Best places to buy rental properties in North Dakota

February 15, 2022
● Written by
Teddy

North Dakota

Investing in North Dakota

North Dakota is a sparsely populated state, with over 90% of its land devoted to farming. Given the discovery of North Dakotan oil and given its place as one of the nations largest agriculture producers, North Dakota has seen a boon in population. Over the past decade, the population has more than doubled. North Dakota has a low cost of living and is surrounded by natural scenery as far as the eye can see. It makes sense that people are flocking to move there.

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

Statewide vacancy rates

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

Fargo, ND

Fargo is the largest city in North Dakota and is home to North Dakota State University.

  • Population: 125,990
  • Median household income: $57,520
  • Median 1-bedroom monthly rent: $985
  • Median listing home price: $280,000

Bismarck, ND

Bismarck is the state capital of North Dakota and has a unique capitol building shaped like a skyscraper rather than the traditional dome-like structure.

  • Population: 73,622
  • Median household income: $67,629
  • Median 1-bedroom monthly rent: $1,097
  • Median listing home price: $329,900

Grand Forks, ND

Named for the river that forks into the Red Lake River and the Red River, Grand Forks is the third largest city in the state.

  • Population: 59,166
  • Median household income: $50,194
  • Median 1-bedroom monthly rent: $635
  • Median listing home price: $274,900

Minot, ND

Minot is a city in northern North Dakota. It's home to the Minot Air Force Base located 15 miles north.

  • Population: 48,377
  • Median household income: $64,401
  • Median 1-bedroom monthly rent: $895
  • Median listing home price: $249,900

Williston, ND

Williston is a city in northwestern North Dakota that's recently become more popular given the shale discovery near the city.

  • Population: 29,160
  • Median household income: $76,873
  • Median 1-bedroom monthly rent: $795
  • Median listing home price: $325,000

Nophin is landlord banking and software for rental properties

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 AJ LEON, CC BY 2.0)

More posts

How the Inflation Reduction Act of 2022 impacts landlords

Three Challenges With Multifamily Real Estate

Reasons to Love Multifamily Real Estate

Best places to buy rental properties in Nebraska

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.

Automate your property banking and finances

You're on the list!
Oops, something went wrong! Please try again.