The United States is a large and diverse country, with many different states and cities. As a landlord or real estate investor, it is important to research which states and cities are the most landlord friendly, in order to get the best return on your investment.
There are many factors to consider when determining the best state for landlord investment. These include average rental prices, eviction laws, landlord-tenant laws, and the overall cost of living.
According to RENTCafé research, the average rent for an apartment in the United States is $1,471 per month. However, there is a wide range of variation between different states. For example, rents in California are much higher than the national average, at $2,837 per month, while rents in Ohio are significantly lower, at just $943 per month.
This article will go over some key factors that play into how landlord friendly a state is, as well as the best cities to invest in real estate within each landlord friendly state.
Crime Rate
One important factor to consider when choosing a landlord friendly state is the crime rate. A high crime rate can make it difficult to find tenants, and may also lead to damage to your property or even violence against you or your tenants.
Eviction process
Another important factor is the eviction process. In some states, it can be very difficult and time-consuming to evict a tenant, while in others it is much easier. It is important to research the eviction process in each state before choosing one to invest in.
The Economy
The overall strength of the economy is also an important factor to consider. A strong economy means that there are more people employed and able to afford rent, while a weak economy can lead to higher vacancy rates and late or non-payment of rent.
Best Value
Once you have considered all of these factors, you can begin to narrow down your search for the best landlord friendly state. To do this, you will want to look at the overall cost of ownership as well as purchase prices of rental properties in each state. When buying a rental property you want to weigh both the cost of the investment property and the rent that it will potential bring in as revenue.
Property Taxes
You will also want to take into account property taxes, as these can vary widely from state to state. Property taxes can have a significant impact on your bottom line, so it is important to factor them into your decision.
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The Most landlord Friendly State is Mississippi
After taking all of these factors into account, the most landlord friendly state in the United States is Mississippi.
Mississippi has relatively high average rental prices, at $985 per month. It also has very landlord friendly laws and an easy eviction process. With the average cost of a home in Mississippi coming in at $144,000 (The 49th lowest median home price in the us) investors can expect great returns and an average rental roi of 8.20%. The overall cost of living is also quite low in Mississippi, which makes it a great place to invest in real estate.
If you are looking for a landlord friendly state to invest in real estate, Mississippi is a great option.
Best Cities For Real Estate Investment in Mississippi
The best cities for real estate investment in Mississippi are Jackson, Ridgeland, and Pearl. These cities have strong economies and low vacancy rates. They also offer good value for your investment, with relatively low purchase prices and high potential rental income.
Jackson is the capital of Mississippi and is the largest city in the state. It has a population of 173,514 and an unemployment rate of 4.4%. The average rent in Jackson is $982 per month, and the median home price is $132,900.
Ridgeland is a suburb of Jackson with a population of 25,227. It has an unemployment rate of 2.9% and the average rent is $1,235 per month. The median home price in Ridgeland is $176,700.
Pearl is a suburb of Jackson with a population of 26,201. It has an unemployment rate of 2.6% and the average rent is $1,015 per month. The median home price in Pearl is $149,500.
These are just a few of the many great cities to invest in real estate in Mississippi. When choosing a city to invest in, be sure to consider the overall strength of the economy, vacancy rates, and average rental prices. With careful research and due diligence, you can find a great investment property in any of these landlord friendly cities.
Conclusion
If you are looking to buy a rental property in Mississippi please contact us today. We find off market properties to provide real estate investors with the cheapest real estate in the US! Our team has a proven track record of success and landlord friendly expertise to help you reach your investment goals.
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