According to a report from the Birmingham Business Journal, that very well may be the case.
As discussed in the story, a report from Rent.com was released naming Birmingham as one of the top 10 cities in the nation for renters. The website analyzed Birmingham real estate and looked at key statistics related to the rental market to determine that Magic City is the ninth-best city for renters in the nation.
Birmingham clocked in at 10.8 percent for its vacancy rate and had a median rent of $896 against a median household income of $31,467. Of course, these stats are for the Birmingham rental market as a whole.
It’s not clear if they include only apartments, or include apartments, single-family homes, and other rental types. We’ve noticed that the single-family home market is quite healthy for owners, but those statistics may very well differ from the stats reported by Rent.com.
Comparing gkhouses.com to the Market: Is the Market Good for Owners?
How does gkhouses.com stack up? For starters, we boast a much lower vacancy rate – around five percent, compared to 10.8 percent – which means your properties, under our care, have a much higher chance of being occupied than the rest of the market as a whole.
And, naturally, with a good property management company by your side, a market can be eminently favorable to owners. This is because you’ll experience a lower vacancy rate and will enjoy a smoother operation than units that don’t have top-notch property management by their side.
On balance, Birmingham real estate as a whole is healthy for property owners. Economic conditions are favorable and improving. Every month, individuals and families relocate to the Birmingham metro area, and these families need single-family homes.
Demand has remained strong and will likely increase as the local area’s economy continues to strengthen. Plus, homes are still affordable, which means buying an investment property and expanding your portfolio is more than possible. Owners don’t have anything to worry about from this report – not if you have a qualified property management professional by your side.