In this edition of The TurboTenant report, we will be focusing on the best places to buy an investment property in Kentucky. Three towns made our list: Covington, Newport, and Lexington. 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.
Horse racing, football, Bourbon Country, and fried chicken are only some of the things the great state of Kentucky is known for – even President Abraham Lincoln and Muhammad Ali are from Kentucky. This state has more miles of running water than any other state, with the exception of Alaska, and is on the west side of the Appalachian Mountains. Agriculture has always been an important industry in Kentucky with over 85,000 farms – manufacturing, tourism, and services also contribute heavily to its economy. Kentucky’s landscape is so diverse, including the world’s longest cave system, Mammoth Cave National Park. With affordable rent, many leads per properties, and increases in both employment and home values, our top cities in Kentucky won’t disappoint.
Pour yourself a nice mint julep and hold on to your derby hats – here are the best places to buy rental investment property in The Bluegrass State.
Known as the Horse Capital of the World, Lexington is within a day’s drive of two-thirds of the population of the United States. Lexington has a myriad of fun things to do for its residents – whether it’s visiting the Kentucky Horse Park, or sniffing bourbon at one of its many distilleries, it is a booming town that is great for property investors. It has a high percentage of renters, especially students from the three universities in Lexington, including the University of Kentucky. While it can be a competitive market, landlords can expect around 33 leads per property and 17 days on the market – great numbers for this hopping town!
Covington was founded in 1815 and has the largest number of National Register historic districts in the state of Kentucky. Located in Northern Kentucky, it is a vibrant urban community that is directly across the Ohio River from downtown Cincinnati. Its historic neighborhoods are great for property investors who want a diverse portfolio – median sale price is only around $124k with an average rent of $1059 – both extremely affordable for this up and coming town. Seven is magic number in Covington as landlords can expect only seven days on the market with 77 leads – that is a CovingTON.
Newport is where historic Kentucky meets contemporary Kentucky. Like Covington, it is also located on the riverfront area, directly across from the Cincinnati skyline. Newport is home to a beautiful historic downtown, the Newport Aquarium, and the World Peace Bell. Home to 600 businesses, the small but mighty community is becoming a highly-desired place to live. Landlords have a record high of 173 leads per property and, wait for it, only six days on the rental market! This is an incredible amount which is why Newport is our #1 town to property invest in The Bluegrass State.
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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