When you are looking at investing in rentals, you want to consider cities with the best climates for renting. These cities should be areas that are growing in population as well as income potential. The following three cities have a lot to offer real estate investors.
1. Fort Worth, Texas
When you see lists about housing and real estate in Texas, you often see Austin mentioned. However, Fort Worth has a lot to offer investors, especially with the growth of the oil business. More people are moving to Fort Worth with the city experiencing a 38.6 percent growth in the past decade. House prices have raised, but are still affordable.
Rents have gone up, which means increasing profits for investors. Downtown Fort Worth is a prime area but so are the historic areas nearby. Surrounding suburbs are also viable options, such as Keller and North Richland Hills. The homes in these areas maintain solid value.
2. Jacksonville, Florida
Jacksonville is a great city for retirees with a lot to offer them. At the same time, it is not as well-known for tourism as other Florida cities which makes it attractive for those who want a home that is diverse with a community environment. As the most populous generation in history, Baby Boomers are now in retirement or nearing it, increasing the appeal of these communities in warm locales. They also have more money to afford to live where they want, which for many will be right on the beach. Waterfront property is scarce and will grow in value as rental property.
Another appealing feature about choosing a location for retirees is the fact that they have more money to invest in rental properties which increases investors' profits. Look at older homes with the intent of restoring them as opposed to buying brand new to save money.
3. Des Moines, IA
Midwestern towns don't always get on the radar of real estate investors who are thinking big cities on the east and west coasts. However, Des Moines has a lot to offer people and is a growing community. One of the biggest features is its affordability. With a cost of living well below the national average, money stretches further. Forbes Magazine called it the Best City for Business and Careers, which will attract more people looking for jobs or making career moves.
Des Moines is also great for families, but it appeals to college students and young graduates. This means more people are looking for places to rent until they decide if they will stay long-term. At the same time, property prices are reasonable, which means buying an investment property won't break the bank. And while many of these people will also decide buying is affordable, others will choose renting as the easier and more economical solution. Financial services, insurance companies and tech businesses are all growing in Des Moines and enhance the stability of the population with higher-paying jobs. This is one city that appears to be a good prospect for the foreseeable future.
When looking for the perfect location to invest your money in rental properties, you have many factors to consider. Affordability is one as well as the prospect of continued growth to sustain your investment. You also want to consider the increase in value should you decide to sell your property. All three of these cities are growing and attracting more people though the demographics are different. With home prices still affordable and more people looking to live in these communities, they are ripe for savvy real estate investors.
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