If you’re searching for growth stocks for monthly passive income, look no further. If you are a passive income investor, your favorite investments will continue to remain stocks that pay a monthly dividend. These stocks give a chance to enjoy recurring passive income that can help handle the rising cost of living. They make a great investment for investors who are counting on passive income in the form of dividends.

While it is easy to find dividend stocks, the challenge is to find the best out of the rest. One way to do this is to look for stocks that have a solid dividend payment history and have increased their dividends regularly. Several companies and REITs pay monthly dividends and if you reinvest them each month, it could make your life much easier. Here are three growth stocks for monthly passive income worth investing in.

Realty Income (O)

Realty Income (NYSE:O) owns over 236 million square feet of commercial real estate and it has blue-chip tenants including Walgreens, Dollar General, and 7-Eleven. These function under net lease agreements which result in steady income for Realty Income while all the tenancy-related issues are handled by the tenants only.

Thus, it has stood strong even in times of inflation and has provided stability to investors. O stock is exchanging hands at $46.22 right now and has dropped 27% year-to-date (YTD) due to the uncertainty surrounding the real estate sector as well as rising interest rates. The stock is significantly down from the 52-week high of $68 which means there is a solid chance of upside in the coming year. It has a diversified tenant portfolio and robust fundamentals that make it one of the best growth stocks to own right now.

Realty Income has a record of 30 consecutive years of dividend growth and reported a solid 25% rise in sales in the recent quarter. One big reason to invest in the stock is its position in the industry. It provides a reliable source of income through its tenants.

The stock enjoys a dividend yield of 6.65% which is much better than those of several dividend aristocrats in the industry today. It recently announced a quarterly dividend of 77 cents and has a record 54 years of paying consecutive monthly dividends. This is one rock-solid stock that carries low risk and enjoys a competitive yield. When it comes to investing in growth stocks for passive income, Realty Income is the one to own.

Gladstone Land Corp. (LAND)

A Real Estate Investment Trust (REIT), Gladstone Land (NASDAQ:LAND) holds over 115,000 acres of farmland in the U.S. It owns over 169 farms and more than 600 land pieces. It’s not be possible for each one of us to own a farm, and this is where Gladstone Land Corp can make a lot of difference. LAND stock is trading at $13.58 and is down nearly 26% YTD. It was at its peak in April 2022 at $40 but has been dropping since.

I believe this is a temporary drop and as the market picks up, the real estate industry will benefit. Even billionaires are acquiring farmland, and it is considered to be one of the most stable real estate investments. It works in a way where farmers can lease land whenever they want or choose to take shares in the partnership for a tax-free exchange.

LAND leases land to local farmers who grow stable crops, and this strategy has enabled them to enjoy higher funds from operations. This has worked well for LAND since it focuses mainly on family-owned farms. LAND stock has a dividend yield of 4.10%, and its 5-year yield is around 3.81%.

One solid reason to bet on the stock is its massive acres of land across the U.S. Additionally, the monthly dividends it pays is attractive. LAND has enough capital to pay dividends in the coming years.

Main Street Capital (MAIN)

Last of the growth stocks for monthly passive income with monthly dividends is Main Street Capital (NYSE:MAIN). It is one of the biggest business development companies in the country. The company offers unique financing solutions to small and mid-sized businesses.

It is an attractive investment for its dividend yield of 7.42%, and it pays dividends by distributing 90% of the cash flows to its shareholders. Its maximum dividend yield was 15.57% in March 2020, and its minimum was 4.86% in Nov. 2021. The company enjoys a solid track record of rewarding investors through monthly payments. Up 2.93% YTD, the stock has been steadily moving upwards since Oct. 2022.

Investing in MAIN stock right now will add stability to your portfolio, and it has a lot of space for growth. Since it offers funding for small and mid-sized companies, it will continue to remain in demand for the coming years while the company scales its operations.

In the recent quarter, the company reported impressive financials with a 49% rise in income year-over-year. It also enjoys a strong net profit margin of 61.30%. A further improvement in cash flow will lead to a higher dividend yield in the future.

On the date of publication, Vandita Jadeja did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.