NEW YORK (CNN) – Detroit is the Motor City, birthplace of Motown, and now, the best place to be a landlord? Yes, that’s the conclusion of a new realty-track report.
The real estate website says landlords in Wayne County, where Detroit is, get the biggest bang for their buck, making 30-percent gross annual returns.
For investors, Detroit is perfect. Homes are cheap, the median price is $45,000, and rents are high; over a thousand dollars for a three bedroom house.
It’s also pretty easy to find renters in Detroit. In the central business district, the occupancy rate is 98-percent.
Other places with similar situations are Clayton County Georgia, or suburban Atlanta, Baltimore, and Wyandotte County, home of Kansas City.
On the other side, the counties where landlords don’t make a lot of money are Manhattan, San Francisco, Brooklyn, and Eagle Colorado, the county that has vail, a ski resort.
Problem with these counties is that homes are expensive, and the rent isn’t high enough to lead to a huge return, but being a landlord is tough business.
Remember, there are taxes, maintenance costs; you’ve also got to find reliable tenants, something that can be hard to do in places with high unemployment, like Detroit.