Syracuse, NY: Rental Property ROI Analysis
|75 U.S. City Avg.
Home to one of the country's leading research universities, Syracuse University, the Great New York State Fair, the Syracuse Jazz Festival and the Milton J. Rubenstein Museum of Science and Technology, Syracuse is renowned for being a wonderful place to live, work, and play. In fact, Forbes has ranked it on its lists of the most affordable U.S. cities and the best cities to raise a family in. Residents of Syracuse also enjoy plenty of recreational opportunities and wide-open green spaces; it has more than 170 parks and recreation areas, including Burnet Park, location of the first public golf course in the U.S., Rosamond Gifford Zoo and the Onondaga and Kirk Parks.
Syracuse ranked 18th in the Northeast and 75th in the U.S. in the Q1 2015 Rental Ranking Report - dead last both regionally and nationally in terms of its attractiveness for rental real estate investors. But that doesn't mean landlords can't make money there! Syracuse has a solid average capitalization rate of 8.91, placing it in the top ten markets nationwide for that important rental housing investment metric.
Syracuse has a lot of students per capita, thanks to the presence of the prestigious Syracuse University, SUNY Upstate Medical University, SUNY College of Environmental Science and Forestry, two nursing colleges and the Empire State College. Large student populations lead to high and sustained demand for rental housing, so we encourage investors to not be discouraged by Syracuse's low Rental Ranking and focus instead on its solid cap rate and the annually-renewing population of renters who flock to Syracuse for schooling.
What data is this Rental Ranking Report based on?
To calculate the statistics found in the Q1 2015 Rental Ranking Report, All Property Management gathered data, including the most recent government housing and jobs data, for 75 metros across the United States. Specifically, we looked at home vacancy, capitalization, home value appreciation and job growth rates, changes in rental prices, and the average number of days properties have been on the market to determine which U.S. metros will give investors the highest returns on rental investments. Click here to learn more about the Rental Ranking metrics.
Should I invest in Syracuse rental property?
An exceptional capitalization rate and status as a bustling college town means that investment in Syracuse rental housing can be profitable both in the short and long terms.
Thinking about renting out a property in Syracuse? Save time, avoid hassle and maximize your rental income by having a professional property management company operate your rental property for you. Click here to get a free quote from a local property manager or call 877-780-4510 to have the All Property Management staff get quotes for you.
All Property Management specializes in connecting rental property owners with professional property managers in communities across the United States. These property managers help set rental rates, advertise properties, screen and manage tenants, collect rent, manage vendor relationships and ensure compliance with local, state and federal housing regulations. They take the hassle and worry out of managing rental properties - all while maximizing rental property owners' rental incomes.