Best Markets for Single-Family Rental Investment
In order to make that determination, HouseCanary examined year-over-year (YOY) price growth within the top 100 U.S. metropolitan statistical areas (MSAs) by population, dividing things into three subcategories: single-family homes, condos, and apartments.
So, which MSA featured the highest YOY price growth in the single-family rental (SFR) sector? The Sunshine State should take a bow—not only is Florida home to the top MSA, it also accounts for three of the top 10 entries.
Palm Bay-Melbourne-Titusville, Florida, was the MSA featuring the strongest YOY rent price growth for SFR, coming in at 6.6 percent. The other two Florida MSAs that made the top 10 are Deltona-Daytona Beach-Ormond Beach at 5.8 percent and #5, and Tampa-St. Petersburg-Clearwater at 5.6 percent and #7.
Here’s how the rest of the top 10 broke down:
- Seattle-Tacoma-Bellevue, Washington—6.1 percent (#2)
- Stockton-Lodi, California—6.0 percent (#3)
- Salt Lake City, Utah—5.9 percent (#4)
- Boise City, Idaho—5.7 percent (#6)
- Sacramento-Roseville-Arden Arcade, California—5.4 percent (#8)
- Nashville-Davidson-Murfreesboro-Franklin, Tennessee—5.4 percent (#9)
- McAllen-Edinburg-Mission, Texas—5.3 percent (#10)
On the other end of the spectrum, here are the 10 MSAs with the lowest YOY rent price growth for SFR, according to HouseCanary.
- Virginia Beach-Norfolk-Newport News, Virginia/North Carolina—0.4 percent (#100)
- Harrisburg-Carlisle, Pennsylvania—0.5 percent (#99)
- Bridgeport-Stamford-Norwalk, Connecticut—0.6 percent (#98)
- Augusta-Richmond County, Georgia/South Carolina—0.8 percent (#97)
- Rochester, New York—0.9 percent (#96)
- Little Rock-North Little Rock-Conway, Arkansas—0.9 percent (#95)
- New Orleans, Metairie, Louisiana—0.9 percent (#94)
- Columbia, South Carolina—1.0 percent (#93)
- Syracuse, New York—1.0 percent (#92)
- Hartford-West Hartford-East Hartford, Connecticut—1.1 percent (#91)
Source: dsnews.com
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