In this edition of The TurboTenant report, we will be focusing on the best places to buy an investment property in Maryland. Two towns made our list: Hyattsville and District Heights. We curated data from studies on the best places to buy an investment property, median sale prices, and proprietary TurboTenant data. The TurboTenant Data includes stats on the average number of leads a rental property received, as well as the average number of days on the market. These two points will help an investor determine the strength of the rental market, as well as estimating potential vacancy rates.
Maryland wants you to know that, no, not everyone is from D.C., or works in D.C. – however, being next to America’s capital is very advantageous for economic, cultural, and financial reasons. Maryland is near the Chesapeake Bay and home to the U.S. Naval Academy. The body of water is a main source of food, employment, and transportation, while the labor force is mainly made up of service industries and manufacturing. One of its nicknames is “America in Miniature” because there is so much and so many people packed into its 10,460 square miles. Its diversity and opportunity is one of Maryland’s best qualities – ask some of its successful natives: Kevin Durant, Nancy Pelosi, and Michael Phelps.
While the saying might be, “Keep Calm and Visit Maryland,” we’re here to tell you to keep calm and property invest in Maryland. Let’s take a look at the best places to buy an investment property in The Old Line/Free State.
Hyattsville is an urban suburb of Washington D.C. that has a more affordable rent and growing economy. While many of the suburbs of the U.S. capital are overlooked, Hyattsville has a great job market with an employment growth of 1.3% – even if you work in the city, it is just a short metro ride away! Hyattsville is home to funky and delicious cuisines, the Gateway Arts District, and, of course, tons of historical buildings and architecture. Rentals in Hyattsville are a must as students, families, and millennials are flocking to the towns around D.C. to live – this gives landlords an average of 86 leads per property. Hyattsville is competitive and constantly changing, just like D.C., which means the average number of days on the rental market is around 25.
Another close D.C. suburb, District Heights has a small population of 6,000 residents. While the population growth has stayed steady, there is still an employment growth of 1.3% and an increase in home values of 0.4%. Since District Heights is in the Capital Region, there is easy access to many of the different towns in the area that you can get to by public transportation, biking, or walking. Whether it’s visiting local breweries, visiting nearby Frederick, admiring the views of the National Harbor, or heading into the city, District Heights is the perfect home-base with a discounted rent compared to D.C. It is an excellent choice for property investors who want lots of leads to choose from (126 on average) and who want to fill their properties in 19 days or less.
Once you’ve landed the perfect investment property in a good location, TurboTenant can help take your landlording into the digital world by streamlining the rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.
Use our handy map tool to explore top rental markets throughout the U.S.
The TurboTenant Report analyzes data from active listings across all 50 states, as well as third party real estate, population and employment growth data. Our goal with the TurboReport is to empower seasoned and novice investors to make wise purchasing decisions when purchasing a rental investment property. For more information or custom data requests, please contact [email protected].
In order to determine the best cities to invest in each state, we curated data from a number of reputable sources as well as using TurboTenant proprietary data. Our main city selections were taken from a study that evaluated four main factors for each city: employment growth, population growth, increase in home values and rental yield. We combined that with TurboTenant data on the average rent price, the number of rental leads per property, as well as the average number of days the rental stays on the market.
We also included an honorable mention where applicable. They are pulled from this study on the best places to invest in every state. These were determined using Zillow’s Buyer-Seller Index and Zillow Home Value Forecast, and AreaVibes’ Livability Score. Other methods for determining honorable mentions include using TurboTenant proprietary data to determine which cities return the best rental investment R.O.I. using data points including days on market, the number of leads per property, and average rent price.
DISCLAIMER: TurboTenant, Inc does not provide legal advice. This material has been prepared for informational purposes only. All users are advised to check all applicable local, state and federal laws and consult legal counsel should questions arise.
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