For those seeking to own a rental home, or a duplex, and rent it out to tenants as a source of extra income, there are plenty of questions to take into account. How much money do you spend purchasing a property? How much should you sink into fixing it up? And maybe most importantly, what area of town do you look for when it comes to having that rental property?
While there are certainly many different opinions about where and how to rent out a property to tenants, location is critical and much discussed. Here are a few things to take into consideration about how to find the ideal location for a property that you can rent out and make money from:
Large Suburban Homes
Large suburban homes can sometimes be cheaper to purchase as a rental property than smaller properties in the city, due to land values. And for tenants, sometimes larger homes can fetch larger rental prices and be ideal for living and renting, making it a good decision to purchase there. However, suburban homes also typically come with some sorts of HOA regulations, meaning you may be more locked in to what you are allowed to do with the home itself in time. Because of that, you may be limited in your fixer-upper abilities, and it may actually be a worse investment to rent out here.
City Dweller Properties
In the inner city, properties can sometimes come expensively to purchase as a rental. And, unfortunately, depending on the city you are in, they may also be older and need quite a bit of upkeep, which requires you to sink more money in as an initial investment. That being said, there is incredibly high demand right now across the country for affordable rental property in the city, and you may be able to easily rent out your city dwelling at a higher rate, and very quickly. Additionally, with HOA requirements few and far between on inner city properties, you can fix up your property to your delight and make it rent-able to potential consumers.
All in all, there are certainly positives and negatives to both city and suburban homes as you look to rent out each to potential families or individuals. And those positives and negatives must be carefully weighed as you make the decision about where and how you will rent your property in time. Evaluate all of your options carefully in this case, as you may be surprised just how much of your investment you can make back based on the city you are in, and the area in which you choose to rent property.
I don’t think suburban homes are quite as limited to what you can do to them as this article makes it seem. Sure, you can’t always park a boat in your front yard, but typically you have tons of freedom with what you do to your house and property. Plus you get ‘higher-end’ renters who are less likely to trash the place and typically are families.
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I agree with you DC – it’s much more likely that you’ll get those higher end folks that will be “well behaved.”
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Our two rental homes are in a suburban area with lots of renters. We have never had a vacancy in eight years (aside from one time we took a few weeks to remodel a property)
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If we were to get into rental properties in our area it would likely be more suburban in nature for a couple of reasons. It would mainly go back to we would likely be able to make more off of it and would require less upkeep. I think that would help us maximize what we could make in the long run.
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I would stay away from large suburban homes for renting. Unless you’re in an area that is on a population rise, it could sit empty for a long while if there isn’t a desire to rent a home in the neighborhood. Suburbs are losing their glamour and are less popular than big cities these days as fewer 30-year-olds are moving back to the suburbs to settle down.
Homes in college towns, however are a good investment. As long as the house is sturdy and you invest in industrial appliances when possible (like an old washer and dryer from a laundromat), they are good for renters. Students always need a place to live and generally prefer homes to apartments. Plus, with parents often paying their rent, it’s a good source of guaranteed income. I’d just reiterate the need for a big deposit for tenants before moving in (first and last months rent too, if possible) and a air-tight contract to avoid any meth labs or underage frat party house from occurring. I know that’s a wild stretch to happen, but you never know!
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If we somehow managed to get into investment properties in our general vicinity it would likely be more rural in nature for two or three reasons. It would essentially backpedal to we would likely have the capacity to make all the more off of it and would require less upkeep. I imagine that would help us augment what we could make over the long haul
Neighborhood should be one of the top things that we need to consider in choosing a new home. Thank you for giving us options. More power!
Your balanced look at larger suburban dwellings is a smart one. While there are benefits, there are also regulations to be mindful of as well.