In this edition of The TurboTenant report, we will be focusing on the best places to buy an investment property in Kansas. Two towns made our list: Williston and Fargo. 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.
There’s no place like home – especially if it’s Kansas. Bordered by Nebraska, Missouri, Oklahoma, and Colorado, Kansas has so much more to offer than what was portrayed in The Wizard of Oz. Whether you’re looking for small-town charm, college towns, or a big-city life, Kansas has it all. Kansas has 28 state parks, great BBQ, festivals year-round, professional sports teams, and top universities. Kansas has a strong economy based on tourism and agriculture where top products are wheat and cattle – 90% of Kansas land is devoted to agriculture! With a low-cost of living, Kansas has become an attractive place for many renters and therefore a great place for investors.
Let’s follow the yellow brick road to find out the best places to buy a rental investment property in The Wheat State.
#2: Topeka
Property investors can expect to find the top rental investments in the Top City! Topeka is the capital of Kansas and has great attractions, neighborhoods, and companies. Historically, Topeka is known for the landmark U.S. Supreme Court case of Brown v. Board of Education of Topeka which declared racial segregation in public schools as unconstitutional. Additionally, Topeka is well known for its beer, arts district, Washburn University, and professionally designed golf courses. With a killer median sale price of only $125k and an increase in home values of 3.1%, property investors shouldn’t overlook this town. Renters enjoy an average rent of $800 and landlords can expect around 38 leads per property and around 20 days on the market. Your rental investment properties will stay on top in Topeka.
- Population growth: -0.8%
- Employment growth: 0.1%
- Increase in home values: 3.1%
- Median Sale Price: $125k
- Average Rent: $800
- Average Number of Leads per Property: 38
- Number of days on the rental market: 20
#1: Olathe
Olathe is located just twenty-miles southwest of downtown Kansas City and also along the historic Oregon and Santa Fe Trails. Known for its great community events, Olathe has plenty of hiking and biking trails, golf courses, wineries, and the Kansas City Automotive Museum! In the summers you can visit the quirky and diverse Olathe Farmers’ Market while catching food trucks and live music every fourth Friday in Downtown Olathe. Olathe boasts positive numbers in all of our categories with a notable 2.7% increase in population growth and a 9.2% increase in home values. Olathe is a great location for renters with a more affordable rent than Kansas City sitting at $958. The Cowboy Boot Capital is our #1 town in Kansas with a solid 29 leads per property and only nine days on the market. We’ll take it!
- Population growth: 2.7%
- Employment growth: 0.5%
- Increase in home values: 9.2%
- Median Sale Price: $350k
- Average Rent: $958
- Average Number of Leads per Property: 29
- Number of days on the rental market: 9
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.
About the TurboTenant Report
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].
Methodology:
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.
Sources:
- TurboTenant Rental Data
- Fastest Growing States Population
- The Best and Worst Cities to Own Investment Property
- Real Estate data provided by Redfin, a national real estate brokerage.