The top rental markets in Iowa are Des Moines and Cedar Rapids.
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.
Iowa Rental Trends:
Iowa is the heart of the Midwest with a strong economy in agriculture, technology, and green energy production. Its affordability and strong communities make it an attractive place for many renters while property investors will see an increase in value on their properties. Here are some highlights from the top rental markets in the Hawkeye State.
Days on Market:
The city with the lowest days on market is Cedar Rapids at nine – six days less than the national average which sits at 15 days; Des Moines has the highest number of days on market at 20.
The top two towns for the largest amount of leads per listing are above and around the national average sitting at 38. Here they are:
- Des Moines – 63 leads per listing
- Cedar Rapids – 26 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Cedar Rapids comes below that with the lowest average rent of $773 for a two-bedroom compared to the highest rent in Iowa at $932 in Des Moines.
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. Iowa’s highest median sale price comes below that at $153,000 in Cedar Rapids with its lowest median sale price at $138,000 in Des Moines.
Iowa’s median income rings in at $44,730 – below the national average at $48,500.
Security Deposit Trends:
Security deposits have both risen and fallen in Iowa cities between 2018 and 2019. With the largest being an increase of 42.17% in Cedar Rapids at $1,244, and the largest decrease at -36.84% in Des Moines with the current average at around $600 – half of the the national average for security deposits which is $1,200.
All of Iowa’s cities have a livability score of 75 or higher with the highest being Cedar Rapids at 76!
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.