Key Highlights
- 31 cities in 20 states are considered to be the best places to buy rental investment properties in 2020 , according to a report by Turbo Tenant.
- New York state and Ohio tied with the most cities represented in this “best locations” for rental investment properties.
There is every expectation that both multi-family and single-family rental markets will be hotter in 2020 than they were in 2019. According to a new survey from Turbo Tenant, 31 cities from 20 states were considered to be the best places to buy rental investment properties for 2020.
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This Turbo Tenant survey compared average rental costs with monthly mortgage payments. Terms were set at 30-year fixed mortgages, 20% down payments and 4.1% interest rates. Elements considered in this survey included the property’s days on the market numbers, the number of leads generated by the property, the rent cost, the home sales information, the median sales price, population growth and employment growth.
You’ll note that the states of New York and Ohio tied for the most cities represented with three cities each. Seven states had double-digit representation and the states of Florida, Montana, North Carolina, South Carolina and Delaware also had cities represented on this “best locations” for rental investment properties for 2020.
Turbo Tenant’s Top 31 Cities Highlighted as Best Locations for Investment Property in 2020
- Reading PA
- Population growth of +0.4%
- Employment growth of +1.2%
- Home value increase of +11.1%
- Median sale price of $140,000
- Rent cost for 2-bedroom unit at $957
- 271 leads generated by listing
- 8 DOM
- District Heights MD
- Allentown PA
- East Orange NJ
- Nashua NH
- Cincinnati OH
- Paterson NJ
- New Castle DE
- Rochester NY
- Hyattsville MD
- Akron OH
- Manchester NH
- Population growth of +.7%
- Employment growth of +1.4%
- Home value increase of +10.3%
- Median sale price of $247,000
- Rent cost for 2-bedroom unit at $1,450
- 82 leads generated by listing
- 15 DOM
- Buffalo NY
- Schenectady NY
- Grand Rapids MI
- Columbia SC
- Population growth of +0%
- Employment growth of +1.5%
- Home value increase of +5.6%
- Median sale price of $165,000
- Rent cost for 2-bedroom unit at $899
- 56 leads generated by listing
- 12 DOM
- Memphis TN
- Gulfport MS
- Independence MO
- Columbus OH
- Des Moines IA
- Kansas City MO
- Population growth of +2.7%
- Employment growth of +1.5%
- Home value increase of +11.5%
- Median sale price of $190,000
- Rent cost for 2-bedroom unit at $1,010
- 47 leads generated by listing
- 32 DOM
- Great Falls MT
- Fayetteville NC
- Petersburg FL
- Population growth of +3.3%
- Employment growth of +2.3%
- Home value increase of +14.6%
- Median sale price of $225,000
- Rent cost for 2-bedroom unit at $1,356
- 26 leads generated by listing
- 22 DOM
- Caldwell ID
- Rogers AR
- Cedar Rapids IA
- Fort Wayne IN
- Laurel MS
- Aurora NY
- Population growth of +4.5%
- Employment growth of +5%
- Home value increase of +6.3%
- Median sale price of $169,000
- Rent cost for 2-bedroom unit at $919
- 7 leads generated by listing
- 14 DOM
Thanks to HousingWire’s Julia Falcon and Turbo Tenant for source data.
Source: https://www.ipx1031.com/best-cities-to-buy-investment-property-2020/
Also read: Investment Hotspots in 2019 & Beyond, California’s Median Home Price Jumped +10% to $615,090 in December 2019, Rental Growth Hits +3% in November 2019 & Existing Sales Volume Hit +10.8% y/y in December 2019
