While El Paso is more affordable for renters than many other areas of the country, average rent prices continue to rise by 15% annually. This is a good thing for real estate investors.
If you're building a real estate business and looking to improve your investment income, then buying rental property in El Paso can be a great decision. El Paso offers some unique advantages to rental investors, so it's well worth taking a closer look at the city.
Here are the top benefits of investing in rental property in El Paso, TX.
Homes Are Affordable
The property in El Paso is incredibly affordable. At a $248,750 median price, homes can be bought for a low price when compared to other cities in the United States and you'll be able to enter the market as an investor at a much lower price.
You'll still need to have a pretty good bit of money to start investing in property in El Paso. However, the barrier to entry is smaller compared to other areas of the country.
Once you buy a great property, all you'll need to do is find reliable property management services to use.
Rents are Healthy
While the barrier to entry is pretty low for real estate investors in El Paso, rents are pretty high on average. There are also plenty of tenants around.
This means that you'll be able to make a pretty good return on your investment once you get started. There's also a great chance that the rent you charge tenants will be higher than your mortgage payments.
El Paso Has a Strong Economy
One of the reasons that investing in real estate in El Paso can be a great choice is that the economy is so strong.
Industries in El Paso are doing well and there's also a large military presence as well. With its close proximity to Fort Bliss, there are plenty of military families around who are regularly looking for housing in the form of rentals.
This makes El Paso a stable place for investors who are interested in making money.
There Are Plenty of Property Types
There's a lot of variety regarding the types of rental properties you can find to purchase in El Paso. Whether you want to invest in small apartments and condos or you're looking for large homes and villas to invest in, you'll be likely to find exactly what you're looking for.
This means that you'll have plenty of options for launching investments in El Paso and you'll be doing it in exactly the way that you want to. You won't have to settle for properties that aren't your ideal choice.
Making the Decision to Invest in El Paso Rental Property
If you want to build wealth with rental property, you should consider investing in real estate in El Paso. El Paso offers some great opportunities for investors and has low-cost properties, high rents, and great stability.
Interested in getting started with El Paso real estate? Contact us today to learn more about how we can help you meet your needs.