Best Cities to Invest in Real Estate Right Now
The housing market is once again on the rise, so now is the time to invest in real estate. If you want to become a landlord, choosing the right city is key to attracting quality tenants and making a profit. The perfect city has a strong economy, robust employment rate, a rising population, and a thriving culture. These are the top cities in the US to invest in right now.
If you want to move to southern California but can’t afford the exorbitant housing prices in Los Angeles, drive a hundred miles south to San Diego. America’s Finest City has on average 146 sunny days a year, including fall and winter. San Diego hosts a growing technology and biotech sector that’s adding jobs for engineers, chemists, researchers, biologists, and medical practitioners. Rent is competitive in San Diego, so landlords can keep their rentals full all year.
Chicago remains a popular city for the young and old alike. Young people flock to Chicago for its diversified economy, which includes finance, energy, manufacturing, business services, and information technology. The Windy City is also known for its varied culture, including improvisational comedy, hip-hop, and soul music. Rent is rising rapidly, so owning a rental can give you big returns.
Memphis is a city bustling with young people looking to rent and buy property. Considered the birthplace of rock and roll and the blues, Memphis is a hub for artists of all types. It’s also known for its southern food, namely fried chicken and barbecue. With more young people moving to Memphis, there’s an increase in job opportunities. This makes it an excellent place to rent-out property.
Once known as an impoverished city, Detroit’s job market is growing rapidly. Young artists, manufacturers, and business owners are moving to Detroit for its cheap housing prices. While Detroit’s economy is still recovering, investing in a property now can pull in profit later as it appreciates in value. Looking to buy from out of state? Get a commercial bridge loan and apply it to your new property as you make the transition to the Motor City.
The theme park capital of the world is one of the South’s most bustling industries. Fueled by a robust tourism market, Orlando remains a hot spot that brings in business from across the country and overseas. Rental rates in Orlando have grown twice as fast as other US cities, and the market continues to grow. Sunny weather, endless entertainment, beautiful beaches, and scenic views make Orlando one of the most attractive places to live.
Atlanta is home to the U.S. headquarters of world-renowned companies like Delta Air Lines, SunTrust Bank, Coca-Cola, and CNN. It’s also leading the nation in energy and auto manufacturing in addition to being a heavy-hitter in the film and aerospace industry. As the home of over 66 colleges and universities, millennials come and stay in Atlanta for the scenic views, affordable living, and diverse economy. Manageable entry prices and declining vacancy rates make it the perfect place for landlords to invest in rental property.
The Twin Cities have become a popular spot for home investors who can’t compete in more expensive cities. Renters are moving there too because of a booming economy. Minneapolis is home to five Fortune 500 companies, it’s the largest center of commerce between Seattle and Chicago. Their strongest business sectors include banking, education, healthcare, manufacturing, agriculture, publishing, and technology. Its scenic chain of lakes, bike paths, and parks make it one of the most beautiful cities in the Midwest.
Denver is one of the fastest-growing large cities. It’s known for its diverse job market, including private aerospace engineering, advanced manufacturing, and bioscience. Denver also has one of the highest concentration of millennials in the country, which makes it the perfect spot to own rental property.
Investing in real estate can be a highly profitable venture. If you’re ready to jump into the housing market, consider buying in these cities.
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