5 Cities Where it's Great to be a Landlord
According to the 2014 third quarter report from RealtyTrac, there are several cities across the country where it's great to be a landlord. Some cities offer lower risk for landlords seeking to find viable tenants and offer slightly lower gross rental yields. Other cities are considered high-risk, high-yield areas because unemployment and tenancy rates are high. The five cities below offer higher than 10 percent annual gross rental yields for landlords which make them quite profitable in the long run.
Miami Metro Area and Fort Lauderdale
The Miami metro area, which includes Fort Lauderdale, is considered to be a safe haven for single family homes, according to RealtyTrac. The unemployment rates and tenancy rates in the area are lower than the national average. The annual gross rental yield is nearly 13 percent.
Even with the drop in housing values a few years ago and the recovery still in process, rental rates are strong for the area. South Florida living is popular with retirees and millennials alike. International investors are also focusing on the area to develop businesses which bring more people into the area.
For the third quarter of 2014, RealtyTrac added Tampa to its list of high-risk, high-yield places for single family rentals due to slightly higher unemployment averages while still achieving an annual gross rental yield of 14 percent or higher.
Tampa is a good choice to become a landlord due to a wide variety in the population. Millennials who prefer urban living are drawn to the city of Tampa while retirees who are looking for the warmer weather and coastal living Florida offers move to the outskirts of Tampa to places like Clearwater and Pasco County.
Atlanta is a draw for many people thanks to its Southern charm and hospitality combined with its urban lifestyle and amenities. Atlanta proper as well as the surrounding areas are a draw for people with its low housing prices, which allow landlords to more easily acquire property.
RealtyTrac added Atlanta to its list of high-risk, high-yield locations for single family rentals, as with Tampa, because of it's higher unemployment and current high rental vacancies. Gross rental yields are over 20 percent for landlords all across the Atlanta areas in the both the city-proper and suburbs.
Baltimore, Maryland, thanks to its proximity to the Washington D.C. area, is an excellent choice to live, and a great option for landlords. Affordability is higher for residents who work in Washington D.C.
Listed as a high-risk, high-reward area by RealtyTrac, Baltimore has an annual gross rental yield of more than 21 percent. The employment rate and rental vacancy rate are higher than the national averages, but the area is vibrant and thriving.
RealtyTrac counts the area on its safe haven list for single family rentals. In Tulsa, unemployment is below the national average as are rental vacancies. Landlords in Tulsa can expect nearly 13 percent in an annual gross rental yield.
Operating as a landlord in different parts of the country will offer varying returns on your investment. As RealtyTrac's latest report shows, even in cities that have not fully recovered from the recession, with high unemployment rates, and cities with high tenant vacancies, there is money to be made as a landlord.
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