Welcome back to a Revitalize Reality Market Update!
Today the focus is on Baldwin County, coming in as the fourth largest county in Alabama at the moment! Located on the eastern side of Mobile Bay, this county has seen a rapid rise in population over the last ten years. Just within the last year, Baldwin has seen a 2.35% population increase. The numbers from May of this year show that Baldwin County now has 233,992 people living, working, and most importantly: renting, in the growing cities that make up the county (World Population Review).
Arguably, the biggest reason for Baldwin’s 27.79% population growth since 2010 (World Population Review) are the job opportunities provided by large working facilities. Tourism also plays a big part in the county’s growing success. The cities of Daphne and Fairhope are home to the county’s prime beaches, which, pre-COVID, offered local residents the opportunity to work for the tourism and hospitality industry. As more and more people flock to Baldwin County, the opportunities for landlords to buy and rent out living spaces are endless. The Mobile Airbus facility has 1000 employees as of September of 2020, with the potential to employ even more (Airbus).
This is wonderful news for property owners looking to move into a growing market of potential tenants!
Another strong contender, bringing in the masses for job opportunities, is Amazon. Mr World Wide Shipping is now covering 100% of college tuition for his hourly employees. This is huge for people moving into Mobile to work at a distribution center and also having access to the University of South Alabama (CNBC). This may very well attract young students who have been accepted to the university from all over the country. Landlords would have a chance to buy and rent properties geared specifically towards student renters with full-time jobs.
The third highest bidder for creating job opportunities in Baldwin County is Walmart. The grocery giant is constantly hiring for most positions within its company. In 2017, Walmart employed over 750 Baldwin County citizens (Made In Alabama). This isn’t limited to Walmart, but extends to the other familiar names they own, like Sam’s Club.
Given the state of the world at the time this is being posted, it would be careless to ignore the enormous rise in remote working. The COVID-19 pandemic forced many employers to allow their employees to work from home to avoid contracting and spreading the virus. What seemed like a temporary Band-Aid, until it was safe for workers to return to the office, has turned into more of a social movement, with many younger members of the workforce preferring to work from home permanently, while keeping the same rate of pay as an in-person job (NPR).
Luckily, with Mobile’s plethora of museums, restaurants, and beaches, landlords can expect to find many young individuals and young families/couples looking to move into this city.
It would be in the property owner’s best interest to purchase and rent out spaces that are close to interesting, bustling areas, that allow residents to have many experiences over a long period of time. Ideally, these should also be close to one of the three major job providers mentioned above, but that’s not to say there isn’t a market for homes outside of the city. Those Digital Nomads don’t need to check Short Commute to Work off of their renting needs list. The shortest commute is rolling out of bed and parking it on their couch, so investing in rental properties just outside of the main hubs would be just as beneficial to property owners.
This way, whether your new tenants are part of the Work From Home Revolution, or they’re more traditional members of American working society, property owners will have something to offer applicants that will suit their working and leisurely needs.
A quick Google search reveals that the average income of a working individual living with Baldwin County is about $29,000 a year. With a shared income, a household’s average is about $58,000. Property owners renting out apartment spaces in a city like Daphne are charging an average of $1000 per month (Zumper). This price tag is certainly appealing to someone moving from a long-established city like New York, who is looking for the same amount of opportunity for experiences without the hefty cost of living.
As Baldwin County’s population continues to rise, the need for housing will also certainly continue to do so. Looking at the upward trend over the last ten years, it would figure that there is something luring people to the opportunities and experiences that can only be found in this unique part of Alabama, or even this unique part of the United States.
Conveniently, for property owners who want to get in on this gold-mine of tenant applicants in Mobile, Revitalize Realty can offer top notch property management services to keep your rental properties filled with trustworthy tenants. You can be living anywhere in the country and entrust your rental properties to Revitalize Realty’s property management team!
