Every year, it is fascinating to discover which cities will boast the most growth. From population to job growth, to home price growth, there are a variety of factors to consider. Historically, Texas has been the state to grab a large portion of the population pie. In fact, according to 2016 census data, Texas is still the fastest-growing state. However, when it comes to the state growing fastest by percentage, Utah is leading the way.
Texas may be leading the way as a state overall for population growth, but when it comes to the fastest growing cities in the nation, Florida is taking front stage. In fact, Florida hosts four of the top five fastest growing cities in the US according to a full list published by Forbes.
If you are living in one of these rapidly growing cities, you may wonder, what will this do to the price of rent? Whether you are a landlord or a tenant, the average rent prices in these top five fastest growing cities in the US is sure to impact you. Check out the average rent prices as they stand and learn more about what cities made the top five list.
Average Rents In Rapidly Growing US Cities
Ranking By Overall Growth*:
1. Cape Coral – Fort Myers – Lee County, FL
Average Rent – 1 bed $791 – 2 beds $1,104 – 3 beds $1,393 – 4 beds $1,761
The Cape Coral area is well known for its beauty and easy access to the water. Located in the Gulf of Mexico, the town’s nomenclature “Waterfront Wonderland” makes it apparent why people are flocking to this naturally enticing city. Boasting more than 400 miles of navigable waterways, there is no city in the world with as many canals as the city of Cape Coral. Those who live in this idyllic town enjoy easy access to tropical islands, fishing, and several ecological preserves. With average rent prices still attainable, it is easy to see why this city is ranking number one in overall growth.
2. Orlando – Kissimmee – Sanford Metropolitan Statistical Area, FL
Average Rent – 1 bed $939 – 2 beds $1,157 – 3 beds $1,490 – 4 beds $2,029
Known as “The City Beautiful”, Orlando has long been a popular destination for tourists and new residents alike. The Orlando metropolitan area boasts a population of 2,387,128 as of the 2016 US Census. This ever-growing city is well known for its array of world-renowned theme parks and tourist attractions. With Disney World, Universal Studios Florida, and a variety of resorts, Orlando enjoys a robust economy. Beyond the glitz of tourism lies a thriving local culture as well. From the Eola Sunday Market to the beautiful Wekiwa Springs State Park, there is a little of something for everyone in the Orlando metro area. The wide array of activities for residents to enjoy is what makes this city top the list for average rent prices in relation to the top five list.
3. Provo – Orem, UT
Average Rent – 1 bed $612 – 2 beds $852 – 3 beds $1,079 – 4 beds $1,106
It is little wonder that Provo-Orem makes its way onto this list, as census data from 2016 shows Utah as the fastest growing state by percentage. Provo-Orem also provides the most bang for your rental buck, with the average rental pricing of one to four-bed units at just over $912 per month. Provo itself is the third-largest city in Utah. Downtown Provo has seen continued growth with the addition of shops, galleries, music venues, and restaurants.
4. Deltona – Daytona Beach – Ormond Beach – Volusia County, FL
Average Rent – 1 bed $920 – 2 beds $1,007 – 3 beds $1,209 – 4 beds $1,571
The Deltona-Daytona Beach-Ormond Beach metropolitan statistical area is another well known Florida landmark that made the list of fastest growing cities. Daytona Beach, in particular, is well known worldwide as the home of the Daytona International Speedway and for being the location of the NASCAR headquarters. Beyond these well-known landmarks, Daytona Beach area boasts beautiful beaches, year-round perfect weather, and an array of enticing farmers markets. When it comes to rental prices, this location is a great fit, falling in the median of average rent prices of Florida locations on the top five list.
5. Jacksonville, FL
Average Rent – 1 bed $764 – 2 beds $908 – 3 beds $1,012 – 4 beds $1,085
If the idea of living in sunny Florida entices you, Jacksonville might be the perfect fit with the lowest average rent prices out of the Florida cities who made our top five list. Don’t let the low rent prices fool you, though. Jacksonville is home to a thriving culture of good food, craft beer, and outdoor activities galore. One glance at their city’s website boasting beaches, nightlife, family activities, and more, and you’ll soon be browsing online for rental properties in the area.
If you are a landlord in any of these cities, prepare for the population growth by streamlining your rental process. Implement easy to use, online landlord software to cut down on paperwork and hassle. Easily list your property through a free marketing platform, accept applications online, and even screen your potential tenants through the same integrated system.
*Growth Rankings based upon Forbes’ annual list.