Best places to buy rental properties in Delaware

January 12, 2022
● Written by
Teddy

Delaware

Investing in Delaware

Delaware is the first state and is widely considered to be one of the most business-friendly states in the US. In fact, more corporations domiciled in Delaware than even residents! Along with the fact that residents and visitors pay no sales tax, Delaware could make sense as the next place you invest in properties. Delaware is also home to popular beaches like Rehoboth, Bethany, and Dewey -- making it a year-round tourist destination.

The Nophin team crunched the numbers and found the five best places to invest in Delaware rental properties.

Statewide vacancy rates

DE Rental Vacancy Rate via Federal Reserve Bank of St. Louis

Wilmington, DE

Wilmington is the largest city in Delaware and is known as the Corporate Capital of America.

  • Population: 115,451
  • Median household income: $45,139
  • Median 1-bedroom monthly rent: $1,250
  • Median listing home price: $295,000

Newark, DE

Newark is the third largest city in Delaware and has a large student population due to the city being home to the University of Delaware.

  • Population: 30,601
  • Median household income: $60,767
  • Median 1-bedroom monthly rent: $1,478
  • Median listing home price: $335,000

Dover, DE

Dover is the capital city of Delaware. It has an important role in American history as Dover is the location where the US Constitution was ratified making Delaware the first state.

  • Population: 39,403
  • Median household income: $48,500
  • Median 1-bedroom monthly rent: $1,375
  • Median listing home price: $289,000

Lewes, DE

Lewes is the first town in the state of Delaware and was first settled by the Dutch in 1631.

  • Population: 3,303
  • Median household income: $72,609
  • Median 1-bedroom monthly rent: $1,880
  • Median listing home price: $575,000

Middletown, DE

Middletown is a suburb of Wilmington and is known for its family-friendly atmosphere.

  • Population: 23,192
  • Median household income: $91,663
  • Median 1-bedroom monthly rent: $1,455
  • Median listing home price: $479,900

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With FDIC-insured bank accounts and cards that seamlessly integrate with easy-to-use software, Nophin helps landlords increase returns and automate rental property finances. Check out what we offer on the Nophin homepage!

Methodology

To help us determine the five best cities in all states, the Nophin team used data from several sources including the 2020 United States Census, the Department of Housing & Urban Development, Federal Reserve Economic Data (FRED), the National Association of REALTORS®, Zumper, internal data, and other reputable sources. Image by Tim Kiser, CC BY-SA 2.5.

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Please note: Nothing above should be construed as legal, investment, tax, nor financial advice. This content is for informational purposes only. Consult a lawyer and/or an accountant if the above is right for your personal situation.

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