Reading, Allentown Top National List of Best Places to Buy Rental Properties
Reading nabbed the top spot, while Allentown came in third on TurboTenant’s list of best places to buy rental units in the U.S.
The site used employment growth, population growth, increase in home values, rental yield, average rent price, the number of rental leads per property and the average number of days the rental stays on the market to finalize their results.
About an hour outside of Philadelphia, Reading’s affordable rent prices, along with employment gains make it the best place to buy a rental property, TurboTenant said. Rental properties usually only last on the market for slightly over a week, at eight days, while the average number of leads per property is 271, making landlords fairly popular in Reading.
The median sale price of homes in the area is an affordable $140,000, while the average rent is $957 for a two-bedroom. Home values continue to increase, seeing an 11.1% year-to-year raise. Both population and employment have seen gains as well, with employment rising 1.2% and population growing 0.4%.
Allentown is another great area in the commonwealth to be a landlord. Rental properties don’t last long in the Greater Lehigh Valley either; they are usually on the market for an average of 9 days, with the average number of leads reaching 119. Rent is slightly higher in Allentown, at $1,063 for a two-bedroom, which is still affordable, while the median home sale price is $145,000.
Home values in the area continue to grow, seeing a 19% increase, while population and employment both increased 1%.
If you have clients looking for investment properties, it’s safe to say both Reading and Allentown are strong places to consider.