A new report issued on rental property as an investment shows Hartford is the sixth worst market for potential return on investment for landlords.
All Property Management, a Buildium subsidiary and operator of the largest online network of property management services, Wednesday released findings from its inaugural Rental Ranking Report, which features insights into the attractiveness of real estate investment in 75 major U.S. metropolitan areas, over all four quarters of 2015. The higher a metropolitan area’s ranking, the better ROI for rental housing within it.
The Rental Ranking Report is calculated with a combination of U.S. real estate, rental housing and jobs reports, along with property appreciation forecasts.
The Hartford metropolitan market showed the worst property appreciation rate at 0.79 percent. San Francisco, Calif., was highest at 7.34 percent. The Hartford metro area also is worst in the country because of the high availability of rental units.
According to the report, the Hartford market was third worst in the country in 2015 for rent variance at -3.8 percent. Rent variance is the percent change in the median rent within the metropolitan area year over year. The rent variance number improved slightly for the first quarter of 2016 at -3.2 percent, but Hartford maintained its third spot nationally behind Jacksonville, Fla., and Virginia Beach, Va.
