New York and Florida areas rank among top 10 housing markets for investors

New York /
Jul.July 11, 2011 02:07 PM

Rochester, N.Y., and the Florida cities of Fort Lauderdale, Orlando and Tampa have ranked in the top 10 best housing markets for investors in rental property, according to a report released today by HomeVestors of America, a property investment firm, and Local Market Monitor, a real estate data firm. The winners are generally in markets where home prices have fallen substantially, including Las Vegas, Detroit, Tampa and Phoenix.

Las Vegas, where home prices are down by more than 50 percent from their market peak, took the top spot in the list, offering the best returns on homes maintained as rental properties, according to the report, which took into account the potential home price appreciation and gross rents.

Predominantly a retirement market, home prices fell 10 percent in Tampa in the last 12 months due to over-supply of investment properties built during the boom.

Ingo Winzer, president and founder of Local Market Monitor, said: “Home prices in these markets also are below-average, so empty homes are easily turned into competitive rental properties. But there is also extra risk in these markets.”– Katherine Clarke


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
(Tropicana Las  Vegas via Facebook, Bally's Corp)
Bally’s buys Las Vegas’ Tropicana casino for $150M
Bally’s buys Las Vegas’ Tropicana casino for $150M
Macerich president Edward Coppola and a rendering of the redevelopment in Pheonix (Macerich/City of Pheonix)
Macerich unloads Phoenix mall for $100M; redevelopment awaits
Macerich unloads Phoenix mall for $100M; redevelopment awaits
Hammerson CEO Rita-Rose Gagne and Brookfield's Bruce Flatt. (Hammerson, Brookfield, Getty)
Brookfield’s US malls are struggling. Now it’s buying some in Europe
Brookfield’s US malls are struggling. Now it’s buying some in Europe
Aby Rosen and the Gramercy Hotel (Getty, Google Maps)
Solil Management sues to end RFR’s Gramercy Park Hotel lease
Solil Management sues to end RFR’s Gramercy Park Hotel lease
Judge Katherine Levine (Getty)
Gowanus rezoning may move forward as soon as Monday
Gowanus rezoning may move forward as soon as Monday
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...