If you’re a real estate investor in northeast Ohio, then this is great news for you. If you’re in a market in Florida or the Midwest, the news is equally as good. According to CoreLogic’s MarketPulse report, these markets yield the highest single-family rental cap rates.
In the last five years, 3 million former homeowners have been turned into renters due to foreclosures. Right now, single-family rental investing is a $3 trillion market, with single-family rental units accounting for 52% of the residential rental market. So where are the most attractive markets for single-family rental investing? West Palm Beach, FL tops the list with 12.4%, followed closely by Cleveland with 12.3%, Ft. Lauderdale at 12%, Chicago with 11.6%, and Las Vegas with 11.4%. During the recession, single-family rents actually increased during the recession, while home values still decreased, making a perfect situation for investors.
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