Introduction

Investing in rental properties can be a lucrative venture, offering a steady income stream and potential for property value appreciation. However, not all rental properties are created equal. A successful investment hinges on various factors, including the property's location, condition, and the local market's dynamics. Location, in particular, is paramount as it influences demand, rental rates, and long-term value.

Erie County, PA, is an attractive option for rental property investments due to its diverse neighborhoods, rich history, and growing economy. This guide will provide an in-depth overview of the best neighborhoods in Erie County for rental property investments, grading each area on several crucial factors to help you make an informed decision.

Best Neighborhoods and Areas in Erie County, PA

1. Downtown Erie

Grades:

• Convenience: A
• Tourist Attractions: A
• Things to Do: A
• Avg Home Prices: B
• Return on Investment: A
• Proximity to Work-Related Travel: A
• X-Factor: A

Convenience: Downtown Erie is the heart of the city, with easy access to public transportation, major highways, and essential amenities like grocery stores, restaurants, and healthcare facilities. Its central location makes it highly convenient for both residents and visitors.

Tourist Attractions: The area boasts a variety of attractions, including the Erie Maritime Museum, the Bayfront Convention Center, and the Bicentennial Tower. These sites draw tourists year-round, adding to the area's vibrancy and rental demand.

Things to Do: Residents can enjoy numerous activities, from dining at diverse restaurants to attending events at the Erie Insurance Arena. The Bayfront District offers stunning views and recreational opportunities along Lake Erie.

Avg Home Prices: The average home prices in Downtown Erie are moderate compared to other metropolitan areas, making it an affordable investment option with significant upside potential.

Return on Investment: The combination of high demand, relatively low home prices, and strong rental rates translates to an excellent return on investment for rental properties in this area.

Proximity to Work-Related Travel: Downtown Erie is a hub for business and commerce, with proximity to major employers, hospitals, and the convention center, making it ideal for professionals.

X-Factor: The unique blend of historical charm and modern amenities, coupled with stunning waterfront views, makes Downtown Erie particularly desirable for both residents and investors.

2. Millcreek Township

Grades:

• Convenience: B
• Tourist Attractions: B
• Things to Do: B
• Avg Home Prices: B
• Return on Investment: B
• Proximity to Work-Related Travel: B
• X-Factor: B

Convenience: Millcreek Township offers suburban convenience with easy access to shopping centers, schools, and parks. Public transportation is available, although less extensive than in downtown.

Tourist Attractions: Attractions include the Asbury Woods Nature Center and the Millcreek Mall, which draw visitors from surrounding areas. While not a primary tourist destination, it offers family-friendly activities.

Things to Do: Residents can enjoy various recreational activities, including hiking, shopping, and dining at local eateries. The area also hosts community events and festivals.

Avg Home Prices: Home prices in Millcreek Township are reasonable, providing good value for investors seeking stable and long-term rental income.

Return on Investment: The area's steady demand and family-friendly environment offer a solid return on investment, particularly for single-family rental properties.

Proximity to Work-Related Travel: Millcreek is conveniently located near key employment centers and offers easy access to major roads, making it suitable for commuters.

X-Factor: The township's excellent school district and safe, suburban atmosphere make it particularly appealing to families, adding to its rental desirability.

3. Harborcreek Township

Grades:

• Convenience: B
• Tourist Attractions: B
• Things to Do: B
• Avg Home Prices: A
• Return on Investment: B
• Proximity to Work-Related Travel: B
• X-Factor: B

Convenience: Harborcreek Township offers a suburban setting with access to necessary amenities, including shopping, dining, and healthcare facilities. Public transportation options are limited but sufficient for most needs.

Tourist Attractions: Attractions include the Penn State Behrend campus and Wintergreen Gorge, which attract visitors and students alike, boosting rental demand.

Things to Do: The area offers outdoor activities like hiking and fishing, as well as cultural events and community gatherings.

Avg Home Prices: Home prices in Harborcreek Township are lower compared to more urban areas, providing an affordable entry point for investors.

Return on Investment: The combination of affordable home prices and steady rental demand from students and families ensures a reliable return on investment.

Proximity to Work-Related Travel: The township is close to major employers and educational institutions, making it convenient for both professionals and students.

X-Factor: Harborcreek's blend of natural beauty and educational opportunities make it a unique and appealing place to live and invest in.

4. Fairview Township

Grades:

• Convenience: B
• Tourist Attractions: C
• Things to Do: C
• Avg Home Prices: A
• Return on Investment: B
• Proximity to Work-Related Travel: B
• X-Factor: C

Convenience: Fairview Township offers a quiet, suburban environment with access to essential amenities and services. It is well-suited for those seeking a peaceful lifestyle.

Tourist Attractions: The area has fewer tourist attractions, focusing more on residential living. However, its proximity to Lake Erie provides some outdoor recreational opportunities.

Things to Do: Fairview is ideal for those who enjoy a slower pace of life, with parks and local community events providing entertainment.

Avg Home Prices: Home prices are relatively low, making it an attractive option for investors looking for affordable properties.

Return on Investment: While the return on investment may not be as high as in more urban areas, Fairview offers stability and steady rental income potential.

Proximity to Work-Related Travel: The township is conveniently located near major roads, facilitating easy commutes to nearby employment centers.

X-Factor: Fairview's tranquil and safe environment, combined with affordable housing, makes it appealing for families and retirees.

5. Edinboro

Grades:

• Convenience: B
• Tourist Attractions: B
• Things to Do: B
• Avg Home Prices: B
• Return on Investment: B
• Proximity to Work-Related Travel: B
• X-Factor: B

Convenience: Edinboro offers a small-town feel with the convenience of essential amenities, including shops, restaurants, and healthcare services. Public transportation is limited but adequate for the area.

Tourist Attractions: Home to Edinboro University, the town attracts students and visitors, boosting rental demand. Lake Edinboro also provides recreational opportunities.

Things to Do: Residents can enjoy various activities, including water sports on the lake, university events, and local festivals.

Avg Home Prices: Home prices in Edinboro are reasonable, making it an accessible market for investors.

Return on Investment: The presence of the university ensures a steady demand for rental properties, offering a good return on investment.

Proximity to Work-Related Travel: The town's location near major highways allows for convenient commutes to nearby cities and employment centers.

X-Factor: Edinboro's college-town atmosphere and scenic lake setting provide a unique and desirable living environment.

Conclusion

Investing in rental properties in Erie County, PA, offers numerous opportunities for both new and seasoned investors. Each neighborhood and area has its unique strengths, from the bustling downtown to the tranquil suburbs. By carefully considering factors such as convenience, attractions, average home prices, and return on investment, you can unlock the full potential of your rental property investment in Erie County.