When you want to invest in Ohio real estate trends, you need to know what are you looking for. Are you going for an apartment or house? But, before that, you should know something! According to some statistics and research – Ohio real estate market is really in for investors in 2019. Real estate market in Ohio has genuinely transformed itself and has begun growing again in recent years. Here in this article, you can find different trends and factors that are making Ohio the best place to buy an investment property in 2019.
If you’re looking to buy Ohio’s investment properties, it makes sense to do so when inventory levels are high. The excess of available opportunities can lead to softer negotiations with sellers. Especially in Columbus. Columbus has a lower cost of living than the national average. Homes downtown tend to sell at higher prices than those on the city’s south side.
Ohio real estate trends – 2019
Ohio real estate trends show an increase in median home sales. But there is a drop in median rent per month over the past year. The average price per square foot for this same period rose to $120, up from $117. And according to some real estate companies, the Columbus housing market is very competitive. But that is because they have a lot to offer.
Ohio is rather landlord friendly, in the same category as Idaho and North Carolina. That makes it much more landlord friendly than neighboring Midwestern states and far better than Pennsylvania. There are no laws regarding pets and payment grace periods or re-keying. Interest owed on deposits is modest. Rental agreements are recommended but not required for short contracts. There is no legal limit on late fees, but they must be “reasonable”. The same thing is if you consider renting a storage pod in Ohio.
You can bargain for a reasonable price
In Ohio, there is a lot of competition with the other surrounding places in the Midwest housing market. However, one point in its favor is the lower cost of living. The primary trend characterizing the Ohio real estate market in 2019 is its very affordable housing. The median price of Ohio’s homes for sale is currently $165,900. Which is so cheap relative to the US national average of $275,000. For a real estate investor, this makes Ohio a great housing market. And not just that! It offers opportunities to buy rental properties in cash instead of financing the purchase with a mortgage loan.
Property investors know that buying investment properties in cash could earn them higher returns. This is because they take the interest rates and mortgage payments out of the costs and expenses they need to cover. That’s why you can buy a rental property in Ohio and start making rental income for positive cash flow.
Renting in Columbus Ohio
After finding cheap movers before moving to Ohio, you should know something. The population in Ohio is growing every year. And that’s why Ohio real estate trends are becoming more and more popular. Now, this is the time for renters to arise. First of all, the market is benefiting from positive levels of net migration. Especially for the people who are moving to Columbus from other smaller cities and counties in Ohio. As mentioned, the lower cost of living is the main factor attracting people to relocate to the Columbus real estate market.
There is another factor benefiting Columbus real estate investors. That is the city’s diverse demographics. First of all, families are attracted to the town for schools and job opportunities. And that presents the opportunity to invest in single-family homes. Columbus is also one of the top cities for retirees, meaning you can invest in senior housing. And when you move all you have to is learn how to find a roommate after you move.
Columbus, Ohio is the state capital. It means there are several universities in the city. Students choose Columbus for its variety of colleges. Franklin University hosts nearly five thousand students, while Capital University has about three thousand. Ohio Dominican University is home to almost two thousand students. There are close to 40 colleges within fifty miles of Columbus. This means real estate investors can rent out to college students as well. It’s also expected that this generation will stay for work and start their own families. The sheer variety of colleges in the area means that investors can rent to the large population of students in the Columbus Ohio real estate market. All that without worrying about their property values rising and falling based on the popularity of a flagship school.
If you want to invest in some property in Columbus, then you should find the best neighborhood. Properties in Worthington and downtown Columbus have higher than average median home prices. Because their relatively low crime rates add additional appeal. Places like Victorian Village, support a robust local market. And they can signify a lower level of risk.
Apart from that, you can also invest in Charleston. The Charleston housing market beneficial to locals. Their market contains multiple, sizable renting populations aside from a growing workforce that cannot afford to buy local single-family homes. Now after you make a decision, all you have to do is to learn how to prepare for a moving day.
About Ohio real estate trends
If you are a beginner in the business of cash flow real estate investing, it essential to read good books on real estate. Also, follow in the footsteps of successful real estate investors. That’s why you need to find someone who has retired early on in their lives by investing in some of the best real estate markets like Ohio. The Columbus housing market is a bright spot in a declining region. It mixes smart redevelopment, quality of life, and growth.