As many people try to minimize their costs due to the prevailing pandemic, rentals are becoming a life-saver. The high demand for these properties is welcoming an investment opportunity for people looking to make money in real estate.
However, not every rental market is suitable to invest in as a Columbus Ohio resident. If looking to generate profits, here are some of the fastest-growing rental markets for investors in Columbus, Ohio:
Single family house rentals
Single family rentals are among some of the best real estate to consider as an investor. These rentals feature a single house with enough space to host one family. These stand-alone houses don’t share walls with other rooms and are common properties across the globe. In Columbus, the single family rentals rank as a top rental real estate investment market that can generate significant returns for investors.
Investing in this type of rental makes it easier for banks and other lenders to offer you loans. Its even effective for securing long-term tenants who will supply you will consistent income to pay off these loans.
As the cost of owning a home goes up, these rentals are becoming a good option for people seeking to have a private residential space. Hence, the surging demand is making them one of the fastest-growing markets you need to consider as a real estate investor.
While single family houses may be a good idea for tenants, it might not be the perfect choice as an investor due to a high cost per unit. On the other hand, multi-family houses feature several units in one residential space. Unlike in the single family rentals, your property can be rentedout to several occupants.
You could also reside on the same property with your tenants. The good thing about these rentals is that you pay one single insurance, one property tax, and mortgage repayments. So, whether the property is full or has some vacancies, you will spend the same amount overall. The case would be different with multiple single family rentals. As such, you will save a lot and increase your returns when you invest in this rental market.
Notably, the desire of people to live in a community is enhancing this rental market in Columbus, Ohio. When you invest in this type of rentals, your returns will continue growing as the demand for multifamily properties is surging.
Condos and townhomes
If you can’t avoid buying your own properties and turn them into rentals, consider joining hands with others under a homeowners association (HOA). Together you can develop condos, single or multifamily homes with shared amentities, to rent out to tenants. Better yet , the association is in charge of any repair and maintenance.
With many people seeking to live next to the city, condos are in high demand. Many tenants are searching for a house that’s near the city to enhance their daily commuting. This demand offers an opportunity for investors to make some money by investing in this type of property. So, if you have a dream of earning from the rental market in Columbus, condos are a good idea.
Times are changing in the hospitality industry. Unlike in the past where restaurants and hotels were a consideration for accommodations, people are now preferring a vacation home. these rentals are on-demand in the area that attracts tourists. For instance, if you have a property near the Columbus Zoo and Aquarium or other tourist attraction sites, you can convert it into a vacation home.
Though the income from this type of rental depends on the season, you can make a killing profit during the peak seasons. The vacation homes demand is high during the summer and winter seasons when people are going on holidays. As such, you can consider investing in this market.
Rental in depressed markets
With the raging pandemic, a mass exodus of tenants is inevitable. People are moving out of the overcrowded urban areas to suburbs with space and pocket-friendly rates. Also, the government enacted moratoriums hindering tenant evictions. These aspects are affecting rentals in the city areas causing depression in those markets.
As an investor, you need to focus your eyes on these rental markets. The landlords owning these properties are likely to sell them in the near future as they cannot handle the maintenance costs. After the pandemic, you can earn good returns from these rentals.
Social distancing is becoming a norm in modern life, and can become an opportunity to make some income with getaway homes. As people run away from crowded areas, getaway homes in rural or urban areas can become a perfect option. As an owner, there are increasing opportunities to earn significant returns renting out your property especially during the pandemic. Partnering with a quality property management company like FYVE can help you secure renters and provide them with a quality experience that they can trust.
Another rental market experiencing growth is the luxury homes niche. These rentals have high-edge appliances and advanced tech features. As working from home becomes a norm, many tenants are seeking rentals that can support this aspect.
Whatever you decide to invest in, FYVE will help guide you towards the property that makes the most sense for you and your investment.