The Queen City has been named one of the most active property investment markets of 2017.
HomeUnion has labeled Cincinnati No. 6 on their annual list of the best real estate investment markets in the country. The city earned this spot thanks to the 2.1% increase in sales over the last two years.
The list is generated using data on single-family rental properties in the U.S. from 2016 and 2017. It was created to help investors get a step ahead, as prices rise and inventory decreases.
Cincinnati was the second Ohio city on the list, coming in behind Columbus at No. 2. The remaining markets named to the top 5 are Chicago, Atlanta, Detroit and New York City.
A booming market and rising prices have caused cities like Tampa and Fort Lauderdale to fall to the bottom of the list. As a result, investors are becoming more selective or opting for less expensive markets like the Midwest.
Steve Hovland, director of research at HomeUnion, notes the growing popularity of Midwest markets, saying that “Rental properties in these metros are trading at a faster rate than before as their local economies continue to grow, the cost of living is lower than it is in most coastal metros and median local incomes are keeping pace with home values.”
Overall, the number of home sales for investment purposes climbed 30.4 percentage points over the past two years, as more than half of single-family homes purchased had owners that did not live in them.
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