Indian River, Collier Rental Investors See Returns
Landlords in Indian River and Collier counties are experiencing rising investment returns due to rents increasing slightly faster than home prices, ATTOM found.
MIAMI – Owners of single-family rentals in Indian River and Collier counties are leading the nation in returns on their investments due to rising rents in conjunction with other market forces that are driving rental demand, according to the property data analytics company ATTOM.
According to ATTOM’s newly released Q1 2024 Single-Family Rental Market Report, between 2023 and 2024, median three-bedroom rents increased more than median single-family home prices in 216, or 63%, of the markets analyzed. Although the differences were slight—typically less than one percentage point—they were sufficient to drive rental yields upward.
Some of the forces that drove up rental prices include a limited supply of housing and a slowing-down of home price increases, although not enough to make ownership affordable to the average wage earners.
ATTOM’s latest single-family rental market analysis reported that the anticipated average annual gross rental yield for three-bedroom properties, calculated by dividing the annualized gross rent income by the median purchase price across 341 counties under analysis, is expected to reach 7.55% in 2024. This reflects a slight increase from the previous year’s average of 7.39% in the same markets. It signifies the second consecutive year of rising projections following a three-year period of declines.
Top 10 best single-family rental growth counties:
1 – Indian River
• 1.4% year over year wage growth
• 14.6% 2024 Annual Gross Rental Yield
2 – St. Louis, MO
• 2.6% year over year wage growth
• 14.6% 2024 Annual Gross Rental Yield
3 – Cameron, TX
• 2.1% year over year wage growth
• 13.2% 2024 Annual Gross Rental Yield
4 – Monroe, NY
• 2.6% year over year wage growth
• 12.8% 2024 Annual Gross Rental Yield
5 – Richmond, GA
• 0.1% year over year wage growth
• 12.7% 2024 Annual Gross Rental Yield
6 – Hidalgo, TX
• 3.7% year over year wage growth
• 12.7% 2024 Annual Gross Rental Yield
7 – Collier
• 1.6% year over year wage growth
• 12.4% 2024 Annual Gross Rental Yield
8 – Montgomery, AL
• 3.3% year over year wage growth
• 12.2% 2024 Annual Gross Rental Yield
9 – Jefferson, AL
• 2.5% year over year wage growth
• 12.1% 2024 Annual Gross Rental Yield
10 – Wayne, MI
• 2.6% year over year wage growth
• 12% 2024 Annual Gross Rental Yield
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