Are you thinking about investing in the Metro Detroit real estate market? Let us help you!
Investing in real estate is a surefire way to build your long-term wealth. Investing in assets such as rental properties allow you to earn a steady passive income, while also benefiting from rising appreciation rates.
However, location is key when investing in real estate. After all, not all real estate markets are equal. If you want to get a good return on your investment, you should find an area with a solid local economy, high quality of life, plenty of amenities and local attractions, and, more importantly, a stable rental market. Luckily, Metro Detroit ticks off all of these boxes!
With low property prices and a growing demand for rental accommodations, purchasing a rental property in Metro Detroit is bound to be a great investment. However, this doesn’t mean that you should make any investment without research and due diligence.
To help you out, the experts at BRS Property Management will go over the best reasons to invest in a rental property in Metro Detroit, MI!
Why Invest in Metro Detroit, MI, Rental Properties
As the major metropolitan area in Michigan, Metro Detroit is a popular city among real estate investors. After all, the city has many great areas for real estate investments.
Below are many more reasons why you should consider investing in the Metro Detroit rental market!
1. Strong Local Economy
One factor that makes Metro Detroit a good area to invest in is its strong, stable economy. After all, it’s not named Motor City for no reason. Metro Detroit’s economy is primarily bolstered by the automotive industry, housing the headquarters of major companies General Motors, Ford, and Chrysler.
In addition to this, other booming industries in the region are technology, agriculture, and healthcare. Metro Detroit’s strong local economy translates into low unemployment rates and a competitive job market.
The strength of the Metro Detroit economy creates a favorable climate for real estate investors. Plus, the growing job opportunities attract hundreds of newcomers every year, resulting in an even wider pool of prospective tenants.
2. Low Cost of Living
Quality of life is a major factor tenants consider before moving into a city. Luckily, Metro Detroit offers its residents a great lifestyle with a low cost of life.
After all, the city has some of the most competitive rental rates in the county. These affordable rent prices attract hundreds of newcomers every year, meaning that you can have your pick of tenants for your Metro Detroit rental!
3. Booming Tourism
At the heart of Metro Detroit’s local economy is the tourism sector, comprising about nine percent of the area’s total number of jobs. This city welcomes hundreds, if not thousands, of visitors throughout the year thanks to its local attractions and long list of things to do.
One of the biggest attractions in Metro Detroit is the casinos. After all, this city is home to major casino resorts such as MGM Grand Detroit, MotorCity Casino, Hollywood Casino, and nearby Caesars Windsor.
Metro Detroit also hosts a variety of events throughout the year, including the Woodward Dream Cruise, the North American International Auto Show, Youmacon, and the Windsor-Detroit International Freedom Festival. As if this wasn't enough, Metro Detroit is home to many popular venues, parks, restaurants, and hotels.
4. Affordable Properties
There are many excellent deals on the local market despite the thriving local economy. Ultimately, when considering other large cities in the region, Metro Detroit offers less expensive real estate.
Since the market has more affordable property prices, you may get more for your money in Metro Detroit than in comparable areas. Moreover, the low cost of properties in the area will allow you to grow your portfolio significantly in a short span of time.
5. Landlord-Friendly Laws
The rental laws in the state of Michigan tend to be landlord friendly. This means that Metro Detroit landlords don’t have to deal with rent control policies and or limits to how much they can charge for late fees.
When it comes to laws regulating what you can do as a property owner, you’ll have to face less pressure than other investors in other states.
Plus, Michigan is also a tenant-friendly state. Tenants' rights are highly respected in this state. This allows tenants to find a place to live without too much trouble. At the end of the day, this means that there’s a bigger pool of prospective tenants for you to choose from!
6. Plenty of Local Attractions
Having local attractions and things to do is key to ensuring your rental attracts tenants all year round. Luckily, Metro Detroit has many sights, attractions, and activities that help attract hundreds of tourists and new residents every year.
The city’s great amenities and attractions improve its residents’ quality of life, which often translates into longer, more stable tenancies. Some of Metro Detroit’s biggest attractions are its natural area.
The city is home to plenty of freshwater beaches, including Metropolitan Beach, Kensington Beach, and Stony Creek Beach. Both residents and visitors can enjoy plenty of outdoor activities at any of its many Metroparks.
Whether it’s canoeing through the Huron-Clinton Metropark or enjoying downhill and cross-country skiing at many of the city’s ski resorts, there’s always something to do in Metro Detroit.
In addition to this, Metro Detroit has a rich cultural heritage and attractions that you can’t miss. One of the region’s biggest attractions is The Henry Ford, the largest indoor-outdoor museum complex in the entire country.
Other popular museums include the Detroit Institute of Arts, Museum of Contemporary Art Detroit, Motown Museum, and the Michigan Science Center.
The Bottom Line: Why Buy Metro Detroit Real Estate Investments
Metro Detroit is a great place to invest in a rental property. After all, the city has a strong local economy, booming tourism, a high quality of life, and plenty of local attractions. All of this is attractive to tenants, which means great returns for real estate investors.
If this is your first time investing in real estate, working with a professional may be in your best interests. It can smoothen out the process for you and help you avoid common pitfalls.
There’s no one better in the Metro Detroit area than BRS Property Management. Our team can help you buy a good investment property in Metro Detroit. Contact us today to get started!
