How a city once know as the “Mistake by the Lake” became one of the best single family rental markets .
A city that often falls under the radar of income property investors, there are four factors that make Cleveland, Ohio one of the best markets for income property investors.
Sustainable Population Growth.
A central hub in the Mid-West in the fields of technology and medicine, Cleveland Ohio continues to see increases in the population year over year with one of the highest concentrations of millennials nationwide. This solid renter pool has created a rise of rental rate growth in the city’s urban markets, where a staggering 63% of the population is between the ages of 18 to 34.
Rental Yield Increase
Based on ATTOM Data Solutions Q1 2020 Single-Family Rental Market Report, Cleveland, Ohio showed the second highest rental yield among counties with a population of at least 1 million at 11.8 percent.
Lack of Competition
The lack of multifamily construction consistently reduces the threat of competitive new supply coming into the market.
Home prices also continue to rise steadily in the market which continue to increase the need of rental properties.
Increase In Property Value
The key to successfully invest in income producing properties is to invest in areas which will appreciate in value over time and Cleveland continues to see a 6% increase year over year per Zillow’s Annual Market Report.
#ProsperCleveland #renovation #interiordesign #home #houseflip #realestate #realestatinvesting #fixerupper #entrepreneur #wholesalinghouses #fixnflip #investments #investmentproperty #clevelandrealestate