Market watchers indicate we are in a historically positive time for owning and leasing rental property. Studies indicate vacancy rates are decreasing and rents are increasing. Many investors have decided the “buy, rent and hold” investment strategy is a winning one for the foreseeable future.
A recent report from Local Market Monitor (Posted in AGBeat) listed Houston as the “most rewarding city for being a landlord.” The rating is based on “home prices, area economy and rents and ranked by job growth.” Below are the four markets rounding out the list of “Top Five Cities for Landlording?”
1. Houston, TX
Projected 3-year rent increase: 18%
Q2 home price: $174,000
Current monthly rent: $818
Annual job growth: 2.5%
2. Grand Rapids, MI
Projected 3-year rent increase: 15%
Q2 home price: $128,000
Current monthly rent: $785
Annual job growth: 2.4%
3. Rochester, NY
Projected 3-year rent increase: 25%
Q2 home price: $148,000
Current monthly rent: $785
Annual job growth: 2.3%
4. Dallas, TX
Projected 3-year rent increase: 16%
Q2 home price: $166,000
Current monthly rent: $877
Annual job growth: 2.2%
5. Tulsa, OK
Projected 3-year rent increase: 19%
Q2 home price: $146,000
Current monthly rent: $671
Annual job growth: 1.8
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