North Dakota’s real estate industry is flourishing thanks largely to the exponential growth the oil sector in the state has brought. This expansive state is receiving significantly high numbers of new residents from all over the United States. Most of these new residents are trying to take advantage of the opportunities that the oil boom is presenting. This development has resulted in an upsurge of demand for housing in this 3rd least populous state in the U.S. There are several areas that you should look at when choosing to invest in real estate anywhere in North Dakota:
Take Advantage of The Disparity Between Demand and Supply
Unlike most other states in the country, North Dakota has gracefully weathered the great recession. This has been attributed to the region’s natural resources especially the oil extraction business. North Dakota residents have, therefore, for the most part retained their ability to buy homes. As more and more people have flocked into the state, the demand for housing has gone up, driving the cost for housing through the roof.
Provide First-Time Home Buyers With Housing
Today, there is every indication that an investment in housing for first-time buyers will bring good returns. Unemployment is now at an all time low as new jobs emerge with the growth in most sectors of North Dakota’s economy. These new jobs have resulted in first-time purchases of homes by people who could have previously not afforded to do so.
Invest in Commercial Buildings
North Dakota is open for business. As people come from other states seeking job and business opportunities, the need for social amenities is growing. Restaurants and hotels are being opened. Restaurants are now also selling their food and drinks at higher prices. No one is complaining because they can afford it. This means you too will get paid.
Invest in Residential Houses For Rental
Houses for rental are a lucrative business in North Dakota today, especially in the region of Bismarck… Rentals in the state can cost you up to $2000 a month, similar prices to those you would pay in New York.
The oil boom is expected to keep increasing the demand for housing for the next couple of years. With a clear plan, your real estate investment in North Dakota can make you good profits.