Vote now for Best of Detroit 2021

Thursday, April 17, 2014

Here is why landlords could do well in Wayne County

Posted By on Thu, Apr 17, 2014 at 2:14 PM

(source: wikimedia commons)

CNN has a message to all prospective landlords: Head to Wayne County! Occupancy and rental rates are increasing, the report says, creating an opportunity for serious returns on investments.

In fact, after comparing the median sales price of homes to average monthly rents in nearly 1,600 counties, RealtyTrac found that Detroit's Wayne County offers landlords the best return on their investment in the nation.

Investors who buy homes in the metro area can expect a 30% gross annual return from rents. That's triple the national average of 10%.

RealtyTrac, an online real estate information company, says the county offers investors low prices for larger homes -- with a median price of $45,000.

"We've got some steals here," said Rachel Saltmarshall, a real estate agent and immediate past president of the Detroit Association of Realtors, told CNN. "There's a six-bedroom, 6,000 square-foot home in a historic district selling for $65,000."

For more, read the entire report here.

We welcome readers to submit letters regarding articles and content in Detroit Metro Times. Letters should be a minimum of 150 words, refer to content that has appeared on Detroit Metro Times, and must include the writer's full name, address, and phone number for verification purposes. No attachments will be considered. Writers of letters selected for publication will be notified via email. Letters may be edited and shortened for space.

Email us at letters@metrotimes.com.

Support Local Journalism.
Join the Detroit Metro Times Press Club

Local journalism is information. Information is power. And we believe everyone deserves access to accurate independent coverage of their community and state. Our readers helped us continue this coverage in 2020, and we are so grateful for the support.

Help us keep this coverage going in 2021. Whether it's a one-time acknowledgement of this article or an ongoing membership pledge, your support goes to local-based reporting from our small but mighty team.

Join the Metro Times Press Club for as little as $5 a month.

Most Popular

Read the Digital Print Issue

October 20, 2021

View more issues

Newsletters

Never miss a beat

Sign Up Now

Subscribe now to get the latest news delivered right to your inbox.

Best Things to Do In Detroit

© 2021 Detroit Metro Times - Contact Us

Website powered by Foundation