Average Investor Salary
On a national level, the average real estate investor salary is somewhere between $70,000 and $124,000. It’s relevant to stress out that this estimate is based on all types of real estate investing, including house flipping and wholesaling. So it’s not a very useful estimate for single-family rental property investors.
Average Rental Property Owner Salary
When you aim at investors who buy and hold rental properties, the average salary for rental property investors changes to a range of $27,500 to $121,000 – an even wider swing than for investors overall. A little of what skews these numbers is that a lot of rental property owners are small investors, obtaining one or two rentals.
After monthly property expenses are taken into account, rental income can be relatively modest, especially for investors who are just starting. Nonetheless, as the upper end of the average salary presents, quite a lot of rental property investors make six-figure incomes together with the value of the property assets they hold.
Why Aren’t the Numbers More Specific?
It will be tedious to pin down how much a rental real estate investor makes because an investor’s income depends upon a range of conflicting factors. From how much cash flow each property generates month-to-month to how many properties you keep and how often you purchase more.
Real estate investing is a local business, so the local market will also significantly determine yearly investor income. The average salary for a real estate investor in North Carolina is about $99,000, whereas, in New York, it’s over $136,000.
How to Increase Your Rental Income
If you are undertaking to really grow your way into a healthy salary as a rental property investor, there are things that you can carry out to ensure that it will happen. Some investors find it profitable to buy as many properties as they can each year. Others explore avenues for the best real estate deals that will offer higher returns. Other investors may branch out and invest in up-and-coming markets, hoping to capitalize on growth in new markets.
It’s additionally vital to ensure that you optimize the rental income for every property you do possess. You may be truly missing out on additional earnings without even knowing it. There are multiple excellent ways to increase your rental income on an existing property. Fixing and improving your property’s condition could enable you to charge more rent, and as long as it is fulfilled inexpensively, it can be highly effective. It’s further necessary to know whether you are charging enough rent and how to use local market assessments to set your rental rate.
If all of this has you feeling a little overwhelmed, you may like to take into consideration working with Evanston property managers who are local market experts and can give you assistance in making the most of your rental properties. To learn more, contact us online today.