Five cities in the Sunshine State are in the top ten ranking for investment in rental property according to a “Best Markets” fourth-quarter analysis compiled by Local Market Monitor.
Daytona Beach and Fort Myers moved up into the second and fifth spots respectively, joining Orlando, which came in at number four, Fort Lauderdale at number eight and Tampa at number nine.
The five other cities that fill-out the top ten rankings are first place winner, Las Vegas, Detroit (No. 3), Warren, Mich. (No. 6), Bakersfield, Calif., (No. 7) and Rochester, N.Y. (No. 10).
“We think Florida is one of most interesting states in terms of rental property opportunities,” said Ingo Winzer, president and founder of Local Market Monitor, Inc. “That’s because home prices haven’t bottomed out, and rents will eventually be supported by renewed population growth.”
The best Florida opportunities in the short term, he noted, are Daytona Beach and Tampa since both cities have job growth rates above two percent, while Orlando and Ft, Lauderdale have job growth rates less than one percent.
The quarterly list, compiled by Local Market Monitor and reviewed by HomeVestors of America, Inc., is the only regularly researched, reliable national ranking of the expected future performance of homes maintained as rental properties.
Florida would be my first choice for purchasing rental property as it is an awesome vacation spot!!