The best rental markets for the week ending March 1st, 2020 are Astoria, NY, Jersey City, NJ, Miami, FL, Worcester, MA, Philadelphia, PA, Fort Collins, CO, San Jose, CA, San Diego, CA, Los Angeles, CA, Baltimore, MD, Columbus, OH, Denver, CO, Chicago, IL, Brooklyn, NY, and Washington D.C.
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, security deposit trends and livability score.
Days on Market:
Astoria, NY sits at the top of the list with just 4 days on the market on average. All 15 cities come in at or under 16 days on the market, with the median sitting at 12. Washington D.C., number fifteen on the list, reports 16 days on average.
Worcester, MA tops the list with a whopping 205 leads per property. Philadelphia, PA is less than half that at 94, a great number none the less. Baltimore, MD rounds out our top three with 58 leads per property. The median sits at 31 for the group. Astoria leads take our number 15 spot, with 6 leads per property.
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, all but one of our town exceed that. Los Angeles holds the number one spot with an average rent of $3,038. Brooklyn isn’t far behind at $2,986, and San Joses finishes out the top three at $2,918. Fort Collins, CO, Worcester, MA, and Columbus, OH are closer to the national average at positions 13, 14 and 15 respectively.
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. It’s no surprise that our coastal cities have the highest median sale price, with Astoria, NY holding the number one position at roughly $1.2 million. The median for the group is $422,000. Baltimore, MD, at number 15 has a median sale price of $118,000.
Security Deposit Trends:
Cities on the list are reporting more increases in security deposits from 2019 to 2020 than decreases. Fort Collins, CO posted the biggest increase year over year at 67% with San Jose coming in second with a 29% increase. San Diego posted the biggest decrease in security deposits at a 22% decline, followed by Washington D.C. with a 5% decline.
All cities on the list scored a Livability Score of 57 or higher, with Columbus, OH topping the list at 76.
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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.