Clarksville, Tennessee, shows promising stats when it comes to real estate investments. The local economy, job market and quality of life support a potentially lucrative rental property strategy in the city.
In the following paragraphs, we’re going to take a closer look at the various factors backing up the potential of real estate investments in Clarksville, TN. You’ll learn exactly what makes the area stand out from the rest.
#1: Sustainable Economy
Fort Campbell is supported by two cities: Clarksville, TN, and Hopkinsville, KY. This means sustainable job creation in the city and strong demand for rental homes. Also, the median age of the population is close to a decade less than the state average, meaning Clarksville has more opportunities to grow.
The number of jobs and median salaries are higher in Clarksville compared to its rural surroundings. Meanwhile, the unemployment rate has been in alignment with the national average, demonstrating low a historical risk for rental owners.
#2: Reasonable Tax Laws
For out-of-state investors, it’s important that the rental property owner tax burden is reasonable. What makes Tenessee property ownership stand out from the rest is their relatively low property tax rate.
You can make affordable real estate investments in Clarksville as the city already has property on sale with a lower than average price tag. In fact, the average Tennessee property tax bill is the fifteenth-lowest in the U.S.
When you make a Clarksville property investment today, you can expect around 3-5% of annual appreciation. Since the military base won’t be moved elsewhere and the general job market experiences growth, the home values are unlikely to depreciate.
#4: Significant Rental Demand
The military presence in the Clarksville, TN area means there is a constant demand for rental properties. The median rent price has grown from around $1,000 per month a few years ago to over $1,200 a month.
Did you know that a bit over half of Clarksville residents rent their homes? That means a need for rental properties justifies investing in the area. You are able to earn passive monthly income and improve your investment portfolio.
#5: High Quality of Life
The City of Clarksville has a great quality of life. The area is located close to the Nashville Metro Area, allowing easy access to excellent universities and top-class medical services.
While the constant commuting to Nashville creates traffic jams, the combination of relative proximity to a major metro area and cheaper housing prices makes difficult traffic worth it. Plus, the city itself has many good public schools and plenty of entertainment options.
#6: Many Things to Do
You won’t always have to venture out into the Nashville area. Clarksville and its immediate surroundings offer enough sights, experiences and activities. Here are just a few examples of what you can do:
Take a stroll along the quaint McGregor Park Riverwalk
Sip a glass of red over at Beachaven Vineyard & Winery
Put your hiking boots on and visit the Dunbar Cave
Spend a lazy afternoon picnicking among the greenery of Rotary Park
#7: Unique Neighborhoods to Consider
Clarksville is a city that has many communities you may consider as the next spot for a successful real estate investment. Whether it’s a more central or a military base-bound location you are scouting for, the opportunities are plentiful.
This is a newer development that has numerous community amenities to maximize the comfort of its residents. Among other amenities, the residents can use a pet spa, outdoor oasis, state-of-the-art fitness center and a resort-style pool.
The gated community is located close to many of the city’s highlights. For instance, living in this area means you are not far from the downtown area. The famous Beachaven Vineyard & Winery is also only a few miles from the doorstep.
This is one of the best neighborhoods in Clarksville. An average home in this community ranges from around 1,200 sq ft to a bit over 2,500 sq ft. You can find typical properties on sale ranging from $190,000 to $300,000.
What makes West Creek special is its excellent education. The local schools get kids successfully ready for adult life. The top attractions in the area include Hickory Flat Pottery, Flyhawk Farm & Tasting Room, and Hemlock Falls Trail.
The neighborhood of Crosswinds is around 10 miles from Fort Campbell. This is a good pick for anyone working in the military complex as the commute is reasonable. The average sales price of properties in Crosswinds is around $237,000.
This subdivision of Clarksville is conveniently located close to many amenities and attractions. For instance, you are only minutes away from dining spots, shopping opportunities and a movie theater.
In a Nutshell: Real Estate Investing in Clarksville
The major driving force behind the real estate investing appeal of Clarksville is its military background. Together with Hopkinsville, KY, this city is serving the housing, shopping and entertainment needs of Fort Campbell.
Property investments in Clarksville offer solid returns because the area has a strong demand for rental properties and a sustainable economic situation. Additionally, the residents of Clarksville are never too far away from the Nashville Metro Area with its excellent universities and medical centers.