What Are the Best Neighborhoods in Mississippi for Rental Properties?
Some of the best neighborhoods in Mississippi for rental properties include downtown Jackson, the Fondren neighborhood in Jackson, downtown Ocean Springs, and downtown Oxford. These areas have high demand for rentals from students, young professionals, and families. They are located near universities, jobs, dining and entertainment.
What Are the Average Rental Prices in the Best Neighborhoods for Rental Properties in Mississippi?
Rental prices in the top neighborhoods for rentals in Mississippi range on average from $1,000-$1,500 per month for a 2-3 bedroom single family home or apartment. In downtown Jackson, average rents are around $1,200. In the Fondren area of Jackson, rents average $1,300-1,400. In downtown Ocean Springs, average rental rates are $1,100-1,300. Rents in downtown Oxford average $1,400-1,500.
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Which Neighborhoods in Mississippi Have the Highest Rental Prices?
Some of the highest rental rates in Mississippi are found in downtown Oxford, where proximity to Ole Miss drives up demand. Average rents for a 2 bedroom apartment in downtown Oxford are around $1,500. Other areas with high rents are parts of Jackson, including the Fondren and Belhaven neighborhoods, where rents can surpass $1,400 for a single family home.
What Factors Contribute to the High Rental Prices in Some Mississippi Neighborhoods?
Several factors drive up rental prices in certain Mississippi neighborhoods. proximity to major universities like Ole Miss and Jackson State increases demand from students. Access to dining, nightlife and entertainment in walkable downtowns also make these areas more desirable. Good school districts attract families and raise rents in suburbs like Madison. Proximity to major employers like hospitals and corporate offices also plays a role.
How Have Rental Prices in Mississippi Changed Over the Past Decade?
Rental prices across most of Mississippi have increased over the past decade. From 2010 to 2020, average rents in the state rose by around 20-25%, similar to national trends. Neighborhoods in cities like Jackson and Oxford saw some of the largest rent increases, driven by revitalization efforts and populations influxes. More affordable small towns have also seen steady but moderate rent growth.
What Is the Highest and Lowest Rental Price for a Single-Family Home in Mississippi?
The highest rental price for a single family home in Mississippi is around $2,500-$3,000 per month in luxury neighborhoods of Jackson. The lowest rental rates, around $600-800 per month, tend to be found in small rural towns and communities. Most single family rentals across the state fall between $1,000-1,500 per month.
Conclusion
Mississippi offers opportunities for real estate investors looking to purchase rental property. Neighborhoods near universities and downtown areas provide the best options for maximizing rent prices and demand. Even with recent increases, rents in Mississippi remain relatively affordable compared to national averages. Careful research can reveal ideal locations for profitable rental property investments.