House Hunting: Rental Properties Across The Nation

HOUSE HUNTING: Rental Properties Across the Nation Common Rental Property Problems Mold Can cause odor, illness and even death Bugs/Pests Bedbugs, cockroaches, rats, spiders, can scare off tenants. Water Leaks Property damage and water spots No Central A/C and Heat People can get by with window units, but that doesn't mean they want to. Old Paint Easy fix that can brighten up homes Handicap Accessible Convenient access for those that need it Old Carpet/ Flooring Dirty carpit can be a turnoff for parents with young children. Noise Congested streets can scare families away. Parking No garage or tight parking spots can be an issue for families. What to look for in a Rental Property Cash Flow Average home prices in the area and rental rates Condition of the property Fixer-uppers aren't a bad idea. Tenant Default Rates Higher graduation rates, average credit scores and incomes have lower default rates. Up & Coming Neighborhoods Low but rising home ownership rates attract new investors. Rental Market Supply/Demand Average rental rate and the vacancy rate Schools Applicant pool is higher in areas with more schools. Low Crime Rate Most cities have crime stats on their websites. Convenience Proximity to Stores, Public Transit and Highways Neighborhood Amenities Parks and Playgrounds can make neighborhoods appealing. Resale Value Past rental market trends give an idea of the value of your home. 10 Best US Cities for Affordable Rent Average Monthly Rent (AMR) Increases in Rent Year-over-year Tucson, Arizona $652 1.6% Indianapolis, Indiana $680 Kansas City, Missouri $707 2.3% 1.3% Cincinnati, Ohio $717 1.8% San Antonio, Texas $725 2.5% Jacksonville, Florida $774 0% Houston, Texas $789 2.5% Charlotte, North Carolina $789 2.2% Las Vegas, Nevada $805 1.3% Tampa-St. Petersburg, Florida $820 0.9% FOR RENT The WSJ's Top 10 Cities for Real Estate FOR SALE Investors Median List Price (MLP) Milwaukee, WI $175, Salt Lake City, UT $195,000 Baltimore, MD $239,500 San Jose, CA $468,888 Kansas City, MO $134,950 St. Louis, MO $159.000 Raleigh, NC $215,000 Tucson, AZ $170,000 Fort Worth, TX $160,000 Austin, TX $229,500 The best places for investors right now are areas where buying demand hasn't risen steeply yet (but is projected to), and where the job market is on the upswing. Tucson The area has the benefit of being a vacation destination as well as a college town. With up to a third of all sales paid in cash, investors are interested. Austin Austin's appeal to investors is driven by its strong job market; the local unemployment rate had already dropped to 6.3% at the end of 2011. Kansas City Prices are recovering in Kansas City, and interested investors may want to act soon. Housing inventory was down 21% over 2012. Baltimore Investors should consider buying now for maximum gains on Baltimore properties, as the city found a bottom in home prices, which are already a steal for an East Coast metropolitan area. Fort Worth Unemployment in Fort Worth is lower than the national average, and demand is driving home sales. Salt Lake City Tourism is big in Salt Cake City, which is appealing to investors interested in vacation rentals, San Jose Growth in jobs has led to a housing shortage in the area and most residents are renters, causing rents to soar and vacancy rates to plummet. Raleigh Both a vacation town and a college town, there are a variety of opportunities to attract renters. Milwaukee Milwaukee is a market that could recover quickly, with an unem- ployment rate of 6.9% in 2012. St. Louis This market is recommended for long-term investors interested in a conservative market that will promise annual appreciation as the market improves. Sources: http://www.realtor.com/blogs/2010/11/21/what-to-look for in-a-rental-property 5_what s-cities-for real-estate inve to look_for_ine rental_investment rs-2012-04-17ink-MW_story_insert http://www.forbes.com/pictures/mhjasihgiworst-cities-to-rent-no-10-santo-ana-ca andlord Forms INFOGRAPHIC DESIGNED BY NationalPositions Profitable Internet Marketing