The Miami-Fort Lauderdale area ranked No. 2 among the 50 U.S. metro areas where individual “mom and pop” investors make the most money on rental property on a month-to-month basis, according to a report by Zillow.com.
The short-term gain measured the anticipated rental income compared to the estimated monthly mortgage payment. The profit for Miami was $515 a month, or $6,184 a year, Zillow said. Oklahoma City ranked first and Tulsa, Ok., came in third.
In profitability from rising equity, the Miami-Fort Lauderdale metro area ranked No. 19 among the top 50 metro markets studied, with equity growing by $1,489 per month.
San Jose, Calif.; San Francisco; and Los Angeles ranked first, second and third, respectively, in profits from rising equity.
For combined returns of short-term rental income and long-term equity gains, Miami-Fort-Lauderdale ranked No. 14, Zillow said. The report is at http://www.zillow.com/research/.