bank West and Hilltop Terrace are ideal for passive income, while a Fairview property works best as a nest egg.
If you want to start investing in real estate, PMI Inspired can help you out. We bring state-of-the-art technology to help you find properties, tenants, and more. Get the best assistance in Red Bank today by contacting us.
