O
hio stands out as a prime destination for real estate investors seeking good deals. The state boasts three metropolitan areas in the top 10 markets for investing, according to Realtor.com's rankings. Dayton takes the top spot, driven by its below-average home prices and strong demand. With a rental vacancy rate of just 4.7% early this year, Dayton is an attractive option.
The city has seen increased investor activity over the past five years, with 13.7% of buyers in the first quarter of 2024 being investors, slightly below the national average. Other Ohio cities on the list include Cleveland-Elyria (third) and Columbus (10th), as well as several New York State cities.
The top investment spots are dominated by Midwest and Northeast communities, including recovering Rust Belt municipalities. Pittsburgh ranks fourth, Knoxville, Tennessee, fifth, and Grand Rapids-Kentwood in Michigan ninth. Realtor.com's chief economist notes that these areas offer a great mix of affordability and growth potential, making them ideal for investors seeking long-term returns.
Despite a decline in single-family home purchases by investors this year, demand remains strong in these 10 cities, with an average rental vacancy rate of just 4.8%. A mortgage loan officer at Huntington National Bank in Columbus notes that the city is experiencing high demand, thanks to Opportunity Zones and state incentives attracting investment to low-income areas.
Investors are renovating properties and either flipping or renting them out, driving improvement in neighborhoods like the area around Nationwide Children's Hospital near downtown Columbus. Tax incentives have brought investors into the area, who then buy up old real estate, refurbish it, and resell or rent it out.
realestate
Top Cities for Real Estate Investment Opportunities
Realtor.com: Old investment strategies are making a comeback
Read More - realestate
realestate
Boston Real Estate Times Honors Top Performers at Prestigious Annual Awards Ceremony
250+ Commercial Real Estate Pros Attend Boston Real Estate Times' Annual Excellence Awards Gala.
Read More - realestate
realestate
Luxury Homes Sold in Central New York: Top Transactions October 5-11
Here are the top stories for CNY counties from October 5-11:
Read More
realestate
Metreon Joins San Francisco's Growing List of Sold Properties
Metreon mall in San Francisco put up for sale with high occupancy rate.