Between unexpected repairs, late rent checks and difficult tenants, being a landlord is not always an easy job. But these days, it is absolutely worth it, according to data released by CNN Money and and real estate analytics company RealtyTrac.
The findings, which looked at annual income on 3-bedroom rental properties across 370 major U.S. counties, among other factors, shows that landlords across the country stand to earn double-digit returns of sometimes 10 percent or more.
Fueled largely by millennial and baby boomer migration and settling, the landlords on the top-listed city, for example, are raking in a whopping 15.3 percent on their rental properties. Talk about return on an investment. Here are the cities that came out on top.
Average 3-Bedroom Rent: $1,059
Median Home Sales Price: $128,000
Average 3-Bedroom Rent: $1,160
Median Home Sales Price: $139,000
Average 3-Bedroom Rent: $1,039
Median Home Sales Price: $125,000
Average 3-Bedroom Rent: $991
Median Home Sales Price: $105,700
Average 3-Bedroom Rent: $1,046
Median Home Sales Price: $111,500
Average 3-Bedroom Rent: $1,966
Median Home Sales Price: $199,000,
Average 3-Bedroom Rent: $1,161
Median Home Sales Price: $115,950
Average 3-Bedroom Rent: $975
Median Home Sales Price: $90,000
Average 3-Bedroom Rent: $914
Median Home Sales Price: $84,250
Average 3-Bedroom Rent: $893
Median Home Sales Price: $69,900
Source: Home prices from RealtyTrac sales deed data and local Multiple Listing Services; fair market rents from U.S. Department of Housing and Urban development; unemployment data is from U.S. Labor Department's Bureau of Labor Statistics.
To discover more details of the report, head over to CNNMoney.
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