Our local office now has a residential property management division, and I couldn’t be happier about it. I frequently get calls from out-of-town investors who want to purchase a home here for investment purposes, and then rent it out. My forte is selling residences to people who want to live here, and interact in our community and perhaps put down roots. That’s not the investor’s goal.
But, because I like to be well-informed, I have learned a few things about the rental market in the Tri-Cities anyway.
Interesting sidebar to the mortgage messes some people have found themselves in…more people than ever before are now used to living in a house. If someone is foreclosed upon, they’re not going to want to go to an apartment. They’re going to want a house again, even if they’re not owning it, it’s what they’re used to. So, an investor would be wise to purchase a home for rental purposes, as opposed to a condo or townhome.
Home prices are still really reasonable here, so it’s definitely a worthwhile place to invest, if the numbers make sense for you.