The top rental markets in North Dakota are Fargo, West Fargo, Williston, and Bismarck.
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.
North Dakota Rental Trends:
North Dakota is the fourth smallest state by population, but it is one of the most affordable states in the U.S. Jobs are booming in agriculture with low unemployment rates – this is good news for property investors as they won’t have trouble finding renters for their units. Here are some highlights from the top rental markets in the Peace Garden State.
Days on Market:
The city with the lowest days on market is Bismarck at three – under the national average which sits at 15 days; West Fargo has the highest number of days on market at 30.
The top two towns for the largest amount of leads per listing are above the national average sitting at 38. Here they are:
- Fargo – 58 leads per listing
- Williston – 42 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Fargo comes below that with the lowest average rent of $774 for a two-bedroom compared to the highest rent in North Dakota at $1,192 in Williston.
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. North Dakota’s highest median sale price comes below that at $279,000 in Bismarck with its lowest median sale price at $226,000 in Fargo.
North Dakota’s median income rings in at $48,130 – below the national average at $48,500.
Security Deposit Trends:
Security deposits have increased and decreased in North Dakota cities between 2018 and 2019. With the largest being an increase of 25.16% in Fargo at $1,000, and the largest decrease in Williston at -50% with the current average at around $500 – below the national average for security deposits which is $1,200.
All of North Dakota’s cities have a livability score of 70 or higher with the highest being West Fargo at 82!
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.