Whether it’s for your eventual retirement or as a fallback during a rainy day, it’s never too early to think about starting a nest-egg. But merely relying on your income is a poor choice when you want your nest-egg to grow substantially. Thankfully, it’s easier than ever to begin investing in real estate. Rental properties are your best method of accruing significant profits.
But as every real estate agent would tell you, location is everything. You need to invest in real estate situated in an up-and-coming city that can provide you with a steady stream of reliable renters. Dallas, Texas is one such metropolitan area.
The following reasons explain the upside to investing in rental properties in the commercial and cultural hub of Texas.
1. It’s Easy to Acquire Property
Dallas has a healthy supply of properties ready for prospective investors like you. Aside from multifamily complexes, Dallas also offers actual houses you can acquire easily. Thanks to companies that buy houses in Dallas quicklyand sell them at good prices, you could examine a huge range of options to transform into suitable rental properties.
A large two-story home can easily accommodate multiple single renters, or you can divide it so there’s space for two small families. Thanks to Dallas’ supply of properties, you have the freedom to choose.
2. Dallas Has a Lot of Renters
Aside from an abundance of rental property, Dallas also has a huge population of renters. According to some surveys, the majority of households in the city are renting their homes rather than owning them. As much as 50.1 percent of Dallas households are only renting their current homes.
Experts speculate that the massive popularity of renting property stems from the fact that there are a lot more options in the rental market. Add to that the steadily increasing prices of buying a brand-new home and you get a city that’s full of renters ready to move into your new investment.
3. A Prosperous Population
Not only does Dallas have a huge segment of its population dependent on rental living spaces, but it also boasts a prosperous populace. The city is the sixth-largest population center in the United States and its people are comfortable.
Research indicates that the average Dallas household has an annual income of over $72,000, and the cost of living is only 12 percent over the nationwide average. Thanks to these numbers, you can rely on Dallas renters to be able to afford competitive rates on your future rental investment. With its prosperous population, you’ll have an easier time building up your nest-egg in Dallas.
4. Steady Population of Student Renters
Over 37 percent of Dallas’ residents enjoyed college-level education. This high number of well-educated people stems from the many educational institutions in the area. These schools range from private to public. Among these esteemed centers of higher learning is the University of Texas as well as Southern Methodist University.
Because of the presence of these renowned institutions, you can also expect a steady flow of student renters. Your properties could accommodate not just freshmen but also graduate students and visiting academics.
Dallas is a jewel of the south, and it’s a city that offers plenty of opportunities not just for its residents but also for investors. Because of all these reasons, when you decide to enter the world of rental real estate, be sure to keep Dallas at the top of your mind.