Here is why landlords could do well in Wayne County
CNN has a message to all prospective landlords: Head to Wayne County! Occupancy and rental rates are increasing, the report says, creating an opportunity for serious returns on investments.
In fact, after comparing the median sales price of homes to average monthly rents in nearly 1,600 counties, RealtyTrac found that Detroit’s Wayne County offers landlords the best return on their investment in the nation.
Investors who buy homes in the metro area can expect a 30% gross annual return from rents. That’s triple the national average of 10%.
RealtyTrac, an online real estate information company, says the county offers investors low prices for larger homes — with a median price of $45,000.
“We’ve got some steals here,” said Rachel Saltmarshall, a real estate agent and immediate past president of the Detroit Association of Realtors, told CNN. “There’s a six-bedroom, 6,000 square-foot home in a historic district selling for $65,000.”
For more, read the entire report here.