The best rental markets for the week ending March 8th, 2020 are Las Vegas, NV, Milwaukee, WI, Staten Island, NY, Cincinnati, OH, Providence, RI, Worcester, MA, Philadelphia, PA, Orlando, FL, Omaha, NE, Newark, NJ, Brooklyn, NY, Washington, DC, Los Angeles, CA, Columbus, OH, Seattle, WA, Chicago, IL, Cleveland, OH, Miami, FL, and Baltimore, MD.
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. The cities with the highest number of leads per property sit at the top of the list.
Las Vegas, NV tops the list this week with an average of 38 leads per listing. Milwaukee, WI isn’t far behind with 35 leads per listing. Baltimore and Miami round out the list each pulling in around six leads per property, half the median which sits at 12 for all 20 cities.
Days on Market:
Cincinnati, OH sits at the top of the list with nine days on the market on average. All cities came in under 17 days with the median sitting at 12. Staten Island posted the longest at 17 days, however it sits at position three for number of leads, with 31 on average per property.
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, six of our towns sit below that, Cleveland, Omaha, Cincinnati, Milwaukee, Columbus, and Las Vegas. Once again, Los Angeles holds the number one spot with an average rent of $3,038. Brooklyn isn’t far behind at $2,986, and Seattle is a bit behind Brooklyn at $2,301.
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 Brooklyn, NY sitting at $788,000. The median for the group is $269,000. Cleveland, OH is far below the median at number 20 on our list with a median sale price of $68,000.
Security Deposit Trends:
Our list is roughly split down the middle when it comes to security deposit trends from 2019 to 2020. Milwaukee posted the biggest decrease, down nearly 24% year over year. Cleveland and Seattle amounts held steady, and Las Vegas showed the biggest increase at 25% from 2019 to 2020.
All cities on the list scored a Livability Score of 50 or higher, with Newark sitting at the bottom at 50, and just across the way, Brooklyn scoring the highest at 77.
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.