Lucrative Landlord Locales

Perhaps you inherited a house, have been renting it out, enjoy being a landlord, and are interested in acquiring additional rental properties.

Or maybe you've come into some extra cash and are interested in investing in a property and making a steady rental income.

Regardless of the reason, do your homework first.

You’ll only make money on your rental property if it is occupied. Here are three hot spots where rentals are always in demand and command top dollar.

1. Miami, Florida
This sunny southern city is a melting pot of cultures. Walk down any busy Miami street and you’ll likely hear Spanish, English, Portuguese, French, German, and Creole being spoken.

Miami is the gateway to Latin America and a top tourist spot for Americans, Canadians, and Europeans.

With its pristine white-sand beaches, abundant nightlife, world-class restaurants, and energetic ambiance, Miami is a paradise — for tourists and for landlords.

The number of Miami residents who rent jumped a whopping 25 percent between 2006 and 2013.

The tourists who flock to Miami year-round keep the city’s huge number of hotels and motels occupied.

The service workers who staff them have to live somewhere, and can’t afford to buy a property in a city where the median home sales price tops $300,000.

Hospitality workers are plentiful in Miami — and they’re renters.

Besides service workers, Miami is a mecca for young singles who work hard and play hard.

From models to marketing gurus, Miami’s large young professional population tends to want to live near the action.

Neighborhoods like South Beach and Little Havana are full of rental bungalows, condos, and townhomes. Snag one, maintain it well and you’ll have no trouble keeping it rented out.

2. Scottsdale, Arizona
On the other side of the country from Miami sits another decidedly less-flashy city that’s a smart investment for landlords.

Scottsdale is a top destination for snowbirds, retired Northerners who fly south in winter to bask in this city’s year-round warmth.

One study estimates the number of annual Arizona snowbirds at more than 300,000.

Scottsdale, with its myriad resorts, golf courses, restaurants, and entertainment options is a popular place many of them choose to roost.

With a median home price of nearly $400,000, snowbirds are far more likely to snag a rental here than they are to buy a house.

While some snowbirds prefer a long-term rental others opt for short-term.

Landlords can command top dollar for these more flexible arrangements.

For the rest of the year, there are plenty of potential tenants thanks to Scottsdale’s large hospitality industry.

Scottsdale is also a favored spot for Arizona State University professors and graduate students to live.

With more than 76,000 students (plus the faculty that teaches them), landlords in nearby Scottsdale have a steady stream of tenants interested in renting, but interested in distancing themselves a bit from Tempe’s undergrad-saturated communities.

3. Dallas, Texas
Everything’s bigger in Texas, they say, and in Dallas that includes the number of renters.

Of the more than 484,000 houses in Dallas, 57 percent are occupied by renters.

Dallas has a huge single, upwardly mobile professional population.

This demographic is a landlord’s dream, as young professionals tend to be responsible and reliable tenants.

Currently, median housing prices are on the lower end of the spectrum (around $250,000) and are trending slightly downward.

That means landlords ready to invest should take a close look at property in this north Texas city.

Neighborhoods like University Park, M Streets, and Oak Lawn command the highest rents because they’re the trendiest and most desirable places to live for young professionals.

If you’re looking to expand your rental property portfolio, take a close look at Miami, Scottsdale and Dallas area real estate.

These hot markets are full of renters anxious to sign on the dotted line and find their next home.


Posted on Apr 30, 2015


The Landlord Tenant Board: What it is and When it is Needed

Many times, there are issues between a landlord and a tenant that need to be resolved but are failed to do so, because both parties have gone too far with their actions, and have retaliated in the... More

How to Create a Residential Lease Agreement

Where there is a landlord, there will also be a tenant, and it is no surprise that these two parties can only work together once there is some sort of agreement, contract or a binding deal in place.... More

The Best Sites for Rental and Lease Agreement Templates

Many landlords find it difficult to write and draft a lease agreement. Since every State has its own general template, it can also be difficult to make sure your lease agreement meets all the criteria... More

Landlord Obligations: The Responsibilities of a Landlord

Becoming a landlord is a major deal and no one can simply get up and think, “well, yes I think I should be a landlord and rent out my flat.” If you are thinking that you would like to be a landlord,... More

The Best Landlord Associations for Landlords to Join

If you’re a landlord and want to manage your business in a better way, you should endeavor to get in touch with those industry experts who have the experience and the skills to help you do it. This is... More

The Best Landlord Forums

Landlords and aspiring landlords, do not become as such, without guidance and advice. There is a lot that goes into being a landlord nowadays; in fact, there is so much to learn that it often confuses... More

The Biggest Landlord Problems and How to Fix Them

Renting out an apartment or a house can become a constant revenue source for landlords, but at the same time, it gives rise to several problems. It is a fact that high standards, a strict lease... More

Landlord Tenant Disputes

If you are currently thinking of becoming a landlord only because it helps you have a constant stream of income, you should think twice. It’s not that you should not consider offering your property... More

Unpaid Rent

When you talk about the most common disputes arising between landlords and tenants, nonpayment of rent has to be there in the list. People rent their properties to earn money, and when a tenant... More

Section 8 Landlord Pros and Cons

If you have ever rented a living space and have had to move many times, you’d already know how difficult it is to find decent, affordable and secure living premises. A person has to deal with the same... More