Are you looking to invest in the Cincinnati, OH, real estate market but don’t know how? We’ve got you covered!
Investing in real estate can be a great way to earn a steady passive income through rental income. Moreover, purchasing an investment property in Cincinnati can help you grow your long-term wealth and secure a more comfortable retirement thanks to the rising property appreciation rates.
While there are many great areas to invest in Ohio, it’s important to note that not all real estate markets are the same. That’s why thorough research and due diligence are so crucial. You must carefully investigate the area you’re planning to invest in.
You want to make sure it has a solid local economy, a growing job market, a high quality of life, plenty of attractions, and a competitive rental market. Luckily, the city of Cincinnati ticks off all of these boxes!
Investing in the Cincinnati real estate market can be a lucrative venture. If you’re still over the fence about this, we’ve got you covered! Cincinnati, Ohio is an amazing place to invest in when it comes to real estate, so we’ve compiled some of the reasons why.
Why Invest in a Rental Property in Cincinnati, OH?
Cincinnati is considered one of the top areas to invest in residential rental properties. As the third-most populous city in Ohio, Cincinnati has a high demand for rental accommodations and plenty of great amenities.
There are plenty of reasons why Cincinnati a great place to invest in rental properties. These include:
1. Strong Local Economy
One factor that makes Cincinnati a great area to invest is its strong, stable economy. After all, Metropolitan Cincinnati has the twenty-eighth largest economy in the entire country. From aerospace to agribusiness, Cincinnati’s economy is supported by a wide industrial diversity.
Many Fortune 500 companies are headquartered in this area, including Kroger, Procter & Gamble, Western & Southern Financial Group, Fifth Third Bank, and American Financial Group.
This, in addition to the Cincinnati Children’s Hospital, TriHealth, the University of Cincinnati, and St. Elizabeth Healthcare, are the biggest employers in the area. These institutions employ thousands of people, which makes for a strong job market that is expected to grow even more in the upcoming years.
The strength of Cincinnati’s local economy creates a favorable climate for real estate investors. After all, a strong job market secures a high quality of life for residents, which often translates into longer, more stable tenancies. Plus, economic growth tends to attract hundreds of newcomers every year, which increases the rental demand in the city.
2. Booming Tourism
Cincinnati is a vibrant city with something for everyone. Because of this, the area sustains an abundant flow of visitors throughout the year.
One of Cincinnati’s biggest attractions is its historic Over-the-Rhine (OTR) district. This neighborhood is home to the Findlay Market, a popular spot among foodies, as well as the Cincinnati Music Hall.
On the other hand, Downtown Cincinnati offers plenty of scenic views and things to do thanks to the newly renovated riverfront Great American Ball Park and the Fountain Square.
Cincinnati is also home to plenty of natural areas. If you enjoy outdoor activities, you can take a walk through the Spring Grove Cemetery & Arboretum or Eden Park, which leads to the Cincinnati Art Museum.
If you’d rather watch sports, you’re in the right place. As the home of the Reds, the Bengals, and FC Cincinnati, it’s no wonder why Cincinatti is considered one of the best sports cities in the country.
The booming tourism means that there is also short-term rental potential in Cincinnati. Not everyone wants to stay in a resort or hotel during their trip. Some may prefer an Airbnb or short-term rental home.
3. Steady Population Growth
Cincinnati is the most populous metro area and the third-largest city in the state of Ohio. The population has grown steadily over the years and is expected to continue growing as the local economy and job market grow.
From an investment point of view, population metrics are a good sign. A growing population will often translate into a higher demand for rental accommodations. In the long run, this will translate into higher rental rates and a bigger pool of prospective tenants that landlords can choose from.
4. Affordable Real Estate
Cincinnati houses one of Ohio’s top three real estate markets. Despite the city’s strong local economy, the median house price in Cincinnati is far below the national average. However, homes in this area have appreciated significantly over time.
This means you may get more for your money in Cincinnati than in other similar areas. Plus, as the city continues to grow, so will appreciation rates, meaning that you’re bound to get a great return on your investment over time.
5. Landlord-Friendly Laws
Another reason why you should consider investing in a rental property in Cincinnati is because of Ohio’s landlord-tenant laws. Ohio tends to be considered a landlord-friendly state for many reasons. After all, property owners face less pressure than investors in other states.
For instance, Ohio doesn’t have a set security limit or rent control regulations. Moreover, the eviction process in Cincinnati tends to be faster, since landlords are only required to give tenants 3 days’ notice before filing for eviction. All of this means that you’ll have more control over your investment.
Bottom Line
The city of Cincinnati offers plenty of great opportunities for real estate investors. Due to its strong economy, growing job market, and plenty of attractions, Cincinnati has a healthy rental market. Moreover, the affordable price of homes and landlord-friendly laws ensure that investors get the best return on their investments.
Are you ready to invest in a rental property in Cincinnati? Contact EquityTeam today! Our team is ready to help you find the perfect property for your investment goals.
