Salisbury, Maryland Ranked #1 Up and Coming City
We already know that Salisbury, Maryland is one of the best places to live, but there’s nothing better than reading an article that confirms that. Neighbor.com put together a list of 25 up-and-coming cities in America, and Salisbury ranked #1 on the list. According to their analysis, Salisbury has seen a 10.9% increase in population growth, 24.9% housing permit growth, and only a 1.1% change in unemployment. A growing population with stable employment and an increase in housing permits indicates that Salisbury is poised for strong growth ahead as more housing is built and additional tenants move to the area.
When it comes to investing, finding yield in larger markets can often be difficult. Putting capital into a small yet strong market such as Salisbury or other smaller markets throughout the U.S. can often lead to high returns and stronger growth.
Here are 5 reasons to invest in Salisbury, Maryland:
As an investor, no one wants tenants who miss their rental payments. Most of the United States saw a significant decrease in employment in 2020, with the national average reaching a 6% unemployment rate. Although many are beginning to resume working again as individuals receive the COVID-19 vaccine, unemployment still remains high in many parts of the country. However, even amid the pandemic, Salisbury’s unemployment has remained just over 1%, a significant decrease from the rest of the country’s 6% unemployment rate. Low unemployment indicates that this area is poised for continued economic growth and will continue to attract tenants who are employed and can afford to make rental payments.
2. Increase in Population Growth
Salisbury has had a 10.9% increase in population growth over the past few years, indicating that housing vacancies will most likely continue to remain low. Salisbury is the largest city along Maryland’s Eastern Shore, and significant resources have been poured into ensuring the well-being of Salisbury residents over the years. To put that into perspective, in 2013, Salisbury didn’t even make it into the top 200 cities when ranked for its well-being index score. However, by 2017, Salisbury ranked 17th for its well-being index. This indicates that Salisbury has poured considerable funds into the well-being of its current residents and has increased initiatives to attract new residents, fueling population growth.
3. Strong College Population
With Salisbury University, University of Maryland Eastern Shore, and Wor Wic Community College all located within or in close proximity to Salisbury, investors have several opportunities to invest in the growing college population in the area. This includes investing in college dormitories or marketing your multifamily properties to college students seeking off-campus housing. For investors seeking syndication opportunities in college housing, Mentis Capital Partners offers clients the opportunity to invest in The Ross, a Class A student housing high-rise on Salisbury University’s campus. Located in a qualified Opportunity Zone, The Ross will feature 99 urban-style apartments, best-in-class interior finishes, and all-inclusive amenities. If you’re interested in becoming an investor or learning more about the opportunity, send us a message.