A NEW DAWN IN CLEVELAND OHIO
The USA buy to let market has been at the top of the list when it comes to inquiries and overseas investment, the USA remains the most sought-after destination on TheMoveChannel.com
Buy to let investors are always on the look out for the next big thing across the pond, which city can provide the best return at the best possible price.
Detroit, New York and Florida have been leading the way for many years now but Cleveland Ohio is starting to get a lot of attention recently, it was one of the most overlooked cities in the US when it comes to property investment.
Located in Northeast Ohio on the southern shore of Lake Erie, Cleveland is one of the 50 largest cities in the United States. Cleveland is often known for its famous sports teams and continues to expand and develop its famous riverfront.
Cleveland job market continues to grow with a sizeable push from the health care industry as well as large companies such as Cliffs natural resources, Forest city enterprises, Sherwin Williams, KeyCorp and NACCO Industries. With a strong demand for rental properties Cleveland presents some impressive investment opportunities for the overseas and domestic buyer. Many investors looking for good income producing properties find Cleveland to be a good balanced investment that provides steady cash flow.
Some of the main reasons why Cleveland is tipped to be the next Investment hot spot.
• 95% housing occupancy rate in downtown Cleveland (Downtown Cleveland Alliance)Cleveland is among the top 10 job markets for new college graduates – (CNN)
• Northeast Ohio is one of the hottest entrepreneur regions in the nation – (Entrepreneur)
• Cleveland serves as headquarters to 11 companies on the Fortune 500 list, both industrial and non-industrial.
• Home to 27 area Colleges and Universities
• Regional Banking Hub: home to one of 12 Federal Reserve Banks
• Home to four professional sports teams
• Home of the Rock-n-Roll Hall of Fame with 7+ million visitors
• University Hospitals named one of nation’s best hospitals – (U.S. News & World Report)
• Home of the nation’s first Medical Mart
No longer the city of yesteryear, Cleveland now possesses a thriving and diverse economic workforce, a rich cultural backdrop and high quality neighbourhoods that are generating 10-25% or more on rental return.The city continues to grow and redevelop with billions invested in new projects, the region is receiving a major capital investment of $12 billion and currently has a $170-billion economy.
Cleveland ranks among top 10 U.S. cities for population growth of college-educated millennial residents.Beyond this so-called ‘brain gain,’ the statistics show a higher concentration of millennial residents overall, regardless of education. The Cleveland metro area’s economy continues to improve: the unemployment rate is lower than it has been in a decade, GDP per capita and income per capita continue to outpace the nation, and credit card delinquencies remain low.
NUwireinvestor has stated – “Cleveland combines a solid business infrastructure with education, lifestyle and an affordable cost of living. The universities attract researchers and students from around the world. The city has a great orchestra, museums and recognised sports teams. There are miles of park trails, the shores of Lake Erie and The Rock and Roll Hall of Fame. All of this adds up to make Cleveland a great place to live and work, and thus an attractive investment climate for rental real estate…”
Manchester based firm Global Investments Incorporated have been leading the way in the US Buy to Let market now for many years and have 4000 plus property sales under their belt. We asked CEO Mike Moodie his opinion on the Cleveland market place and his thoughts on where its heading.
Mike was quoted in saying, “ I have been studying the market in Cleveland for some time now and have been actively trying to source a good supply of income producing houses which we have finally managed to do. It is really important that we do our due diligence on the supplier and also the areas and neighbourhoods that the properties are in as there are many companies out there with a lot of stock but in the wrong type of neighbourhoods. I wanted to ensure that the properties we market are well located and managed giving my investors a safe and secure investment opportunity. “
“ We have now teamed up with Keller Williams a house hold name in the US to bring a consistent supply of good homes in good neighbourhoods which are updated and the tenants are vetted. Our partnership enables us to deliver exclusive properties not for sale anywhere else and that will start around the $20,000 price range, these properties will give our investors net returns of between 18% and 29%. We are excited about the cities potential and our new partnership with Keller Williams “
2018 could be the year that really puts Cleveland on the map as one of the best buy to let cities in the USA and it looks like the Manchester based firm will be leading the way again with some excellent new opportunities for the overseas investor.