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RentRange Identifies Cities with Largest Rental Increases

By Allison Halliday | October 20, 2015

Altisource’s RentRange has just released data showing the top 25 cities in US Metropolitan Statistical Areas. The cities are ranked according to their average rental rate increases for single family homes between the third quarter of 2015 and the same quarter of last year.

Rentrange

The data also analyzes the average yield generated by rental properties in these markets for the third quarter of this year. RentRange data shows that cities in the West and the South generally showed the greatest increases in home rental rates while in comparison cities in the North-East and Midwest showed smaller increases. Property in Florida and California performed particularly strongly and these areas accounted for seven of the top ten rated markets on the list. However if you are looking at rental yields then markets in the Midwest and the central US were often capable of generating higher yields compared to many markets in Florida and California.

Cape Coral Fort Myers Florida tops the list with a 23.6% change in rent during the third quarter of this year and an average yield of 9.1%. In second place is Sacramento Arden Arcade-Roseville California with a change in rent of 17.6% and average yield of 6.6%. Houston Sugarland Baytown in Texas holds 25th position on the list with a change in rent of 9.6%, but the average yield is an impressive 14%.

Chief Executive Officer of the RentRange, Walter Charnoff commented on these results saying “We continue to see substantial opportunity in real estate investing, but strengthening real estate markets in many regions require investors to be more informed before buying an investment property and rehabilitating it in order to achieve their desired return. While, not surprisingly, California and Florida are experiencing the largest rental rate increases, further analysis reveals that markets in Alabama, Texas, Kansas and Ohio actually produce a much higher average yield.”

To obtain this data, RentRange produce the rankings using Metropolitan statistical areas, gathering rental data on approximately 250,000 single family homes per month from a variety of contractual sources. This includes landlords, listing websites, property managers and multiple listing services. The yields were derived from Rent Range’s propriety automated valuation model.

RentRange is the provider of Rental Market IntelligenceTM to the financial services and real estate industries. The company is able to deliver a comprehensive amount of geography level rental data and rental based valuation solutions for single and multi-family properties. Solutions include a combination of on demand automated rent valuation reports and subscription-based macro data available at Metropolitan statistical area levels. The company is able to provide a standardized and reliable source for national residential rental data, making confident decision-making that much easier. RentRange was acquired by Altisource Portfolio Solutions S.A. in October this year.

Allison Halliday is a Realty Biz News contributing writer. She handles International Real Estate and is a seasoned blogger.
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