Every real estate transaction revolves around one crucial factory: location. If you’re wanting to buy a home, you look at the area that the home is in before you consider anything else. If you’re considering selling a home, you put it on the market when its location is in high demand. If you’re considering real estate investing, you only want to invest in areas that are growing faster than the existing housing market can accommodate. As is the case in any investment, everything in your real estate investment portfolio hinges on the principle of supply and demand. In a time where many people are looking to invest in multi-family real estate options, here are some markets you should consider.
Minneapolis-St. Paul, Minnesota
The Twin Cities come in first on our list of multi-family real estate markets you should consider. The low unemployment rate (2.8%) is continuing to drop while the last 5 years have seen an influx of jobs, adding over 130,000 new positions to the workforce. In a time where millennials are less interested in home ownership but are still relocating for work, Minneapolis-St. Paul has created a great investment opportunity for those looking to make money on the rental market.
The attractive tourism market in Orlando has an impact on more than Disney theme parks and the hotel industry. In 2018, Orlando added well over 50,000 jobs with a continued growth projection through 2022. With more than 75 million people per year coming into town simply to visit, there is a widespread growth in the local employment market which appeals to millennials who will probably be looking for a place to rent.
While not the flashiest name on the list, Knoxville has a lot going for it. The third largest city in the Volunteer State allows residents to be a short drive from the rural scenery of the Great Smokey Mountains while offering its own urban-like environment. Home to the headquarters of multiple companies, both regional and national, Knoxville is also home to the University of Tennessee. Graduates from UT who find work at the companies that call Knoxville home will be looking for rental opportunities close to work.
The rental market in the United States is rapidly growing. Good investors will be up to date on the trends and projections and prepared to move into new markets as the demand arises.