Apartment Markets to Rent to Millennial’s
Investing in an apartment building can be a very profitable venture – if you find a building for the right price, with good potential cash flow and in a good investment location. If the location is not desirable, it won’t matter if you have the nicest building on the block or offer the most amenities for the lowest rents.
A couple of weeks ago RealtyTrac issued a report on the best markets for buying rental property in 2015 based on fair market rents for the year set by the U.S. Department of Housing and Urban Development and the most recent median home price data from RealtyTrac sales deed data.
The result was an interesting mix of counties at the top of the list: Baltimore City, Maryland (functions as a county) with a nearly 21 percent annual gross rental yield, followed by Richmond City, Virginia (also functions as a county) with a 20 percent annual gross rental yield.
Those two were followed by Philadelphia County, Wyandotte County, Kansas in the Kansas City metro area and Richmond County, Georgia in the Augusta metro area, all three of which had annual gross yields above 15 percent. Among these top five, the county with the biggest increase in millennials was Richmond City, Virginia, where the millennial population swelled 32 percent between 2007 and 2013.
50 Best Markets to Rent to Millennials
What, you may be wondering, about the traditional hipster hot spots like Washington, D.C., Brooklyn, San Francisco, Portland and Seattle? All of those did have significant increases in the millennial population between 2007 and 2013 ranging from an 82 percent increase in Arlington County, Virginia in the DC area to an 18 percent increase in Kings County, New York (Brooklyn). But the sky-high home prices in those markets means buying single family rentals in 2015 will not generate good rental returns.
Winston Rowe & Associates has strong relationships with a finite number of direct private capital, private equity, hedge funds, agency investors and regional and national commercial banks, each with a highly targeted commercial real estate financing practice.
When you call Winston Rowe & Associates, a principal is always available to speak with prospective clients. They can be contacted at 248-246-2243
They have no upfront fee apartment building financing in the following states.
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin, Wyoming