Cleveland's income levels influence the real estate market by determining affordability, demand for rental properties, and the types of properties that are in high demand.
Is Rental Income Passive Income ?
Yes, rental income can be categorized as passive income under certain circumstances. Passive income refers to earnings generated from activities in which the investor is not materially involved. Rental income from real estate properties can be considered passive if the investor hires a property management company to handle day-to-day operations such as tenant screening, rent collection, and property maintenance. In such cases, the investor can earn income without actively participating in the management of the rental property.