Airdeed, an online short-term rental real estate marketplace, has announced the results of a data analysis to determine the top markets for long-term rental property investment.
The Jacksonville, Florida-based Airdeed analyzed more than 1,000 long-term rental investment properties for sale to determine which markets offered the most profitable income options for buyers.
Airdeed’s Homes Rental Property Report determined the states where the highest gross revenue returns could be found in Ohio, Michigan, Alabama, Florida, Texas, Louisiana, Georgia, Illinois, Tennessee and Missouri.
Ohio ranked on top of the list with 91 rentals exceeding a 10% gross-revenue-to-list-price ratio, followed by Michigan and Alabama offering 53 and 50 rental properties, respectively. Florida and Texas recorded 45 and 42 rentals exceeding 10% gross-revenue-to-list-price ratio, and Louisiana, Georgia and Illinois followed suit.
On a metro level, the top markets for long-term rental investment properties were Cleveland, Detroit, Birmingham, Memphis, St Louis, Dallas, Lubbock, Akron, Lake Charles (Louisiana) and Milwaukee.
“Cleveland’s rental market has emerged as the top performer in our rankings, boasting an impressive 37 rental properties that have generated gross revenue of over 10% compared to their list price,” said the Airdeed report. “This figure translates to around 6% of the properties eligible for further evaluation. Remarkably, the highest gross revenue to list price ratio recorded in the city was an impressive 28%. In addition, Cleveland also featured 15 rental properties delivering a return of 15% or more. These findings make Cleveland an attractive destination for real estate investors seeking lucrative rental opportunities.”
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