HomeUnion Names the Highest-Growth Rental Markets
Seattle rent growth led the nation, while El Paso, Texas rent growth was the lowest.
IRVINE, Calif., Dec. 20, 2016 /PRNewswire/ -- HomeUnion, an online real estate investment management firm, has released a list of the single-family rental (SFR) rental markets in the U.S. featuring the highest growth. Seattle tops the list, with same-house rent growth of 6.7 percent, while El Paso rounded out the bottom of the list with a 7.1 percent decline in year-over-year rents.
"Many of the metros at the top of our list have these two common characteristics: strong job growth, and residents who prefer renting over homeownership as median home prices remain relatively high and the cost of mortgage debt continues to increase," explains Steve Hovland, director of research at HomeUnion.
"Meanwhile, a degree of softness has impacted the most heated rental markets, like San Francisco and San Jose, which has pushed those metros to the bottom of our list," Hovland adds. "We're seeing declines in rents for the most expensive Bay Area neighborhoods, as well as slowing rent growth in San Jose submarkets. However, rents remain extremely high on a relative basis in both these markets – in the $4,000 range."
| Here's a list of the most expensive rental markets in the U.S.: |
||
| Metro |
SFR Rent |
Year-Over-Year Rent Change |
| Seattle |
$2,220 |
6.7% |
| Dallas |
$1,600 |
5.6% |
| Atlanta |
$1,280 |
4.9% |
| Phoenix |
$1,340 |
4.8% |
| Orlando |
$1,420 |
4.6% |
| Raleigh |
$1,460 |
4.2% |
| Los Angeles |
$2,540 |
4.2% |
| Tampa |
$1,380 |
4.1% |
| San Diego |
$2,520 |
4.0% |
| Oakland |
$2,880 |
4.0% |
| Portland |
$1,840 |
3.9% |
| Philadelphia |
$1,640 |
3.4% |
| Jacksonville |
$1,320 |
3.2% |
| Cleveland |
$1,200 |
3.2% |
| Orange County |
$3,120 |
2.8% |
| Austin |
$1,700 |
2.8% |
| Boston |
$2,460 |
2.8% |
| San Antonio |
$1,400 |
2.4% |
| Denver |
$2,060 |
2.3% |
| Memphis |
$1,040 |
2.1% |
| Here's a list of the least expensive rental markets in the U.S.: |
||
| Metro |
SFR Rent |
Year-Over-Year Rent Change |
| El Paso, Texas |
$1,160 |
-7.10% |
| San Francisco |
$4,320 |
-5.00% |
| Oklahoma City |
$1,140 |
-4.60% |
| Wichita, Kan. |
$1,000 |
-4.30% |
| Pittsburgh |
$1,060 |
-3.60% |
| Houston |
$1,600 |
-2.80% |
| Miami |
$2,200 |
-2.70% |
| San Jose |
$3,660 |
-2.60% |
| Birmingham, Ala. |
$1,000 |
-2.30% |
| Little Rock |
$920 |
-1.90% |
| Baltimore |
$1,820 |
-0.60% |
| New York City |
$2,200 |
-0.40% |
| Milwaukee |
$1,280 |
0.80% |
| Honolulu |
$2,960 |
0.90% |
| Washington, D.C. |
$2,120 |
1.30% |
| Chicago |
$1,580 |
1.30% |
| Indianapolis |
$1,160 |
1.40% |
| Albuquerque, N.M. |
$1,040 |
1.50% |
| New Orleans |
$1,280 |
1.90% |
| Las Vegas |
$1,360 |
1.90% |
| Source: HomeUnion Research Services |
About HomeUnion
HomeUnion is an online real estate investment management firm. Based in Irvine, Calif., it provides all the services needed for individuals to invest remotely in single-family rental (SFR) properties. The company uses a combination of research and proprietary analytics to incorporate data on over 110 million homes and 200,000 neighborhoods into their database, and then delivers its solutions to an on-the-ground infrastructure that currently serves 18 locations. HomeUnion's role spans the lifecycle of the investment transaction: identifying sound investments, handling all aspects of acquisition, maximizing income, protecting asset value, and selling the asset when the time comes.
SOURCE HomeUnion
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