Report: Visalia good for rental properties

Source: The Business Journal

Visalia placed in the top ten among cities with the best real estate markets for rental investment in the fourth quarter. According to the list compiled by Local Market Monitor and HomeVestors of America, Visalia came in at No. 6 following Vallejo, Detroit, Modesto, Stockton and Las Vegas where investors were more likely to eye new rental houses and developments. The list, based on the future relative returns on homes purchased as rental properties, was driven in large part by high unemployment rates and rising home prices where fewer residents were expected to buy a home. Visalia's unemployment rate was 9 percent in November while Tulare County totaled 14.5 percent. That's similar to Modesto and Stockton's rate of 12.5 and 17.1 percent, respectively. Also, home prices in Tulare County were up 9 percent from last year to $138,080 in November. "In the short run it's tough to rent out houses in markets with high unemployment, but that's where the long-term opportunities lie," said Ingo Winzer, president of Local Market Monitor. "Most of today's best opportunities won't look as good, which means they won't look as bad."

URL to original article: http://www.thebusinessjournal.com/news/real-estate/4384-report-visalia-good-for-rental-properties

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