The best rental markets for the week ending March 15th, 2020 are:
- Providence, RI,
- Miami, FL,
- Columbus, OH,
- Fort Collins, CO,
- Newark, NJ,
- San Diego, CA,
- Jersey City, NJ,
- Baltimore, MD,
- Brooklyn, NY,
- Philadelphia, PA,
- Cleveland, OH,
- Washington D.C,
- Houston, TX,
- Denver, CO,
- Los Angeles, CA,
- Chicago, IL,
- Atlanta, GA,
- Hoboken, NJ,
- Bayonne, NJ,
- Pittsburgh, PA,
- Boston, MA, and
- New York, NY.
The TurboTenant Report weekly edition includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, and a comparative analysis of the number of listings week over week. The cities with the highest number of leads per property sit at the top of the list.
Report Highlights:
Leads:
Newark, NJ tops the list this week with an average of 22 leads per listing. Providence, RI comes in second with 17. The median for last week’s cities was 12, this week’s median sits at 8 for all 22 cities on the list. Hoboken, NJ and New York, NY take our last two spots with an average of two leads per property.
Days on Market:
Providence, RI takes the number one spot for the shortest time on the market at 10 days. All cities came in under 21 days with the median sitting at 14, up two from last week’s report. New York posted the longest at 21 days, next to Boston at 18 days on the market.
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, only three of our towns have an average below that, Columbus, OH, Atlanta, GA, and Cleveland, OH. Los Angeles holds our number one spot again this week, with an average rent of $3,036.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,000. Once again, our coastal cities post the highest median sale price with Brooklyn, NY sitting at $788,000. The median for the group is $355,000. Cleveland, OH is far below the median at number 22 on our list with a median sale price of $68,000.
Listings Per Week Trends:
Starting this week we will include a week over week percentage change in the number of listings each of our cities reported. Nearly half of our cities reported increases in the number of listings. Denver reported the biggest week over week increase at 20%. Atlanta, GA reported the biggest decrease in the number of listings with nearly a 28% decrease.
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.