Real estate is undoubtedly one of the most lucrative avenues for passive income through rental properties. However, the choice of location and property matters big time in determining your potential for ROI. Experts always stress on investments in booming hotspots marked by good employment potential, academic opportunities and also entertainment outlets. The location and the property both must be alluring to the tenants and must also promise quality rental yield for the investor.
Are you too looking forward to power up your wallet with excellent rental income? Well, here goes a list of 3 hottest destinations to invest in rental properties this year.
Fort Lauderdale, Florida
The flourishing real estate sector of Fort Lauderdale extends amazing opportunities for smart investors planning for high yielding yet affordable rental properties. The place is always attracting tenants with its higher employment rates, great academic provisions and beautiful beachfront vista. Moreover, its refined dining, shopping and nightlife are other perks to stay here. The median home value in the city is around $284,600. Much to the delight of rental property investors, Ft. Lauderdale properties carry higher rental rates that eventually mean great rental yields for the investors. You can expect something like 9 percent rental yield here. Besides, the city now boasts a good share of luxury oceanfront condos like paramount condos which will be awesome for those planning for plush rental properties.
One of the major factors behind Pittsburgh popularity among rental property investors is certainly its booming job market. The place is the home to several eminent corporations encompassing various industries like technology, education, healthcare, robotics, finance, glass & film making. The downtown area now houses Google’s East Coast HQ. Then, the rising population graph of the city further assures steady demand for rented condos here. Besides, Pittsburgh is also known for its affordable proper rates. The media home sale price is as low as $150,000 and you will still get standard single-family units here at $75,000 – $100,000. In regards to home rental rates, it’s over $1200 per month and can even shoot up till $1554.
Huntsville is another great option when you are looking for potential rental properties for a solid passive income. The city benefits the investors and residents with low tax rates that make property maintenance extremely convenient here. Most importantly, Huntsville is always a top favorite among visionary investors given its high rents that eventually promise magnificent rental yield. Then, the city boasts some of the most high profile employers in the world, including NASA and Redstone Arsenal. The bustling presence of various Fortune 500 enterprises assures incredible career opportunities for the young job seekers from various parts of the State and the country. At present, the median home price in the city is a very affordable $125,000.
No matter whichever location you choose, it’s better to proceed with the help of a realtor. Real estate investments are always too complex for first-time investors and a realtor is the guide you can’t afford to miss.