What’s common among the top investors of the world? Many of them sink their funds and resources into real estate. Among the different classes of investment in the market, real estate is regarded as one of the best. It offers stability, appreciates over time, and is a passive source of income.
However, to enjoy all the benefits that come with real estate, you must place your funds in the right market. Metro Detroit is such a market.
Due to the local dynamics of Metro Detroit, you’ll need a company with specialized, local knowledge of the ideal investment options to best advise you.
For all your investment needs, you can trust the experienced team at Nelson Property Management. We’ve been closely monitoring the local market and can advise you on the best neighborhoods based on your investment goals and budget.
What Makes Metro Detroit a Target for Investors?
As seasoned investors will tell you, looking for the ideal spot to invest in real estate can be a hard one. However, when it comes to how the Metro Detroit area is shaping up, you might want to consider it.
The following are some of the reasons why the Metro Detroit area makes a promising real estate investment:
An Emerging Market
If you’ve done your research or have been around for long enough, you’ll remember that Detroit was once the hub for all things manufacturing and automotive. In the 2000s, the city took a big hit in this area, hurting its economy. Real estate was one of the sectors that suffered as a result.
It’s taken a while for the city to recover, but thanks to the combined effort of the federal and local governments, other government agencies, NGOs and private corporations, things are looking up! Metro Detroit is once again on its feet.
The Metro Detroit area is seeing significant growth as companies are relocating to the area once again. Investments are flowing smoothly, and real estate returns are going to be more profitable as properties increase in value.
Affordability
Another key reason that makes the Metro Detroit area such a good investment option is its low cost of entry. Other hot markets in the country like Los Angeles, Austin, and New York City require you to sink almost all of your equity and then some.
This is not the case with Metro Detroit. If you’re a new investor looking to start your journey, the Detroit area is the ideal market for you. The team at Nelson Property Management knows the area like the back of our hand. We will help you identify the right market for you.
The Job Market
Detroit didn’t get its nickname ‘the Motor City’ erroneously. Almost every big name in the country has its manufacturing plants in the Detroit area. Ford, General Motors, Chrysler, and Fiat are some of the reputable automotive businesses around. They are responsible for employing thousands and supporting the local economy.
Learning from past mistakes, the city has also been diversifying and investing in other business sectors such as finance, aerospace, healthcare, and technology. Multinational corporations have planted roots in Metro Detroit. Some of the notable mentions are Microsoft, JP Morgan Chase, Google, and Quicken Loans.
With such a diverse economy and large corporate industry giants, the job market is looking healthy once again. Young professionals and their families are moving in on a daily basis to take advantage of the improving job market.
The question is: where will these professionals and job hunters lay down at night? This is where you come in as a Metro Detroit real estate investor!
Rejuvenation and Regeneration
If you visited the Detroit area a few years back and visit now, get ready for the shock of your lifetime. The local council and authorities have been implementing some major rejuvenation projects. Their main target area has been blighted neighborhoods.
Houses and developments that were abandoned have been bought, renovated, and reintroduced into the market. Neighborhoods are receiving a major face-lift, roads are being tarmacked, and amenities and services are popping up.
Nelson Property Management has been operating in Metro Detroit for over 30 years. We can map out the changes that have been taking place in the different neighborhoods and areas. Our team will help you choose the best neighborhood for you that is ripe for investment.
Low Cost of Living
Renters today are looking at how they can improve their quality of life and capitalize on their income. This means they are actively searching for places with affordable rent and a low cost of living. This is where Metro Detroit comes in.
With the rejuvenated efforts of the local government and large corporations in the area, amenities and services are on par with that of major cities across the country. With its low cost of living and affordable rent, it’s no wonder renters are rushing to the Metro Detroit area!
Bottom Line
When you combine the different factors mentioned above, Metro Detroit morphs into a real estate hotspot. The demand for rental properties is on the rise, while the properties are still quite affordable. It’s up to investors to take the initiative, place their funds in Metro Detroit real estate, and enjoy a higher than average return on investment.
To fully maximize your returns on investments, you’re going to need a professional Metro Detroit property management company. With our qualified team, Nelson Property Management handles all aspects of management, from marketing and advertising of your unit to tenant screening and property maintenance.
Call us today to discuss your financial goals! Nelson Property Management will prepare a customized package just for you.
