Invest in Canton
Why Canton?
The City of Canton Ohio has many ingredients the investor looks for when considering where to put hard earned cash.High rental demands, high occupancy rates, low entrance level capital are just a few. however Canton Ohio has 4 designated Opportunity Zones which fuels long-term private sector investments in low-income communities. Detroit and Cleveland has benefited recently in lower value neighbourhoods and Canton looks to be following suit.
What is an opportunity zone?
The Tax Cuts and Jobs Act included a new federal incentive “Opportunity Zones”
Opportunity Zones are designed to spur investment in undercapitalised communities.Any corporation or individual with capital gains can qualify. The program provides three tax benefits for investing unrealized capital gains in Opportunity Zones.
Investors can place existing assets with accumulated capital gains into Opportunity Funds. Those existing capital gains are not taxed until the end of 2026 or when the asset is disposed of. Also for capital gains placed in Opportunity Funds for at least 5 years, investors’ basis on the original investment increases by 10 percent. If invested for at least 7 years, investors’ basis on the original investment increases by 15 percent.
Lastly for investments held for at least 10 years, investors pay no taxes on any capital gains produced through their investment in Opportunity Funds (the investment vehicle that invests in Opportunity Zones).
The Rental Market
The average rent for apartments in Canton, OH, is between $570 and $957 in 2023. For a studio apartment in Canton, OH, the average rent is $570. When it comes to 1-bedroom apartments, the average rent in Canton, OH, is $805. For a 2-bedroom apartment, the average rent is $957. Canton has an estimated 97% housing occupancy rate & renters make up approx 40% of the Canton population so a great location for buy to let investors.
Demographics
The City of Canton is the eight largest city in Ohio and is the largest municipality in the Canton–Massillon metropolitan area, which includes all of Stark and Carroll counties, and is home to 401,574 residents with a median age of 35
Growth and Returns
Canton, OH is an attractive place to live due to its affordable housing market. The median value of a house in Canton is $136,100, which is significantly lower than the US median value of $338,100. In the past year, the house market in Canton appreciated by 10.81%, which is higher than the national average of 8.27%. This appreciation reflects the strength of the local economy and makes Canton a great place for those looking to invest in real estate.
Management and Aftercare
In Canton we work different management companies who are all well established companies with years of experience under the belt. The management companies will collect and deposit your rent, maintain and repair the property, assess and interview tenants and keep you updated on a regular basis.