Why Is Demand For Real Estate In Lowell, MA Booming?
People looking to rent real estate lowell ma are often surprised by how dynamic the market is in this area. Despite its Old World charm, Lowell is full of new developments and opportunities. Eager to welcome both temporary residents as well as new families seeking to establish long-term roots, Lowell is slowly earning a reputation as one of the most up-and-coming areas in Massachusetts.
A Textile Mill Turned Innovation Hub
The town of Lowell can trace its origin back to when it was a center for textile manufacturing, which has provided its downtown with very iconic early 19th century buildings. However, the area's countryside had been a major farming area well before the founding of the town. Through the economic upheaval that followed the rise of the local mills and their eventual bankruptcy, Lowell went from a cradle of unionized labor, to depressed town, to one of the stages of the "Massachusetts Miracle" once the 20th century rolled to an end.
This combination of entrepreneurship and a communal pride in its working class culture has turned Lowell into a relatively large town that retains the comradery of a small village, yet boasts the diversity and liveliness of a city.
A Peaceful – Yet Central – Location
As the fourth largest city in Massachusetts, many of the suburbs and neighborhoods around Lowell provide a discreet and slow-paced lifestyle. Victorian manors and town houses lend a hint of style to its industrial downtown area, where it is remarkably easy to enjoy a leisurely walk or a short drive to green, lush woodland.
Despite its small village vibe, real estate in Lowell, MA has enjoyed a strong push thanks to the accessibility of the city to major highways, which allow commuters to reach Boston and points west easily and quickly. This means that even the staunchest fans of quiet nights can rest assured that the amenities of the big city are never far.
A Cosmopolitan and Art-Friendly Scene
One of Lowell's main attractions is undoubtedly the presence of the University of Massachusetts - Lowell. Even for those who are not enrolled in UMass or interested in collegiate life, the impact of a local campus can be felt. In addition to providing a steady influx of newcomers, it has fostered a remarkably varied arts scene for such a small city.
Film festivals and art exhibits are present year-round.
Although the number of students seeking off-campus housing is a major driving force for real estate in Lowell, MA, it’s not the market's only engine. The city's diversity and friendliness to entrepreneurs and innovators – from the headquarters of CVS to its Cambodian community – keep the prospect of boredom a distant reality.
An Unprecedented Wave of Investment
Just like with many other cities experiencing a major revival, much of Lowell's success is the product of smart planning and a comprehensive development program.
The city has recently renovated large parts of its downtown area, and large projects are being undertaken to improve its parks and public transport. Likewise, crime rates have been slashed over the past couple of decades, making the area safe and attractive to investors.
Property managers and house developers soon followed, attracted by the favorable environment. Thanks to them, real estate in Lowell, MA, is now very fast-paced and profitable, which often leaves both sides satisfied: tenants and buyers have an affordable foundation for the future, while developers benefit from increased interest.