Several local cities rank high on a list of the best places to rent out single family homes
A new report finds three regional cities are good places to buy and rent out single family homes.
A new Realty Trac survey lists Detroit, Saginaw and Toledo among the 20 best markets in the country to own and rent single family homes. Florida cities dominate the rest of the list.
The top 20 are based on the markets with the most potential cash flow and capitalization rates on a 3-bedroom home.
Saginaw ranked second on the survey. Toledo came in third. Detroit ranked 15th on the list. Memphis, Tennessee topped the Realty Trac ranking.
A Realty Trac vice president says institutional investors have been crowding the rental home market in recent years.
But Vice President Daren Bloomquist says “There are still opportunities for the more conservative, individual investor to buy rental homes that generate a healthy return on investment — it often just takes persistence and willingness to pass on bad deals.”