What are the Best Cities to Buy a Rental Property?
Ready to embark on your next real estate investing project, but not sure where to go? Renovo Financial compiled a list of some of the best cities to buy a rental property - and we have the connections you’ll need for them.
Although the housing prices are relatively low statewide, there is still a high demand for rental properties in the Sunshine State. Baby boomers are retiring and moving to Florida in record numbers because of the warm weather, low property taxes and insurance rates, and excellent health care. With a high population, and therefore job growth, coupled with the fact that it is reasonably affordable for all, it’s easy to see why Orlando tops the list.
Dallas has the fourth-highest metropolitan population in the country. With its big city lights deep in the heart of Texas, more and more companies are relocating to Dallas from around the nation. Because of the fewer business regulations, lower taxes, cost of doing business, Texas is now known to be very business-friendly - and with all the businesses moving there, their employees need a place to live.
When you’re looking for one of the best cities to buy a rental property, look no further than Chicago. The Windy City is known for a lot of things - hot dogs, deep-dish pizzas, and being one of the last remaining markets to find a great investment opportunity. Chicago is the third-largest city in the country, while also being one of the most economically powerful cities in the world. Factor in that Chicago housing prices haven’t gone up since 2006, and you’re looking at a city brimming with opportunity.
Huntsville’s top employer is the US Military, with NASA Marshall Space Flight Center being right behind it. Also home to Alabama A&M University, University of Alabama - Huntsville, and Oakwood University, Huntsville is a hidden gem in the south. With the need for off-base temporary military housing, dorms, apartments, and other multi-family homes, it’s easy to see why Huntsville, Alabama is one of the best cities to buy a rental property.
The Motor City is home to “The Big 3” automotive companies - General Motors, Ford Motor Company, and Chrysler, investing billions into Detroit's infrastructure and offering a wide range of jobs. Also notable, Detroit is home to the headquarters of Kellogg, Walmart, and Whirlpool. Despite being the Motor City, Detroit is growing in healthcare, aerospace, defense, and IT, making it a great investment opportunity for the high demand for rental properties.
Right down the street from Fenway Park and surrounded by the Emerald Necklace, Boston is one of the best cities to buy a rental property. With continuously low unemployment rates and close proximity to Ivy League schools like Harvard and MIT, the demand for rental housing is skyrocketing.
The state capital of the Peach State, Atlanta, has been continuously growing since it hosted the 1996 Olympics. Its growth in population is correlating with the number of jobs being created, especially in the manufacturing field. In the bustling city, rental housing is prime real estate, and easily one of the best cities to buy a rental property.
Winston Churchill famously said, “Cincinnati is the most beautiful of the inland cities of the union.” That seems to still hold true today - and is one of the reasons Cincinnati is one of the best cities to buy a rental property. A unique, historic city right on the Ohio River, Cincinnati is home to several Fortune 500 companies. With more and more millennials moving to Cincinnati, the best time to buy a rental property is now.
Houston got its start as a railroad construction town in the 1800s and continues its work redefining the modes of the transportation industry. With NASA’s Mission Control at the heart of Houston and 49 Fortune 1000 companies in its city limits, Houston boasts continuous population and job growth - making it one of the best cities to buy a rental property.
Indianapolis is more than fast cars. The city has recently spent billions of dollars in revitalization and is now considered to be one of the best places to live - and one of the best cities to buy a rental property. Indianapolis boasts local farmer’s markets, craft breweries, and exploration from White River State Park to the secret tunnels under City Market. There’s always something to do and is why more and more people are moving to the 8-mile Indianapolis Cultural Trail.
Renovo’s process has been designed around the needs and goals of investors. By choosing to focus on you, we’re able to secure the best possible funding for your rental property investments. With headquarters in 2 of the 10 best cities, Renovo’s closing team works with our clients leading up to their closings and providing the guidance and assurance needed to close deals quickly - it’s why we’re frequently recognized for going above and beyond. We have a dedicated team for each project. Most importantly, when we say we'll do something, we mean it.