In this edition of The TurboTenant report, we will be focusing on the best places to buy an investment property in Vermont. One town made our list: Burlington. 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.
Located in the northeast in the New England region, Vermont is the second smallest state by population. If you like pancakes or waffles, Vermont is the place to be since it’s the leading producer of maple syrup in the country. Additionally, Vermont is known for its natural beauty from its ski mountains to Lake Champlain – the trees in the fall are some of the most colorful and mesmerizing to see. Southern Vermont is a short drive to New York and Boston with many historic sites, covered bridges, and trails to visit along the way. Tourism, insurance, government, and forestry are all important industries in this state where the population and employment growth are steady and median sale prices are affordable for the region.
Let’s find out the best places to buy a rental investment property in the Green Mountain State.
#1: Burlington
Burlington is a beautiful little town located on the eastern shoreline of Lake Champlain. It might be small, but it’s the biggest city in Vermont with a thriving art scene, entrepreneurs, four colleges, and a great community with many activities for its residents. Don’t forget the amazing nature scene with lakeside parks, ferry crossings, and bike paths. Fun fact, Burlington became the first city in the U.S. to run entirely on renewable energy in 2015. Home to the University of Vermont and Champlain College, Burlington is buzzing with students in need of rentals, evident in the steady population and employment growth at 1.2% and 1%. Rent is average compared to many east coast states at $1584 and the median sale price is $325k! Landlords can expect an average of seven leads per property and 22 days or less on the rental market – don’t miss out on what Burlington has to offer.
- Population growth: 1.2%
- Employment growth: 1%
- Increase in home values: 1%
Median Sale Price: $325k Nov. 2019
Average Rent:$1584
Average Number of Leads per Property: 7
Number of days on the rental market: 22
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.
