5 Top Hot Spots for Buying Rental Properties
5 Top Hot Spots for Buying Rental Properties
Rents are on the rise nationwide and investors are looking to cash in. Local Market Monitor recently reviewed 316 housing markets to find which ones offered some of the highest returns on investment potential for single-family rental properties.
The following are the top five markets that emerged from its list as best places to purchase a rental property in the U.S.
1. Las Vegas
Median home price (2012): $122,000
Estimated median home price by 2015: $121,087
Projected annual rent in 2015: $12,829
2. Detroit
Median home price (2012): $78,000
Estimated median home price by 2015: $93,982
Projected annual rent in 2015: $9,016
3. Daytona Beach, Fla.
Median home price (2012): $114,000
Estimated median home price by 2015: $123,282
Projected annual rent in 2015: $11,048
4. Orlando, Fla.
Median home price (2012): $115,000
Estimated median home price by 2015: $150,491
Projected annual rent in 2015: $13,105
5. Warren, Mich.
Median home price (2012): $114,000
Estimated median home price by 2015: $116,706
Projected annual rent in 2015: $9,308
View CNNMoney’s full list of the Top 10 best places to buy rental properties.
Source: “Best Cities to Buy Rental Properties,” CNNMoney (June 2012)
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