The last 12 months have felt like a monsoon when it comes to the real estate industry. With interest rates lower than they’ve been in over a decade, it’s become a seller’s market, and finding the perfect investment has become a lot like a game of chess. The great thing about purchasing an investment property in the current real estate market is that your chance of increased return on investment is better than ever.
These 7 cities are showing a need for speed when it comes to being hot on the market, and there’s no show of slowing down in the near future.
In the last 5 years, Atlanta has been a hotspot for creative arts. From being home to some of the hottest filming locations to becoming the hometown to a variety of tasteful cuisines and culture, it’s an investor’s dream spot. In 2020, sales prices increased by roughly 16% compared to the prior year, bringing in renters moving from all over the world for new job opportunities. Compared to neighboring cities, 50% of Atlanta’s population is made up of renters.
Home to the first hotel chain and self-serve grocery store, it’s no shock that Memphis has made our top 7 list. With a youthful and diverse population, the music city is home to some of the most popular Fortune 500 companies (e.g. FedEx, AutoZone, Amazon, and more). The job opportunities alone bring in new residents looking for career growth.
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Rich in historical passion, Charleston is more than old money. It’s ranked as one of the country’s best cash flow markets, bringing in a surplus of tourism and pivotal rental opportunities. From being a vacation hotspot to constantly rotating through a steady real estate market, the town consistently brings in an overturn for rentals. From 2008 to 2010, Charleston’s population growth reached an 18.5% increase.
As the 3rd largest city in Florida and 48th most populated city in the US, Tampa houses nearly 400k residents in the city alone. With a real estate market as hot as this city, the demand for rentals is at a constant high, leaving it difficult for first-time homebuyers to compete. Average rent in the city, as of 2020, runs between $1,000 and $1,300, making it one of the most affordable rental locations.
Jobs are plentiful in this North Carolina city. Not only is the city home to the state’s university, but it’s home to one of the largest biotech research parks in the world. 70% of Raleigh is zoned for residential use, making it a more affordable rental city compared to other major cities. In 2020, rental rates saw an increase of roughly 2% and have grown by 13% in the last 3 years.
Nicknamed “Music City,” Nashville is home to some of the most well-known talent in the industry. It’s sort of the Hollywood of the South. The real estate market is robust and the city has some of the highest inbound growth in the USA. 46% of the residential housing units in the metropolitan area are considered renter-occupied.
Home to nearly 695,000 residents, Boston isn’t only the capital of Massachusetts, it’s the largest city in the state. The economy is filled with diversity and is fast growing due to its modern style, location, and history. The city hosts a surplus of Fortune 500 companies and attracts over 21 million visitors each year from tourism alone. Built for both short and long-term rental properties, the return on investment is consistently increasing and home to many Airbnb rentals.
For any questions regarding the hottest real estate markets to invest in, updates regarding the market’s latest trends, and how you can get your foot in the door for your next investment property, contact us.