The top rental markets in Alabama are Huntsville, Birmingham, and Montgomery.
The TurboTenant Report 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.
Alabama Rental Trends:
Alabama is full of history, 1,500 miles of waterways, and a strong economy in manufacturing, steel production, and fabrication. There are college towns, big cities, and small-towns – property investors can find success in any of them as there is a need for rentals. Here are some highlights from the top rental markets in the Yellowhammer State.
Days on Market:
The city with the lowest days on market is Birmingham at ten – under the national average which sits at 15 days; Huntsville has the highest number of days on market at 15.
The top three towns for the largest amount of leads per listing are above the national average sitting at 38. Here they are:
- Huntsville – 68 leads per listing
- Montgomery – 62 leads per listing
- Birmingham – 61 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Montgomery comes below that with the lowest average rent of $767 for a two-bedroom compared to the highest rent in Alabama at $1,049 in Birmingham.
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 $306,400. Alabama’s highest median sale price comes below that at $245,000 in Birmingham with its lowest median sale price at $230,000 in Huntsville.
Alabama’s median income rings in at $43,170 – under the national average at $48,500.
Security Deposit Trends:
Security deposits have both risen in Alabama’s cities between 2018 and 2019. With the largest being an increase of 20% in Birmingham at $900, and the smallest increase in Huntsville at 4.58% with the current average at around $800 – under the national average for security deposits which is $1,200.
All of Alabama’s cities have a livability score of 61 or higher with the highest being Huntsville at 68!
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.