Average Investor Salary
On a national level, the average real estate investor salary is somewhere between $70,000 and $124,000. These figures, though, are based on different kinds of real estate investing — including house flipping and wholesaling. Thus, this doesn’t accurately reflect the approximations for single-family rental property investors.
Average Rental Property Owner Salary
When you focus on 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 big reason why these numbers aren’t accurate is that rental property owners are small investors who own one or two rentals.
When you take out monthly property expenses from your rental income, it ends up being decent — not so much the sizable amount one would expect, especially for investors who are just starting. On the upper level of the scale though, we can find rental property investors who make six-figure incomes on top of the property assets they already have.
Why Aren’t the Numbers More Specific?
It can be a challenge to accurately predict a rental real estate investor’s income because there is a myriad of factors to be taken into consideration. For example, looking at the cash flow of each property, as well as the different properties owned by the investor.
Due to the fact that real estate investing is mostly a local business, the yearly investor’s income will be determined by the local market. 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 want to build the growth of your salary as a rental property investor, there are a few steps you can take in that direction. There are investors who will tell you to buy more and more properties in a given year. There are also those who will encourage you to go for better real estate deals that 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 significant to make sure that you optimize the rental income for each of your properties. You could actually be overlooking additional earnings without having realized it. There are a lot of great and practical ways to increase your rental income. Making sure your property is in impeccable condition will allow you to charge a bit more since tenants will get more value out of your property. Make sure to check the local market assessments when it comes to deciding how much you want to charge for rent.
If all of this has you feeling a bit overwhelmed, you may want to consider bringing in Clever property managers who are local market experts and can help you make the most of your rental properties. To learn more, contact us online today.