Kent County ranks 15th among the nation’s hidden gems for single-family rental homes, the only county in Michigan to make a list of top overlooked markets released by RealtyTrac. The ranking was based on gross rental yield, which is calculated by dividing gross annual rental income by the median market value of a property. The RealtyTrac study pegged average gross rental yield in Kent County at 9.7 percent. That assumes a median market value of $116,000 for single-family rental homes and an average monthly rental income of $936. If you’re interested in buying or selling rental property in Kent County, contact LeaseGR. And check out the news release below for details about the ranking.
RealtyTrack and RentRange release top 25 hidden gem single-family rental markets
Sept. 19, 2013 – RealtyTrac, the nation’s leading source for comprehensive housing data, and RentRange, the nation’s leading provider of residential Rental Market Intelligence to the financial services and real estate industries, today released a list of the Top 25 Hidden Gem Single Family Rental Markets nationwide based on gross rental yield, the expected return on investment before accounting for taxes, maintenance fees and other costs.
The top 25 Hidden Gem Single Family Markets were determined by evaluating gross rental yield data provided by RentRange, institutional investor sales data provided by Realty Trac, and unemployment data for more than 450 nationwide counties with populations of 100,000 or more. The analysis was limited to single family homes with three bedrooms. READ THE FULL NEWS RELEASE…