Investing In Rental Property – Location is Key
Has being a rental property owner sparked an interest in investing in additional properties? When investing in rental property, you are also investing in the neighborhood. Choosing the right location is as critical as the home itself, and can result in attracting quality tenants willing to pay higher rent and in enhancing the long-term value of the property. Here are some tips to consider when choosing the location of rental property.
- Crime: Trends in foreclosures, vacancies and crime rates in the neighborhood can tell you a lot about the area.
- Weather: Severe weather, such as hurricanes and tornadoes, tend to strike in recurring regions and result in extensive property losses. According to a study by WalletHub.com, states with the highest property losses from natural disasters are Missouri, Oklahoma, Texas, New Jersey and New York.
- Financial Stability: Property values, tax rates and future development projects in the neighborhood and surrounding areas can be useful in projecting the property's long term appreciation.
- Demographics: Population growth and average income statistics in the geographical area can provide insight into the value of the property, short and long term.
- Transportation Improvements: Planned transportation projects can impact the appeal of the property to renters and the property's long-term value.
- Political Leadership: Strong, forward thinking political leadership can help to increase the value of real estate prices in the long run. A city that is innovative, entrepreneurial and flexible will attract good things for businesses and residents to that particular area.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
Get the Neighborly App
In addition to Real Property Management's expert skills in managing your rental property, you can utilize Neighborly's other brands to maintain and enhance your home. Use the Neighborly App to get connected to local home service professionals. Download and receive offers only available on the App.
Depending on current health and safety regulations in your area, some of the services mentioned in this post may not be available. Neighborly service providers will follow the latest health and safety guidelines provided by the local and state governments. Please check with your local Neighborly service provider for details at the time you need service(s).