Factors That Can Indicate a Profit
Factors That Can Indicate a Profit – There are about 85 million single-family homes in the U.S. Although it’s possible to rent nearly every home, the truth is that some homes make more profitable rentals than others.
If you’re thinking about buying your first rental property, or are adding another home to your real estate investment portfolio, keep reading to learn 12 key factors for investing in a profitable rental property.
Key takeaways
The single-family rental (SFR) asset class is attracting capital from both private investors and large institutional owners and operators.
Profitable rental property can be found in cities where the economy is strong, the population is growing, and listings and vacancies are low.
Things to consider when looking for rental property include local amenities and transportation, increases in home value and rent price growth, and neighborhood ratings.
Here are 12 key factors to consider when purchasing a home as a rental property.
1. Strength of local economy
Cities where job opportunities are increasing, businesses are expanding and relocating, and median household incomes are growing see more demand for housing and attract more tenants. Sun Belt cities, such as Phoenix, Austin, and Tampa Bay are 3 of many great rental property markets with vibrant economic growth due to business-friendly climates, lower taxes, and economic diversity.
2. Population growth
Economic growth, lower cost of living, and better quality of life attract more residents and businesses. Some of the fastest-growing places in 2021 and 2022 include Orlando, Florida; Spartanburg, South Carolina; Austin, Texas; Charleston, South Carolina; and Fayetteville, Arkansas. The U.S. Census Bureau QuickFacts page is a good resource for learning about population growth for every city, county, and state in the country.
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