Is it time for investors in New Orleans real estate to move from buy and flip to buy and hold?
It might be.
Year over year, rental rates in New Orleans have been on the rise, with a shortage of properties in the neighborhoods and condition that tenants are searching for.
Not just apartments and doubles, the single family rental market has severely limited options for residents that plan to be here for a short term (1-3 years).
Moving from flipping into the rental market may make perfect sense for your investment properties.
Who is the target market for these investments?
- Millennials who are moving out of their parents home and want to live in the hippest neighborhoods, close to work, bars, restaurants and entertainment options. Often, they can't afford to purchase in those neighborhoods, so they opt to rent in an area that fits their lifestyle.
- Short term residents with families are most likely to want to live in a place with a yard, so don't discount the value of investing in an established neighborhood that's not in the heart of the city.
According to a recent survey by For Rent Media, 69% of renters....Continue Reading Here