The ideal locations for investment properties are located in the Northeast region of the U.S., a new report from TurboTenant says.
New York, Pennsylvania, Massachusetts, and New Hampshire were highlighted in The Best Place to Buy Rental Investment Property report.
For measure, in the first quarter this year, returns averaged 31%, and in Q2, returns averaged 34%, according to ATTOM Data Solutions.
TurboTenant released The Best Place to Buy Rental Investment Property report for all 50 states. The following is a roundup of standouts.
“The data that we have on the average rent, the number of leads a vacancy receives and the number of days on the market helped us identify the best investment opportunities. We see great value in sharing these insights and growing the number of landlords across the U.S.,” said Sarnen Steinbarth, TurboTenant founder and chief executive officer.
The report highlights upstate New York, with a strong ROI, a median home sale price in the mid-$100,000 range and rents averaging over $1,000 in all cities. Properties in Buffalo, Rochester, Troy and Schenectady all averaged less than 20 days on the market.
In Connecticut, Waterbury and Bridgeport saw home values increase into the double-digit range. Here, landlords see over 50 leads per property, according to the report. Most homes in Waterbury, Bridgeport, New Britain and Stamford are rented within a couple of weeks, and home sale prices and rents see a strong ROI.
Positive population, employment and home value increases were reported across the board in the Massachusetts cities of Cambridge, Worcester, Quincy and Taunton. The No. 1 pick on the investment list, Taunton, reported an average of over 300 leads per property and spends as little as 19 days on the market.
Phoenixville, Reading and Allentown, Pennsylvania were reported as great places to purchase investment property due to employment growth and home values rising. All cities also reported less than two weeks on the market on average.
“Our goal has always been to use technology to revolutionize the rental process. The TurboTenant Report is in line with that mission and is another high-value resource that will help new and veteran landlords expand their portfolios in a smart and data-driven way,” Steinbarth said.
