The year 2024 is dedicated to growth, may it be technology or the population. Changes in demographic conditions have also contributed to a change in the overall landscape of the rental real estate markets in the US. Companies like Apple and Tesla are expanding their businesses in new localities leading to new job opportunities and a population influx in such states. Thus, renting yields might as well be the highest. This article brings you a detailed list of the best real estate markets for rental properties in the US for the year 2024 based on economic growth, favorable demographic conditions, and renting yields that will prove to be the best opportunities for rental property investors.
Austin, Texas
Austin located in the state of Texas is known to be the tech hub and has seen explosive growth in recent years. According to certain reports, Austin has the potential to become the next Silicon Valley of the country with top companies like Apple, Dell, IBM, etc, relocating their bases to Austin. The number of jobs created in Austin in the year 2022 was 195,878 making it a huge attraction for youngsters and one of the best estate markets for rental properties in the US for the year 2024 with a rental yield of approximately 6% to 7%.
Phoenix, Arizona
Pheonix located in Arizona is one of the fastest growing cities in the country A favorable climate with warm and dry winters along with a picturesque landscape and growth in sectors related to technology and healthcare leading to new job opportunities attracts a lot of new residents. The renting yield of Pheonix is around 7% to 8%, especially in the suburban areas making it another one of the best estate markets for rental properties in the US for the year 2024.
Atlanta, Georgia
The diverse economy of Atlanta located in Georgia also serves as a stable market for rental investors. Home to some of the major corporations like Coca-Cola, Home Depot, and Delta Air Lines, Atlanta’s major attraction is the business-friendly nature of the state. It also has some of the major film and television studios making it a hub for the film industry. The rental yield of Atlanta ranges from 6% to 8% as the job market attracts new young residents.
Orlando, Florida
The economy of Orlando located in Florida is mainly driven by the industry of tourism. Major tourist attractions like the Universal Orlando Resort and the Walt Disney World Resort economically support many families and create a large number of job opportunities for young adults. The lifestyle appeal as well as the renting yield as high as 5% to 7% makes it another one of the best real estate markets for rental properties in the US for the year 2024.
Raleigh-Durham, North Carolina
Raleigh-Durham located in North Carolina is known for its research and technology industries. Home to some of the major universities like NC State and Duke University, as well as the hub to some of the major companies like IBM and Cisco, the area draws a lot of attention from young students and professionals who often move in with tier families. The renting yield of the area is 6% to 7% which makes it another one of the best real estate markets for rental properties in the US for the year 2024.
Nashville, Tennessee
Nashville located in Tennessee is famous for its music and cultural significance along with a rapidly growing economy. The leading sectors of Nashville will be healthcare, technology, and tourism. The cultural appeal and the creation of many new job opportunities contribute to the growth in the population of the city. The renting yield of Nashville is around 5% to 6% with some neighborhoods yielding even higher making it another one of the best real estate markets for rental properties in the US for the year 2024.
Charlotte, North Carolina
Charlotte located in North Carolina is one of the major financial hubs of the country with major banking institutions like Bank of America, JPMorganChase, US Bank, Wells Fargo, etc, contributing to the economic growth of the city and creating favorable job opportunities leading to a huge influx of new residents. The renting yield is around 6% to 7% making it another one of the best real estate markets for rental properties in the US for the year 2024.
Tampa, Florida
Tampa located in Florida offers a blend of urban-suburban living along with favorable climatic conditions. The sectors of healthcare, technology, and finance are rapidly growing new job opportunities. The new job opportunities being offered by these sectors along with the lost cost of business start-ups in comparison to the other cities attract a lot of new residents. The renting yield is 6% to 7% making it another one of the best real estate malts for rental properties in the US for the the year 2024.
Indianapolis, Indiana
Indianapolis, the capital of Indiana, is famous for its low-cost living and stable economy. The major sectors that drive the economy of Indianapolis are healthcare, manufacturing, and logistics. Major companies like PepsiCo and Cummins have their manufacturing units in Indianapolis creating a variety of job opportunities on posts ranging from ground staff to managers for the unemployed youth contributing to the increase in its population. The renting yield ranges from 7% to 9% making it another one of the best real estate markets for rental properties in the US for the year 2024.
Denver, Colorado
Denver located in Colorado is famous for its vibrant lifestyle and strong job opportunities in rapidly growing sectors of the economy such as technology, aerospace, and renewable energy attracting many young professionals who are seeking jobs as well as an attractive lifestyle. The renting yield ranges from 5% to 6% with some areas performing even better making it another one of the best real estate markets for rental properties in the US for the year 2024.
