Rental Market Boom Towns
There's a mother lode of single-family home investment opportunities popping up around the nation, with big, fat, shiny veins snaking through the Golden State and the Sunshine State.
In a first quarter 2012 ranking of top rental property investment markets, California, from San Diego to Sacramento, yielded 12 markets.
But Florida's no slouch. It placed second with nine markets and unlike California's markets, Florida's markets were all high on the list, within the top 33 markets.
California and Florida dominate, but the No. 1 and No. 2 most lucrative investment markets were Las Vegas, NV and Detroit, MI, respectively. Also respectively, their risk return premiums are 5.6 percent and 3.90 percent better than the national average.
The are followed by Orlando, FL; Daytona Beach, FL; Bakersfield, CA; Fort Myers, FL; Warren, MI; Phoenix, AZ; Atlanta, GA and Boise City, ID to round out the top 10. All the top ten markets enjoyed risk return premiums that are at least 2.30 percent better than the national average.
Short term - For immediate investments, check out several Florida markets, - Tampa-St. Petersburg, Daytona Beach, Fort Myers - along with Phoenix-Scottsdale, AZ, Bakersfield, CA, Boise City, ID, Warren, MI, Grand Rapids, MI, Rochester, NY and Dallas/Fort Worth, TX.
"Prices are close to a bottom and the local economy is growing well. And opportunities in Dallas, Fort Worth and Rochester, which didn't have a boom and bust, are probably best to consider right now," said Hicks.
Long term - Other markets continue to ripen, including, in Florida, Orlando, Ft. Lauderdale, Sarasota, Jacksonville and West Palm Beach, along with Atlanta, GA and Detroit, MI.