Why Indy is a good place to Invest
Do you want to invest in wholesale properties in a place where you can thrive as a landlord? Do you want to find tenants quickly and easily, making a good return on your investment? If you’re looking for a strong real estate market in a city with affordable housing, look no further than Indianapolis. Indianapolis is a city where investors can find homes at a range of prices and locations so you can start or build your real estate investment business.
A strong economy, good population growth, and many local attractions are just a few of the reasons that people buy investment properties in Indianapolis. In this article, we’ll go over the many factors to consider when trying to decide whether to buy rental properties in Indianapolis. Here’s what you need to know.
Strong Economy
Indianapolis has a strong economy. The Indianapolis metropolitan area is home to over a million jobs, and the unemployment rate is generally lower than the average U.S. unemployment rate. The city is home to companies like FedEx, Eli Lily and Company, and Amazon. The presence of these big companies is important because they create stable jobs that people can rely upon. Indiana is currently ranked fifth in the United States for its economic performance, and the Indianapolis metropolitan area is a huge generator of Indiana’s overall economic activity.
This strong economy leads to a strong rental economy. Indianapolis continues to be a draw for people who need affordable housing and a steady income. People come to Indianapolis for jobs and then need a home where they can raise families and enjoy their lives.
Strong Population Growth
The Indianapolis metropolitan area is home to nearly 2 million people, and the population is growing. This means that the demand for housing in the area is strong and can continue to grow as the city’s population grows.
The Indianapolis metro area is the 11th most competitive rental market in the Midwest, with rental properties staying vacant between tenants for a relatively short period. The high demand for rental homes allows landlords to charge a very fair cost for their rental property, even as the price of housing in the area remains low.
Local Attractions to Generate Jobs
In addition to being a city with strong industries that attract people to the area, Indianapolis is also a city with many local attractions that generate jobs. Tourism in the area is strong. Local attractions in the Indianapolis metropolitan area include adventure parks, historical landmarks, amusement parks, and sporting events.
Some attractions that bring people to Indianapolis include:
- Children’s Museum of Indianapolis
- Indianapolis Museum of Art
- Indianapolis Art Center
- Eiteljorg Museum
- Indianapolis Motor Speedway Museum
- Indianapolis City Market
- Indiana Beach
- Hilbert Circle Theatre (where the Indianapolis Symphony Orchestra performs)
Indianapolis attractions bring thousands of tourists to the city every year. This strong tourist economy has been thriving for years and generates almost $6 billion annually.
Low Real Estate Prices
Despite the many economic opportunities in Indianapolis, wholesale property prices remain relatively low. The cost of living in Indianapolis is approximately 10 percent below the national average, and the average home price is 23 percent below the national average.
This low cost of living allows property owners to sell their properties for lower prices. Investment in Indianapolis is easier than it is in many other parts of the country. This makes Indianapolis a fantastic place to start your rental investment business.
At the same time, the return on investment tends to be high. Property values may be far below the national average, but the rental costs are much closer to the national average. In other words, you can buy a home affordably and then rent the home at a rate that allows you to make a strong profit.
Landlord-Friendly Laws
Indiana is a landlord-friendly state with rental laws that typically favor landlords. Some laws govern when landlords can increase prices, but there are no rent control laws or laws that limit how much a landlord can charge for a security deposit. This makes it easier to maintain your rental property and make a strong return on investment for your rental home.
Overall, all these facts and more make Indianapolis an excellent place to invest in wholesale properties. If you’re interested in investing in Indianapolis, Invest With Ben is your resource for good rental properties around Indianapolis. We can help!