The real estate industry is one of the most lucrative investment ideas you can add to your portfolio. In the last year, the United States real estate market has seen an increase in demand for homes due to an increase in population. Statistics also show that more people are moving away from the cities looking for alternative homes in the suburban areas and even more are now financially capable of buying a home. With these factors in play, it’s safe to say the real estate industry in the US is on an upward trajectory.
However, these figures do not cover every region. To find the best areas to invest in, you first have to carry out research. In this article, you will be able to look at five investment property areas you can consider.
Durham, North Carolina
Durham, NC, is considered one of the best locations to invest in rental real estate. In the last two years, the Durham housing market has witnessed tremendous improvement, with investors streaming in to explore the new opportunities. The area is currently experiencing strong population growth and a steady economy, both of which are excellent recipes for a thriving real estate industry. The Durham real estate market is currently stronger than the US average, a fact that has been made possible by an influx of investors and the popularity of the Triangle area.
Rent in Durham grew by 10% between 2016 and 2017. However, an increase in apartment buildings helps lower these rates. An average one-bedroom in this area rose to $1100 a month in January 2019, which was a 7% increase from 2018 figures. For two-bedroom apartments, the average rent rose by 6% to cost $1350a month. Generally, Durham is one of the best places to home build in NC. The area has a median home price of $256, 993 which is above the national average.
Orlando, FL, has built a reputation for being a top tourism and entertainment destination. Despite the seasonal residents, the area still boasts of a strong real estate market. Here you can choose to target holiday markets or go for long-term residential options. A booming real estate industry and a flourishing tourism sector are among the economic drivers of this area. As an investor, you can take advantage of the growing population that stems from the availability of job opportunities. The region also boasts a strong rental market, with medium rental prices standing at $1,599 per month.
Las Vegas, Nevada
Las Vegas is home to one of the most successful real estate markets in the United States. Despite a few ups and downs, the market has always made major comebacks. Today the market is both stable and predictable, making it a perfect property investment area. Las Vegas boasts multiple businesses and investors that have contributed to the ever-growing economy. With a continued influx of investors, the region has experienced a 13% rise in home value. The current average rental income is $1,107, which is a 5% increase from the previous year.
Houston is arguably one of the top choices for property investment. The city is home to the country’s oil and gas industry with high employment rates. The city is also home to more than fifty Fortune 1000 businesses which further contribute to the city’s stable economy. The median home value in Houston is $412,000, while the average rent is $1,550. These figures supported by a strong economy are among the recipes for a booming real estate industry. With a 12 month no vacancy guarantee in Houston, this is one of the top destinations for property investment.
Boise has a record for being the best long-term real estate investment destination in the US. Due to a rising demand and supply cove in the housing market, the real estate industry continues to grow. Despite the effects of the coronavirus that affected the housing process in most markets, Boise was able to maintain high demand causing the rates to continue soaring. The median price for a home in Boise currently stands at $500,000, with an annual appreciation rate of almost 20%.
There are several untapped real estate markets that hold potential for real estate. Before investing, it’s best to carry out extensive research. This way, you can identify the best property investment destination.