In this edition of The TurboTenant report, we will be focusing on the best places to buy an investment property in West Virginia. Three towns made our list: Wheeling, Morgantown, and Huntington. 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.
West Virginia is located in the Appalachian region of the Southern U.S. West Virginia became a state following the Wheeling Convention, the namesake of our number one towns to invest in. West Virginia decided to break away from Virginia in 1861 at the beginning of the Civil War. West Virginia’s nickname is the “Mountain State” and is known for its skiing, hiking, mountain biking, backpacking, rock climbing, whitewater rafting, and hunting. West Virginia is also known for its amazing fall foliage. They say “you’ll feel far away from everything. And a little closer to heaven.”
Let’s check out the best places to buy a rental investment property in West Virginia, a little slice of heaven.
#3: Huntington, WV
Huntington is the second-most populous city in West Virginia, just behind the state capital, Charleston. Huntington is located on the Ohio River at the mouth of the Guyandotte River. It is home to the Port of Huntington Tri-State, the second-busiest inland port in the United States. Its main industries are coal, oil, chemicals, and steel and it is a vital rail-to-river transfer point for the marine transportation industry. In 2017 Huntington was awarded the grand prize in “America’s Best Communities” competition which kicked off a community revitalization campaign. While population growth has gone down a bit, home values are affordable and rent prices are steady. Properties are getting an average of 67 leads with only 18 days on the market before they are snatched up.
- Population growth: -3.2%
- Employment growth: 0%
- Increase in home values: -.6%
Median Home Price: $143k
Average Rent: $701
Average Number of Leads per Property:67
Number of days on the rental market: 18
#2: Morgantown, WV
Morgantown is the 3rd largest city in West Virginia as well as the home to West Virginia University. Morgantown was voted one of the “Best Small Towns in the County” as well as one of the “Best Towns for Foodies” in West Virginia. Its Wharf District along the Monongahela River has been revitalized in the last two decade and features amazing restaurants and trails. Population growth and home values have increased year over year, and the median sale prices are under $200k. The number of leads per property is very strong at 41, with around 26 days on average to fill a vacancy. Morgantown gets our vote for one of the best places to buy a rental investment property.
- Population growth: 1%
- Employment growth: -1.3%
- Increase in home values: 2.8%
Median Home Price: $187k
Average Rent: $844
Average Number of Leads per Property: 41
Number of days on the rental market: 26
#1: Wheeling, WV
Wheeling, our number one pick lies along the Ohio River in the foothills of the Appalachian Mountains. Wheeling was originally the state capital of West Virginia, it is nicknamed “The Friendly City” and has a population hovering around 30k. Wheeling was once known as the “nail capital of the world” because of its large output of cut iron nails. It has also nailed the rental investment market. Home values are up 3.1% year over year, employment growth is steady at 5.4% and the median sale price is under 100k. Wheeling’s rental market is strong, averaging 49 leads per property and only 18 days on the market.
- Population growth: -2.3%
- Employment growth: 5.4%
- Increase in home values: 3.1%
Median Home Price: $97k
Average Rent: $706
Average Number of Leads per Property: 49
Number of days on the rental market: 18
Once you’ve landed the perfect Virginia 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.
