Affordable Places for Your Next Rental Property

Before you decide on investing in your next rental property, you have to think about its affordability and the returns it will yield.

Technological advancements such as photorealism tours by specialty real estate experts have made geographical limits a thing of the past.

While this is good news on all accounts, how does one know the best places to invest? This article will break down some of the most affordable places for you can invest in for your next rental property;

Albuquerque, New Mexico

Albuquerque, New Mexico, is among the most affordable places to purchase your next rental property and get good returns.

What makes this city such a great choice in the real estate market is that it has steady population growth, impressive job growth, and it’s also very affordable. Albuquerque has a median home price of $219,000 with an average rent of $1,180.

Like most cities, if you explore Albuquerque well enough, you might land even more affordable properties with higher rents. All you need to do is get the services of the local experts who advertise rental properties, and you’re bound to get even better deals.

Even though the job growth in the city has decreased over the last year, it’s still better placed than most cities in the United States.

The city has been witnessing a steady population increase accompanied by low unemployment rates. This means that there is a big population in Albuquerque looking to rent a home at any given time.

Atlanta, Georgia

Atlanta is among the best places you can buy a rental property all over the United States. The city has one of the most impressive job growth rates across the nation, making it desirable to investors.

The average home price in the Atlanta metropolitan area is around $247,000, with a median average rent of $1,573. Atlanta’s housing market guarantees investors affordable rental properties with the potential of earning high incomes.

Even though the city saw a 4% drop in its job growth, this is still better than 30% of the national average. In addition, with a 14% population growth rate, Atlanta guarantees investors an ever-growing tenant pool.

This means that you’ll never have to worry about your investment not fetching you the expected returns at any point.

Orlando, Florida

The city has witnessed a 3.465% jump in the number of jobs in just a year. With that in mind, it has been predicted that Orlando will have an even better year as far as the housing market is concerned.

In Orlando, Florida, the average cost of rental properties ranges around $262,000, with its median rent standing at $1,597. What’s even better is that you can still find even more affordable properties in specific neighborhoods with almost similar rents.

In recent times, Orlando, Florida, has seen an increase in demand for single-family homes. Even with this trend, you can still get fully renovated rental properties for about $215,000.

Interestingly, even with these low housing prices, most of the city’s population still prefers to rent rather than buy. This makes Orlando, Florida, a great place to invest in your next rental property.

Charlotte, North Carolina

It’s very hard to find a more exciting housing market in 2021 than in Charlotte, North Carolina. This city has surpassed all expectations over the last year, and it doesn’t seem to be slowing down anytime soon.

Charlotte’s population has been growing steadily for a while, with its job market expanding even more. The Charlotte metropolitan area has some of the most affordable rental properties you can find anywhere in the United States.

The home prices range around $249,275, with a median rent of $1,500. If you’re an investor looking for solid equity growth, Charlotte, North Carolina, makes a great choice for you. With a population growth rate of 17%, Charlotte offers investors a very stable real estate market like no other.

San Diego, California 

Many people do not usually associate the word affordable with California, especially San Diego. However, that is not always the case. It is true, San Diego is one of the most desirable locations in the U.S. Many people move down to Southern California in search of a cheap home near the beach, which quite frankly is very rare and hard to find. There are many affordable and hot areas in San Diego that are located more inland and can serve as desirable rental property locations. With the hot weather many months during the year and delicious food, living a ways away from the beach is not all that bad after all. 

Conclusion

If you’re looking for affordable places to invest in rental properties, the above places will make great choices for you. However, before you decide on the property to buy, it’s important to research all the options available and settle on the one that suits your personal investment goals.