In this edition of The TurboTenant report, we will be focusing on the best places to buy an investment property in North Dakota. 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.
North Dakota might be the fourth smallest state by population, but it is known for its rich natural resources, affordability, and low unemployment rate. While you might need to get your winter coats and snow boots ready for North Dakota, this state holds the Guinness World Record for the most snow angels made in one place! Furthermore, North Dakota has interesting and beautiful geography throughout the state with the Little Missouri National Grasslands, 63 wildlife refuges, and Lake Sakakawea. Its economy thrives off of a variety of agricultural products making North Dakota the leading state in the production of spring wheat, peas, flaxseed, and the number one producer of honey in the nation. North Dakota’s cities are full of history, community, great food, and, of course, great housing for rental properties.
Just like the North Dakota bees, you’ll be buzzing about these top places to buy a rental investment property in The Peace Garden State.
Williston is full of history, outdoor recreation, and plenty of entertainment options. The city has been growing since the shale-oil boom a few years back and the population and employment growth are still rising at 3.1% and 1%. There’s plenty to do near Williston as it’s close to Lake Sakakawea, Fort Union Trading Post, the James Memorial Art Center, and even the Thunder Valley Speedway Go-Karts track. With jobs in the oil industry bringing many people to North Dakota, this means landlords will find trustworthy renters in no time with around 19 leads per property and only four days on the rental market! Home values are increasing at 12.8% which is great news for property investors – Williston might just be the town for your rental.
Fargo wants to tell you to come on up where it’s cooler and experience all it has to offer as the largest city in Nouth Dakota. Located on the east side of the state, its twin city right next door is Moorhead, Minnesota – this strategic location allows it to be an economic and cultural hub. As the center of North America, Fargo is near the Red River Valley – its black soil helps produce crops like potatoes, sunflowers, soybeans, and lentils. Furthermore, there are many processing plants dedicated to agriculture that help bolster the economy. There are many historic neighborhoods from the upscale South 8th Street neighborhood, to the Northside district where there are plenty of great opportunities for property investors. Fargo takes our #1 status to invest in where the average rent is only $775 and landlords have an astonishing 41 leads per property with around 19 days on the market. Your rental investment will go far in Fargo!
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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