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Montgomery is the capital of Alabama and the seat of Montgomery County. With a population of over 200,000 residents, Montgomery is the second-most populous city in the state.
The city of Montgomery boasts a rich historical and cultural heritage, evident through its many landmarks. It served as the first capital of the Confederate States of America. But, it also acted as a focal point during the Civil Rights Movement and the Montgomery Bus Boycott. Today, Montgomery’s vivid history is memorialized through the Alabama State Capitol, the First White House of the Confederacy, the Alabama War Memorial, and many more.
Montgomery is also home to numerous universities including Troy University, Alabama State University, and Auburn University. The city also attracts tourists because of its Alabama Shakespeare Festival and Montgomery Museum of Fine Arts.
Known for southern hospitality, the residents of Montgomery are some of the most accommodating. They continue to enjoy the city’s low cost of living, diverse culture, thriving nightlife, and great weather. With all of its attractive qualities, it’s no wonder the city welcomes many new residents each year.
Montgomery is a buyer’s market, which means there are many attractive and affordable homes for sale but not enough buyers. Property investors stand to gain a lot of profit from purchasing homes in this city for rental use. In fact, property owners can benefit from a rental yield of 9% or more even though the population is somewhat in decline.
The median listing price here sits at $143,250, and 9.5% of homes for sale end up selling for less than the asking price. Despite how affordable homes are in Montgomery, only 53.5% of residents here own their homes. The rest of the population rent their homes. This doesn’t come as much of a surprise, though, considering the city’s appealing market for renters.
The median rent in Montgomery sits at $900 per month, which is definitely lower than the national median of $1,097. For a single-bedroom apartment, renters can expect to pay an average of $749 in rent. That price increases to $889 for a two-bedroom apartment and $1,124 for a three-bedroom apartment.
Alabama is also friendly to landlords, having passed laws back in 2014 that allows landlords to evict tenants with ease should they break their lease.
With plenty of room for gains, investors should jump at the opportunity to buy Montgomery property. Though, a common point of concern that many rental property owners have is how to effectively manage rentals.
Not everyone has the time, skill, or experience to carry out rental management tasks on a daily basis. Most owners have full-time jobs and active personal lives to juggle, too. Additionally, if you live far from your rental property, having to dart back and forth can easily eat up your time and energy.
Thankfully, property management in Montgomery doesn’t have to be hard. An easy and proven solution is to hire a property management company. With professional help, you can say goodbye to the troubles and headaches associated with rental management. Instead, you can focus on growing your investment portfolio.
A property management company can assist you in many ways, including but not limited to:
Moreover, many companies offer additional services that range from tax filing to evicting tenants. If you’re not cut out to perform landlord duties, hiring a Montgomery property management company is the best way to make the most out of your investment.
Far too often, rental property owners experience challenges when hiring a rental management company. After all, it’s not easy to find a company that matches your exact needs and budget.
Allow Rental Choice to simplify your search and decision-making process. Our online directory lists the best Montgomery property management companies, including ones in nearby areas such as: