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Best Places To Buy To Rent

The good news is that with long-distance real estate investing, you can find plenty of places to buy rental property where prices are low and cash flow is strong. Most of these places have the same things in common, including good job markets, rising rents, and increasing property values.

best places to buy to rent


Based on those criteria, here are some attractive places to consider when you are thinking about buying rental property. The home value data comes from Zillow as of November 2021, rent statistics for a 3-bedroom home come from Zumper as of January 2022, the job and population growth statistics from compare 2018 to 2019, and population and 10-year population growth (2010 vs 2020) is from the U.S. Census Bureau:

According to Rentonomics, since 1960 rents have consistently increased in the U.S., even during periods when real median household incomes have declined. During the 60 year period between 1960 and today, there have been eight recessions. Yet, throughout those troubled times, rents still continued to rise.

Other metrics to use when deciding which rental property markets to invest in include neighborhood ratings, school rankings, crime rates, vacancy rates, business-friendly government, and if landlord-tenant laws favor you or the renter.

Summary: In this article, you will learn about 22 of the best places to buy rental property in 2023. You will discover why each of these markets is a great place to invest in real estate, read housing market statistics for each area and trends to know for the next three to five years.

Despite what the numbers on a spreadsheet may say, a rental property will only bring in revenue if you can find someone willing to rent it. To determine the best places to buy rental property for 2023, look for areas with high population growth and high demand for housing.

When demand for housing outpaces supply, home prices rise and rents increase. This means that when you invest in rental properties in an area with high population growth and high demand for housing, your investment should pay off over time as rents rise.

RealWealth members who invested in duplexes in San Antonio paid $500,000 on average, collected an average of $3,500 in rent per month, and had an average RTV ratio of 0.7% (23% greater than the US average).

Hot Real Estate MarketIn Jacksonville, the prices of homes have risen faster than rent prices, which has fueled demand for rental properties and created an attractive investment opportunity.

As of 2023, the average rent-to-value ratio for Baltimore properties purchased by RealWealth members was 0.94%, which is significantly higher than the national average RTV ratio of 0.57%. This means that investors who purchase houses in Baltimore can expect solid cash flow potential.

The median price of homes in Baltimore is $369,708, while the median rent is $1,785. This makes Baltimore an excellent investment opportunity, as it provides both opportunities for appreciation and rental income potential.

The average price of a home in Tampa is $361,696, and the average monthly rent is $2,058. The Tampa area has been experiencing steady job growth as a result of the expansion of its higher-paying professional and business services sectors. As a result, many people are moving there from other areas of Florida and other parts of the United States to take advantage of these opportunities.

The median home price in Cincinnati is $254,824, 26% less than the average price of a US home and the median monthly rent is $1,376, 30% less than the US average. In Cincinnati, Ohio, more than 60 percent of households rent their homes.

The average RTV ratio for RealWealth investors who invest in Cincinnati is 0.95%, which is 67% higher than the national average RTV ratio; these homes cost $131,000 on average, and rent for an average of $1,250 per month.

Affordable real estateThe average price of a home in Cincinnati is $254,800, 26% less than the national average. In some neighborhoods, you can find investment properties that are as much as 60% less than the national average and rent them out for just under 1% of the purchase price.

Cincinnati is one of the few affordable markets in the US where you can still find a lot of properties that conform to the 1% rule. If you can get 1% of your purchase price in rent every month, then you have a good chance of seeing an adequate return on investment.

In Cincinnati, investment properties sell quickly because there is a shortage of inventory in the current market. It is important to be prepared to make an offer as soon as you determine that you want a property.

The Dallas real estate market is quite competitive, with a Redfin Compete score of 63. However, home sales are down 36% year over year due to rising mortgage rates. The average home price in Dallas is $377,991. The average monthly rent is $1,771.

The average home price in Dallas neighborhoods where RealWealth members invest is $215,000, and the average rent is $1,650. For these neighborhoods, the average rent to value ratio is 0.77%, almost 35% greater than the national average.

Indianapolis has an average home price of $262,770 and an average monthly rent of $1,453. Over 46% of Indianapolis residents rent their homes. This means that there is high demand for rental properties in the area.

Birmingham, Alabama is one of the best places to invest in rental properties in 2023. Its diversified economy and steady population growth make it a solid choice, as do its low unemployment rate and low average home value.

Steady real estate appreciation ratesThe Houston real estate market has had an average appreciation rate of 8.24% per year for the last 8 years, making it one of the safest places to invest in real estate in the US right now.

According to the latest US News Best Places Rankings, Ocala is ranked No. 16 as the best place to retire, No. 6 for fastest growing, No. 9 for best place to live in Florida and No. 10 as the safest place to live in Florida.

Palm Bay has a track record of being one of the best long term real estate investments over the course of the last ten years. In the last eight years, home values have increased by 139% in Palm Bay, while rents have increased by 82%.

Atlanta is the third largest city in the U.S. in terms of the concentration of Fortune 500 companies, after New York City and Dallas-Fort Worth. There are currently 17 Fortune 500 companies, 31 Fortune 1000 companies and one Dow Jones company headquartered in Atlanta. Major companies headquartered here include Delta Air Lines, Coca-Cola, Home Depot, UPS, AT&T and Centers for Disease Control.

Atlanta home prices have grown by 121.71% in the last 8 years, and rent prices have increased by 66%. With a growing number of new jobs and a strong economy, there are no signs that the real estate market will slow down in Atlanta.

Atlanta is one of the fastest-growing cities in the U.S., with a growing economy and population. This combination creates a great environment for investors to buy older homes that need repair and turn them into rental properties or purchase newer, larger homes in upscale neighborhoods to rent out to more affluent tenants.

Despite its slight population decline, Pittsburgh has long been known as a solid cash-flowing market for investors. The average RTV (rent-to-value) ratio for the Pittsburgh metro area is 0.63%, almost 10% greater than the US average.

Strong rental marketThe average RTV ratio for the Pittsburgh metro area is 0.63%, which is 10% higher than the US average RTV ratio of 0.57%. In neighborhoods where RealWealth members invest in Pittsburgh, the average RTV ratio is 0.87%, 52% higher than the US average.

Huntsville offers a steady job market that pays STEM workers above average salaries and a growing population (38% of whom are renters). You can expect good returns on investment from your property as well, since the area has been growing rapidly over the last 10 years.

Solid rental cash flow opportunitiesThe Huntsville real estate market is experiencing a boom, with affordable housing, good-paying jobs, and other factors drawing people to the area. As a result, investors have plenty of opportunities to choose from as they put their money into Huntsville properties. These are the primary reasons Huntsville made our best cities to invest in real estate list for two years in a row!

The average rent to value ratio for RealWealth investors in Huntsville is 0.93%. This means that it is easy to find properties that conform to the 1% rule in Huntsville, if you look in the right neighborhoods.

High real estate appreciation ratesIn the last eight years, Huntsville home prices have grown by 86.25%, 2.64% higher than the 84.03% average growth rate for home prices across the country. In the same time period, rent prices have grown by 68.31%, which is 67.15% higher than the 40.87% average growth rate for rents across the US.

The city has grown by more than 12% since the 2010 census, and it is now the 25th largest city in the United States. The average price of a home in Oklahoma City is $215,179 and the average monthly rent price is $1,310.

In Oklahoma City, the newer the home, the easier it is to invest in. Fewer maintenance concerns mean fewer tenant problems and complaints. Many of the newer homes are in beautiful neighborhoods, but credit restrictions make it difficult for many families to buy. So they opt for renting.

Montgomery, Alabama is another one of the best cities to buy rental property in 2023, offering both affordable properties and a strong rental market. The median home value in Montgomery is $181,065, while the median monthly rent is $1,215.

Strong rental marketMontgomery saw strong rental market growth in the last 12 months, with rents increasing by 10.5% year-over-year. While Montgomery home and rent prices still remain affordable, rent prices in the city have increased at almost the same rate as home appreciation. 041b061a72


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