Which housing markets are the hottest amongst single-family rental investors?
Online real estate investment and management firm HomeUnion pored over two years of sales data to answer that very question, compiling a list of the top 10 most sought-after housing markets of 2017. Topping the charts: Chicago, Illinois.
In HomeUnion’s report, Steve Hovland, Director of Research for HomeUnion, explained, “To remain ahead of the market and meet investor demand, we analyzed investor migration patterns and preferences since the beginning of 2016.” The result is a list that shows reveals a single-family rental investment boom occurring in the Midwest, with cities like Columbus, Detroit, Cincinnati, and Philadelphia all making the top 10 as well.
Holvand continued, “Rental properties in these metros are trading at a faster rate than before as their local economies continue to grow, the cost of living is lower than it is in most coastal metros, and median local incomes are keeping pace with home values.”
Here is HomeUnion’s full list of the top 10 most sought-after real estate investment markets. Each entry also includes the percentage increase in investment home sales between 2016 and 2017 for that metro, as defined as “single-family homes that transacted above $30,000 and with absentee tax records.”
- Chicago, Illinois: 30.4 percent
- Columbus, Ohio: 18.1 percent
- Atlanta, Georgia: 6.9 percent
- Detroit, Michigan: 2.6 percent
- New York, New York: 2.5 percent
- Cincinnati, Ohio: 2.1 percent
- Philadelphia, Pennsylvania: 1.6 percent
- Orange County, California: 1.5 percent
- Indianapolis, Indiana: 1.3 percent
- Milwaukee, Michigan: 1.0 percent
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