WESTMINSTER, Colo., Feb. 11, 2013 /PRNewswire/ -- In 2012, average rental prices for single family residences in La Quinta, California increased more than anywhere else in the country, according to rental pricing analyses conducted by RentRange LLC, the nation's largest provider of single-family rental market data, analytics and valuations solutions to the financial services and real estate industries. La Quinta, whose population is just under 38,000, saw average rents increase by $932 or 35.75%, from December 2011 to December 2012.
Six other California cities are included in the Top 10 markets with the greatest rental price increases for single-family residences in 2012. Three, like La Quinta, are in Riverside County's Coachella Valley. Two are in San Diego County and one is in Orange County. The other three cities in the Top 10 markets with the greatest rental price increases for single-family homes are Harker Heights, Texas; Sarasota, Florida; and Mableton, Georgia.
The cities on this Top 10 list were determined by comparing RentRange's rental market data from December 2011 to rental data from December 2012. The homes surveyed were three-bedroom single-family residences, in cities with populations of 25,000 or more.
RentRange analyzed information from the industry's largest database of single-family rental information to determine the top 10 markets with the greatest rental price increases for three-bedroom single-family residences. The company's proprietary database is comprised of rental records dating back to 2008. It consists of information collected from a national network of RentRange's strategic partners, which include rental search portals, rental data aggregators, residential property managers, real estate investment enterprises, real estate management software providers, and the Multiple Listing Service (MLS). All rent data is scrubbed, normalized, and checked for data integrity prior to incorporation into RentRange's data warehouse. RentRange does not utilize screen-scrapers or bots to acquire protected or copyrighted data from the web. All information is acquired and utilized under licensed data-usage agreements. RentRange does not consider using data sources with high levels of potential fraud and/or misrepresentation as a resource.
"Rental price movement over time is one of many important metrics that investors utilize when evaluating suitable marketplaces. As popular markets become saturated with investment activity it is important for purchasers to leverage specialized rental market intelligence to identify attractive markets that competitors have yet to notice," said Walter Charnoff, RentRange's founder and CEO. "RentRange macro data helps them uncover the next hot markets and stay ahead of the curve."
Investment in single-family rentals has increased significantly over the past few years, prompting organizations such as the Wall Street Journal and Morgan Stanley to label the segment a new asset class.
RentRange's rental intelligence has been adopted by many of the nation's largest institutional investors, rating agencies, mortgage servicers and valuation providers.
Founded in 2008, RentRange, LLC is the nation's premier provider of single-family rental market intelligence to the financial services and real estate industries. Based in the greater Denver area, the company focus is centered upon national residential rental data, analytics, and valuation solutions. RentRange delivers a wide assortment of address and geography level rental knowledge and rental AVM technologies designed to fit the demands of any sized organization. Contact us at 855.350.RENT or visit www.RentRange.com for more information.
SOURCE RentRange LLC