Columbus, OH One of Best Markets For Landlords

RealtyTrac studied 370 major U.S. counties in order to determine the most attractive markets for landlords. Its results are based on factors including unemployment rates, median home prices, average rents, and demographics. An article released by CNNMoney states that, regarding demographics, a presence of large millennial and baby boomer populations is ideal because both groups are undergoing major life changes that sometimes entail changes in housing. While a significant number of baby boomers move to Florida, millennials are more spread out across cities such as Philadelphia, Pennsyvania and Atlanta, Georgia.

The results list Columbus, OH as the eighth best market for landlords. The median sales price for a home in Columbus is $125,000, while the average rent for a 3-bedroom place is $1,039 per month. This translates to a gross rental yield of 10%

The single best market in which to be a landlord is Anderson, South Carolina. Here, the median home sales price is only $69,900, and the average rental rate (again for three bedrooms) is just under $900, resulting in a 15.3% gross rental yield. Other top ten markets include Gainesville, Florida, Pittsburgh, Pennsylvania, and Charleston, South Carolina.

Columbus, OH Ranked 5th Best City for 2014 College Graduates!

Apartments.com annually generates  a list of the top 10 cities for recent college graduates to live in based on a series of criteria including employment opportunities, salaries, affordability (including rental rates), and demographics (including age and martial status, favoring young, single populations).

The results:

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1. Denver, Colorado. 
2. Charlotte, North Carolina
3. Phoenix, Arizona
4. Austin, Texas
5. Columbus, Ohio
6. Cincinnati, Ohio
7. Fort Worth, Texas
8. Indianapolis, Indiana
9. Las Vegas, Nevada
10. Dallas, Texas

Columbus, Ohio is noted for its singles' scene as indicated by the high percentage of male-only and female-only households. It is also praised for its affordable rents and diverse economy, which includes education, government, insurance, fashion, energy, and medial research. Similarly, Cincinnati stands out in terms of affordability and job opportunities. It has the lowest average monthly rent (at $707) and is home to many major companies such as Procter & Gamble and Macy's.

Curious about the other cities on the list? Read the full article here.

Market Update

Summary: The housing market is in a completely different state than it was this time last year, with steady price increases, more solid inventory, and strong demand.

Details:  Median age of inventory is 94 days. This is a leading indicator of demand and has declined by 11.32 percent from last year. In Columbus in particular, inventory is scarce, with a median age of inventory of 78 days—less than three months! Home prices, on the other hand, have risen. Nationally, the median list price increased by 7.57% year-over–year. The median list price for homes in Columbus, Ohio is $148,500. –a smaller increase of 2.77%. Overall, the market did not experience the seasonal slowdown typical of the fall months, leaving buyers, sellers, and Real Estate agents working full steam ahead.

In today’s recovering market, there is never a bad time to buy or sell your home. I assist both buyers and sellers in Central Ohio. Contact me if you are looking for a qualified and caring agent to address your specific home needs. 

Click here to see market statistics for a wide variety of other major U.S. cities.