Are you looking into buying a rental home and are dreaming of diving into the landlord game? You might want to pack your bags and head to these hotspots. A new study from property management company Evernest shows which U.S. cities are the best for landlords — and the results aren’t totally predictable.
Evernest crunched the numbers on over 50 cities, looking at everything from rental profitability to how many folks are frantically Googling “apartments near me.” They mashed it all together into one fancy composite index and we’ve got the list that’ll make you want to buy property faster than you can say “security deposit.”
Detroit is topping the charts with a mind-blowing 30.63% rental profitability. That’s right, the Motor City is now the Money City for landlords. With affordable property costs and solid rent prices, Detroit is proving that sometimes, the underdog comes out on top.
Coming in hot at number two is Baltimore, serving up a tasty 20.22% rental profitability. With nearly 100,000 rental searches, Charm City is living up to its nickname for landlords looking to charm some cash out of their investments.
Milwaukee: More Than Just Beer and Cheese
Who knew Milwaukee was such a hotspot? With a 22.46% rental profitability, this Midwest gem is proving there must be gold in those lakes. Its balance of affordable properties and strong rental demand is making landlords say “cheese” all the way to the bank.
Indianapolis: Racing To the Top
The home of the Indy 500 is speeding its way up the landlord charts. With a hefty population of over 880,000 and a solid 19.67% rental profitability, Indianapolis is revving up to be a landlord’s dream.
Atlanta: The Peach of Landlords’ Eyes
Atlanta’s bringing up the rear of our top five, but don’t let that fool you. With the highest rental demand on the list (over 178,000 searches), the Big Peach is ripe for the picking. Its 10.72% rental profitability might seem low, but with that kind of demand, you’ll be singing “Georgia On My Mind,” while cashing in.
Some Other Cities on the Rise
If you’re looking for a few more cities that can bring you your landlord bang for your buck, check out some of these. Charleston’s serving up Southern charm with a side of 20.69% rental profitability, while Omaha’s gives a solid 18.31% return. Jackson’s showing size doesn’t matter with its affordable $1,442 per square meter property prices and Denver’s mile-high rental searches (115,710) are proving the Rockies are anything but rocky when it comes to landlords. Wilmington is also punching above its weight with a 14.63% profitability.
“The findings reveal that profitability as a landlord isn’t confined to the most obvious locations. Cities like Detroit and Milwaukee, which often fly under the radar, offer some of the highest returns due to their balance of affordable property prices and strong rental demand,” a spokesperson from Evernest said.
The moral of the story? Look behind the majorly-hyped cities and invest in towns where populations (and profitability) are on the rise.
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