Looking Back: The Top 10 Hottest Markets by Annual Rental Increases in 2019
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With the New Year barely begun, investors may glean a great deal of insight about where residential rental housing is headed by looking back at the numbers from 2019. RentRange’s senior data analyst Fred Heigold III provided commentary on the past year’s rental rate increases for three-bedroom single-family homes and notable MSAs.
“Overall, increasing employment and wage growth in the top markets have bolstered recent increases,” Heigold wrote. “Additionally, slow supply of growth of available single-family rentals have squeezed certain markets versus demand.”
Arizona and Tennessee Top the
List
“In Arizona, Phoenix and
Tucson have seen an economic surge in recent years. They share the top three
largest percent gains with Memphis, Tennessee,” Heigold said. “Memphis rent
growth continues to increase strongly by percent-increase, although it has a
lower overall price change compared to other markets.”
3 Florida Markets Maintaining
Momentum
“The Florida markets Tampa,
Miami and Orlando round out the top 10, showing a nearly 10% increase in the
past year.”Methodology
The data showcases the top 10 U.S.
Metropolitan Statistical Areas (MSAs) by
average rental rate increase for three-bedroom single-family homes between
September 2019 and September 2018. RentRange produced the rankings using
metropolitan statistical areas, a standardized method for identifying city centers
and immediate suburban areas. RentRange gathers rental data on approximately
250,000 single-family houses per month from a variety of contractual sources,
including multiple listing services, property managers, landlords
