- March 28, 2024
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To make money in renting out homes, avoid Naples.
That's a takeaway from RealtyTrac's first quarter Single Family Rental Market Report, released March 31. One segment of the report analyzed single-family rental returns in 6,551 zip codes nationwide with a population of at least 2,500 people and sufficient rental and home price data, according to a statement.
The 34102 zip code in Naples is the lowest in the country for the first quarter, the data firm reports, with a .5% return. The low ranking is based on the economics of the zip code's housing market: A three-bedroom home, on average, rents for $1,430 a month. The median sales price for a home in that zip, meanwhile, is $3.174 million. (The 34102 zip code has multiple high-end neighborhoods with multimillion-dollar homes, including Royal Harbor and Old Naples.)
Right behind Naples on the bottom of the rental return list is Miami, in the 33480 zip code. Three zip codes in the Los Angeles metro area complete the bottom five.
The top three zip codes with the highest potential single family rental returns in the first quarter, reports RealtyTrac, are 48505 in Flint, Mich., at 150.2%; 21223 in the Baltimore metro area, at 102%; and 35208 in the Birmingham, Ala. metro area, at 89.7%.