In this edition of The TurboTenant report, we will be focusing on the best places to buy an investment property in Louisiana. Three towns made our list: Monroe, Metairie, and Baton Rouge. We curated data from studies on the best places to buy an investment property, median sale prices, and proprietary TurboTenant data. The TurboTenant Data includes stats on the average number of leads a rental property received, as well as the average number of days on the market. These two points will help an investor determine the strength of the rental market, as well as estimating potential vacancy rates.
Louisiana is calling! Once a vital French territory named after King Louis XIV, Louisiana has a colorful and rich history that has shaped its culture and importance in America today. You might be familiar with New Orleans, Mardi Gras, gumbo, jazz music, and munching on beignets, but this state has so much to offer from small-town communities to bustling cities. This state in the Deep South is the only U.S. state with parishes, the equivalent to counties and it also has many heritages including French, Haitian, Spanish, Native Americans, and African cultures. Louisiana was originally built on agriculture thanks to the Mississippi River, but now petroleum, tourism, and services are a huge part of the economy. Median home sale prices and rents are great deals in our Louisiana towns with thirty plus leads on average.
Louisiana might be shaped like an L , but you won’t be taking any L’s here as a property investor. Here are the best places to buy rental investment property in The Pelican State.
#3: Baton Rouge
Callin’ Baton Rouge! The capital of Louisiana is located in a great location only an hour away from New Orleans. Baton Rouge ecompasses all of the great things in Louisiana like music, the outdoors, Creole food, and more. The Red Stick City is located at the mouth of the Mississippi River which is essential for the nation’s energy networks! Louisiana State University and Our Lady of the Lake College also call Baton Rouge home – this is good news for property investors who will have an average of 30 leads per property and around three weeks on the market. The median sale price is around $218k and rent is only around $949 – we’ll take it!
- Population growth: -2%
- Employment growth: -0.2%
- Increase in home values: -1.2%
Median Sale Price: $218k
Average Rent: $949
Average Number of Leads per Property: 30
Number of days on the rental market: 21
#2: Metairie
Metairie is the first suburb of New Orleans and is an upscale, but beautiful and historical community. Metairie boasts many 1920s-era homes and many vintage shops and streets perfect to explore. It also has one of the region’s largest malls, fun bars, and has its own weekend-long festival called Family Gras – to encourage families and children to celebrate the tradition. While the average rent and median sale price are higher than our other Louisiana towns, Metairie’s growth is steady and landlords can still expect around 30 leads per property and only 10 days on the market.
- Population growth: 0%
- Employment growth: 1.1%
- Increase in home values: 4.2%
Median Sale Price: $266k
Average Rent: $1381
Average Number of Leads per Property: 30
Number of days on the rental market: 10
#1: Monroe
Monroe is the largest city in Northeast Louisiana and is located in the Ouachita Parish – home to the famous Duck Dynasty cast. It’s also home to the University of Louisiana at Monroe which has over 9,000 undergraduate students and has been recognized as a top university by many organizations. While duck lovers are here, students make up a large part of the renter population and enjoy the affordable $679 monthly rent – property investors can expect 50 leads per property on average and only 17 days on the rental market – sounds duckin’ awesome! It’s obvious why Monroe is our number one choice in this great state.
- Population growth: -2%
- Employment growth: 0.4%
- Increase in home values:-1%
Median Sale Price: $135k
Average Rent: $679
Average Number of Leads per Property: 50
Number of days on the rental market: 17
Once you’ve landed the perfect investment property in a good location, TurboTenant can help take your landlording into the digital world by streamlining the rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.
About the TurboTenant Report
The TurboTenant Report analyzes data from active listings across all 50 states, as well as third party real estate, population and employment growth data. Our goal with the TurboReport is to empower seasoned and novice investors to make wise purchasing decisions when purchasing a rental investment property. For more information or custom data requests, please contact [email protected].
Methodology:
In order to determine the best cities to invest in each state, we curated data from a number of reputable sources as well as using TurboTenant proprietary data. Our main city selections were taken from a study that evaluated four main factors for each city: employment growth, population growth, increase in home values and rental yield. We combined that with TurboTenant data on the average rent price, the number of rental leads per property, as well as the average number of days the rental stays on the market.
We also included an honorable mention where applicable. They are pulled from this study on the best places to invest in every state. These were determined using Zillow’s Buyer-Seller Index and Zillow Home Value Forecast, and AreaVibes’ Livability Score. Other methods for determining honorable mentions include using TurboTenant proprietary data to determine which cities return the best rental investment R.O.I. using data points including days on market, the number of leads per property, and average rent price.
DISCLAIMER: TurboTenant, Inc does not provide legal advice. This material has been prepared for informational purposes only. All users are advised to check all applicable local, state and federal laws and consult legal counsel should questions arise.
Sources:
- TurboTenant Rental Data
- Fastest Growing States Population
- The Best and Worst Cities to Own Investment Property
- Real Estate data provided by Redfin, a national real estate brokerage.
