The Akron area is among 25 “hidden gem” markets when it comes to investing in single-family rental property.
So says a report with Summit County ranked No. 11 nationwide. The report was released Thursday by housing industry research company RealtyTrac.
“Akron, along with these other markets, is a hidden gem in terms of single-family rentals that offer a good rate of return,” said Daren Blomquist, a vice president at the Irvine, Calif.-based RealtyTrac.
RealtyTrac and RentRange, a Colorado research outfit specializing in rental housing, mashed up median sales price data on single-family, three-bedroom homes, as well as information on rental prices to arrive at the list of 25 markets.
A key feature of the list, Blomquist said, is that it is composed of markets where there is not a lot of competition among buyers for rental properties. This is why RealtyTrac considers the 25 markets to be “overlooked, hidden gems,” he said.
The top 25 markets, Blomquist explained, are those in which investor purchases of rental properties accounted for 5 percent or less of all home sales in the three-month period ending in July.
The Wichita Falls area of Texas is No. 1. The Cleveland-Elyria area is No. 13. It is the only other Ohio market on the list.
“These aren’t the best markets for getting returns on rent. If we did that [list], you’d see a lot more well-known markets — Phoenix, Las Vegas,” Blomquist said. “This list pulls out those markets where there is not a lot of competition [from investors] for those single-family homes.”
To see the report, go online to www.realtytrac.com/content/foreclosure-market-report.
Katie Byard can be reached at 330-996-3781 or email@example.com.