Turning your current home into a rental rather than selling it is a great way to build your wealth, but in which city do landlords earn the most profit? Zillow looked at the top 50 U.S. metros to see which areas give landlords the best return on investment. Topping the list for short-term, month-to-month profitability on a rental property is Oklahoma City, Oklahoma. For landlords who prioritize long-term return on investment, the largest cities on the West Coast topped the list.

"When deciding if they should sell their home or rent it out, most mom-and-pop landlords are mainly concerned about whether or not they'll be able to cover their mortgage - they simply can't absorb monthly losses like professional investors," said Zillow Chief Economist Dr. Stan Humphries. "However, the greatest returns are actually in markets like San Jose and San Francisco where there are short-term monthly losses, but the long-term earned equity makes them the best markets to invest in."

Steady rent growth in the last few years has made rental property a smart investment in a number of metros. Owners of rental properties in Oklahoma City can expect to make $536 a month, or $6,432 a year, in rental income after deducting monthly mortgage payments. Other cities that top the list for best short-term rental profits are Miami, Tulsa, and Cincinnati.

Landlords interested in long-term profits should look to San Jose, where they'll make the most rental income: $8,927 per month or $107,124 per year. Keep in mind that when looking at long-term profits, tax benefits and accumulated home equity are also taken into account, and the majority of profits aren't realized until the property is sold.

According to Zillow's rental analysis, here are the 10 most profitable rental markets for landlords or investors interested in short-term financial gain:

If you'd like to see how the largest 50 U.S. metros stack up in the short-term or where they stand for long-term profit, visit Zillow Real Estate Research.

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