Missouri offers a diverse range of investment opportunities for rental properties. In this TurboTenant report, we will uncover the top five towns in Missouri that offer great potential for investors. By analyzing data on the best places to invest, median sale prices, and TurboTenant's proprietary data, we have identified the following towns: Joplin, Jefferson City, Independence, Lee's Summit, and Kansas City.
Missouri: More Than Just the Gateway to the West
Don't underestimate the charm of Missouri! Known as the Gateway to the West, Missouri boasts a prime location with easy access to neighboring states. Traveling is a breeze, making it an ideal place to live and invest. The urban areas of Kansas City and St. Louis are thriving, attracting more than half of Missouri's residents. From visiting the iconic Gateway Arch and attending a Cardinals game to enjoying delicious barbecue and exploring the scenic Ozarks, Missouri has something for everyone. With a rich history, the state is home to numerous music festivals, museums, and libraries. Missouri's economy is diverse, with agriculture and manufacturing, particularly aerospace and automobile materials, playing significant roles.
#5: Kansas City - Where Opportunities Abound
Kansas City may be split between two states, but Missourians are quick to claim that their side is better. This bustling city is a tourism hot spot, supporting over 58,000 jobs and generating $1.8 billion in wages. With its vibrant culture, world-famous barbecue, museums, and sports teams, Kansas City is an incredible place to live. The population is growing, and median sale prices have increased by 11.5% year over year. However, it's a competitive market, with around 47 leads per property and an average of one month on the market. The rental market is sizzling, just like its mouthwatering barbecue.
Kansas City Skyline
#4: Lee's Summit - A Family-Friendly Gem
Located just 20 minutes from vibrant Kansas City, Lee's Summit offers a family-friendly community and one of the most prestigious areas in Missouri. With excellent education, healthcare, and affordable housing in safe neighborhoods, it's no wonder Lee's Summit is considered one of the best places to live in the U.S. The city also boasts great restaurants, shopping, and activities for kids. The median sale prices are around $259k, and the rent is more affordable at $863. Due to its family-oriented atmosphere, landlords can expect around 34 leads per property and a quick turnaround of only 12 days on the market.
Lee's Summit, Missouri
#3: Independence - A Blend of History and Modernity
Ranked as the fifth-largest city in Missouri, Independence is steeped in history and offers a vibrant modern culture. Known as the home of President Harry S. Truman, the city boasts over 40 parks, excellent education, and great shopping. Its affordability adds to its appeal, with an average rent of only around $745 and a median home sale price of $140k. Landlords will benefit from the high demand, with approximately 54 leads per property and an average of 16 days on the market. Independence, with its rich heritage and affordable living, is a fantastic starting point for property investors.
Independence Square, Missouri
#2: Jefferson City - A Capital Investment Opportunity
As the capital of Missouri, Jefferson City boasts historical sites, unique architecture, and picturesque views of the Missouri River. This hidden gem has been recognized as one of America's Most Beautiful Small Towns. With its bike-friendly streets, you can easily explore the city's sites, shops, trails, and local eateries. Despite being the state capital, Jefferson City offers the most affordable average rent in Missouri, with prices as low as $604 a month. Property investors will be pleased to find over 60 leads per property and an average of only 17 days on the market.
Jefferson City, Missouri
#1: Joplin - Where Opportunities Soar
Located in Southwest Missouri, Joplin sits at the intersection of four states: Oklahoma, Kansas, Missouri, and Arkansas. This city gained fame as a stop along historic Route 66 and has since flourished with a vibrant downtown, affordable living, and a reputation for fun. Joplin's strong rental market is evidenced by a 12.4% increase in home values, an average rent of $632, and a median sale price of $180k. Landlords can expect a staggering 96 leads per property, and rentals are snatched up quickly, with an average of just 10 days on the market. Joplin is undoubtedly the prime destination for rental investment properties in Missouri.
Joplin, Missouri
Once you've found the perfect investment property in one of these fantastic Missouri towns, TurboTenant can help you streamline the rental process. With easy and free online rental applications and thorough tenant screening, you can find the best renters for your property.
About the TurboTenant Report
The TurboTenant Report is a comprehensive analysis of data from active listings in all 50 states, combined with third-party real estate, population, and employment growth data. Our goal is to empower both seasoned and novice investors to make informed decisions when purchasing rental investment properties. For custom data requests or further information, please contact [email protected]
Sources: TurboTenant Rental Data, Fastest Growing States Population, The Best and Worst Cities to Own Investment Property, Real Estate data provided by Redfin, a national real estate brokerage.
