In this edition of The TurboTenant report, we will be focusing on the best places to buy an investment property in Mississippi. Three towns made our list: Buffalo, Rochester, Troy, and Schenectady. We curated data from studies on the best places to buy an investment property, median listing price, 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.
Mississippi is located in the southeastern part of the U.S. Its western border is largely defined by the Mississippi River which flows down to the Gulf of Mexico on its southern border near our number one investment pick, Gulfport. Jackson, our number three pick on the list is the largest city in Mississippi as well as the state capital. Mississippi is known as the “Birthplace of America’s Music” and has helped shape the course of blues, jazz, rock, country, and gospel music. You can follow the Mississippi Blues Trail, and the Mississippi Country Music Trail to see where a variety of artists drew inspiration from the people, places, and culture.
Now, follow us down the rental investment trail and check out the best places to buy property in The Magnolia State.
#3: Jackson, MS
Our number three pick is the capital and the most populous city in the state. Jackson is known as the “City with Soul.” They’ve earned this name because “of Southern Soul music, an eclectic culinary scene, a growing cultural enclave for dreamers and doers and a history that reminds us how far we have come.” They earned the bronze with home values increases at 5.3% year over year, an average of 24 leads per property, and just under 20 days on the market. The median sale price is just 123k with strong monthly rents at $830 on average. Jackson is the city with investment potential in our book.
- Population growth:-2.7%
- Employment growth: 1.0%
- Increase in home values: 5.3%
- Median Listing Price: $123k
- Average Rent: $830
- Average Number of Leads per Property: 24
- Number of days on the rental market: 19
#2: Laurel, MS
This small and quaint town is located in the southeast region of Mississippi known as the Pine Belt. Laurel is complete with oak-lined streets, and turn-of-the-century homes. Fun fact: Laurel is the birthplace of Lance Bass of the famous boy band NSYNC. It also boasts affordable homes with a median sale price of 120k and an average rent amount of $637. You get perfect vision with our leads and days on market, 20/20 on both fronts. We won’t say bye, bye, bye to this opportunity, we say hello Laurel!
- Population growth: 0.0%
- Employment growth: 1.0%
- Increase in home values: 1.6%
- Median Listing Price: $120k
- Average Rent: $637
- Average Number of Leads per Property: 20
- Number of days on the rental market: 20
#1: Gulfport, MS
Our number one pick, Gulfport, is the second-largest city in Mississippi. It is located on the southern coast along the Gulf of Mexico. It’s a rich and vibrant coastal community, whether you want to fish, paddle or just lounge on the beach Gulfport has got it. Gulfport also has a lot of rental leads, landlords average 96 per property and just 16 days on the market. Home values have increased double digits year over year at 10% and the median sale price is coming in under 200k. Rent prices are strong and so is employment growth at $995 and 1.7%.
- Population growth: .5%
- Employment growth: 1.7%
- Increase in home values: 10%
- Median Listing Price: $179k
- Average Rent: $995
- Average Number of Leads per Property: 96
- Number of days on the rental market: 16
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.
Use our handy map tool to explore top rental markets throughout the U.S.
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.