Are you interested in investing in a bit of real estate, but unsure of how to go about doing that? Do you wish to invest in a rental property and hire a property management team to take care of it? If so, then you need to learn all that you can about where to buy rental property.
Doing so will help you learn more about the markets that are thriving most. That way, you have a head start on some of the top spots to start shopping around.
See below for an in-depth guide on where to buy rental property and get a high return on your investments.
1. Tampa, Florida
Tampa, Florida is one of the fastest-growing cities in the entire United States. It’s no wonder that the city has seen so much success; the place is a tropical paradise!
The housing market is thriving, everyone wants to live there, the city’s freelance demographic has exploded, and its sports teams have taken home a Lombardi Trophy (NFL) and 2 Stanley Cups (NHL) in the past year! There’s never been a better time to move there.
If you’re wondering where to buy a rental property that will thrive, Tampa is your city. It fits any need that you’re looking to fill.
For those of you that were interested in buying a rental property to place on Airbnb or VRBO, you could look for rental properties in Clearwater, St. Petersburg, or even as far south as Anna Maria Island.
For those of you that wanted to invest in a rental property to lease to tenants, South Tampa, Brandon, and Riverview are all hotbeds for young couples that are adding to their families.
If you’re going to buy your first rental property, you will want to make sure you have all your ducks in a row. Find more information here on what to do when you go to buy your first rental property.
2. Atlanta, Georgia
It shouldn’t come as any surprise that the ATL is on this list. It was already one of the largest cities in America and has seen substantial growth year after year for the last decade. It’s a millennial hotspot!
That trend doesn’t look to be slowing down any time soon. According to the ARC, projections indicate that Atlanta will add almost 3-million more people by 2050 in the 21 immediate counties of ATL alone. That’s craziness!
If you’re looking to get into rental property investing, then those projections are hard to turn ahead at. You’re essentially promised to have consistent tenants every year for the next three decades, as long as you keep up with your property. That’s where a property management firm can come in handy!
So what’s causing this incredibly consistent growth? Atlanta is home to several substantial business sectors, with major players in industries such as finance, entertainment, media, finance, logistics, healthcare, and marketing. It’s the home of big-time companies like Home Depot and Coca-Cola, just to name a few.
Start looking for a rental property in Atlanta, Georgia right away. The projections and steady growth are too sexy to pass up.
3. Cleveland, Ohio
“The Land” is on the rise. A city that was in decline only a few years ago has now become one of the hottest real estate markets in the entire country, and they have those pesky millennials to thank!
The average home value is only around $200,000 and some change, while the average rent hovers around $1,300 and climbing! That’s enough of a profit margin for you to save nicely towards any emergency repairs, while also pocketing a good amount of cash each month as well.
Cleveland has a very blue-collar history. But the irony is that it’s now home to some of the most innovative industries, such as aerospace and aviation. It also has substantial markets such as healthcare, IT, ail and gas, and manufacturing. Each of these industries is rising, so it’s safe to assume the need for real estate will as well, as more people move to participate in those sectors.
4. Chicago, Illinois
For those of you learning where to buy a rental property, the Windy City is always a safe investment. It’s a large market with steady potential. Those that set up shop in Chicago typically stay there, which bodes well for those of you wanting tenants that stay long-term.
It has an amazing suburban life, with such crowning jewels as Lombard, Naperville, Oak Park, Wheaton, Glen Ellen for people to call home. Be sure to start your search there!
If you so choose, you could also look into Airbnb-type properties to rent out in downtown Chicago or properties that give tenants the dream of living in a big city.
5. Seattle, Washington
If you had to guess what the fastest-growing US city was last in 2020, where would you have guessed? We’re willing to bet that Seattle wouldn’t have been in your top three!
The city of Seattle is living large these days. It’s seen an uptick in tourism, it just received an NHL team (who starts playing this fall), and it’s one of the largest housing markets in the country.
You can’t really go wrong here. Either invest in a rental property to post on Airbnb for tourists or one that will provide a home for new residents… there’s a growing need for both!
Where to Buy Rental Property: Give These Cities a Look
Now that you have seen five different ideas of where to buy rental property, be sure to use this information to your advantage.
Take a look at our website for more articles on buying rental property, as well as many other topics that you will find helpful.