Altisource’s RentRange Identifies 25 Cities with the Largest Rental Rate Increases

October 18, 2015

Residential Real Estate Data Helps Investors Define and Uncover Opportunities Nationwide

LUXEMBOURG, October 19, 2015RentRange®, the provider of Rental Market Intelligence™, today released data ranking the top 25 U.S. Metropolitan Statistical Areas (MSAs) by average rental rate increase for single-family homes between the third quarter of 2015 and the same quarter in 2014. Additionally, the data analysis identified the average yield generated by rental properties within these markets in the third quarter of 2015.

 

The RentRange data shows that cities in the South and West generally had the greatest increases in home rental rates, while cities in the Midwest and Northeast experienced smaller increases. California and Florida were particularly strong, accounting for seven of the top 10 markets on the list. However, when looking at yield, markets in the Central U.S. and Midwest often generated higher yields than many markets in California and Florida.

 

“We continue to see substantial opportunity in real estate investing, but strengthening real estate markets in many regions require investors to be more informed before buying an investment property and rehabilitating it in order to achieve their desired return ,” said Walter Charnoff, Chief Executive Officer of the RentRange business. “While,  not surprisingly, California and Florida are experiencing the largest rental rate increases, further analysis reveals that markets in Alabama, Texas, Kansas and Ohio actually produce a much higher average yield.”

 

Rank

MSA Ranking by Year-Over-Year Rental Rate Increase - Q3

Change in Rent - Q3

Average Yield - Q3

1

Cape Coral-Fort Myers FL

23.6%

9.1%

2

Sacramento-Arden-Arcade-Roseville CA

17.6%

6.6%

3

North Port-Bradenton-Sarasota FL

17.2%

9.7%

4

San Francisco-Oakland-Fremont CA

17.0%

5.6%

5

Charleston-North Charleston SC

16.5%

9.0%

6

Los Angeles-Long Beach-Santa Ana CA

16.3%

5.6%

7

San Jose-Sunnyvale-Santa Clara CA

16.1%

4.7%

8

Denver-Aurora CO

14.6%

6.7%

9

Dallas-Fort Worth-Arlington TX

14.0%

13.4%

10

San Diego-Carlsbad-San Marcos CA

13.6%

5.6%

11

Nashville-Davidson-Murfreesboro-Franklin TN

13.2%

9.7%

12

Portland-Vancouver-Hillsboro OR-WA

12.6%

6.6%

13

Augusta-Richmond County GA-SC

12.3%

9.8%

14

Stockton CA

12.1%

7.3%

15

Seattle-Tacoma-Bellevue WA

11.9%

6.4%

16

Columbus OH

11.5%

12.4%

17

Tulsa OK

11.3%

11.7%

18

Kansas City MO-KS

10.6%

12.7%

19

Little Rock-North Little Rock-Conway AR

10.4%

N/A

20

Tampa-St. Petersburg-Clearwater FL

10.3%

11.5%

21

Orlando-Kissimmee-Sanford FL

10.0%

10.6%

22

Oxnard-Thousand Oaks-Ventura CA

10.0%

5.7%

23

Birmingham-Hoover AL

9.8%

14.8%

24

Bakersfield-Delano CA

9.7%

9.6%

25

Houston-Sugar Land-Baytown TX

9.6%

14.0%

 

Methodology:  

 

RentRange produced the rankings using metropolitan statistical areas, a standardized method for identifying city centers and immediate suburban areas. RentRange gathers rental data on approximately 250,000 single-family houses per month from a variety of contractual sources, including multiple listing services, property managers, landlords and listing web sites. Yields are derived from RentRange’s proprietary automated valuation model.

 

About RentRange®

 

RentRange is the provider of Rental Market Intelligence™ to the financial services and real estate industries, delivering a wide assortment of address and geography level rental data, analytics, and rent based valuation solutions for single and multi-family properties. Its solutions include a combination of on-demand automated rent valuation reports and subscription based macro data available at the MSA, county, city and zip code levels. The company fills a longstanding void in the information services community by providing a standardized, reliable source for national residential rental data that is essential for confident and effective decision making.

 

RentRange was acquired by Altisource Portfolio Solutions S.A. (“Altisource”) (NASDAQ: ASPS) in October 2015.

About Altisource®

Altisource Portfolio Solutions S.A. is a premier marketplace and transaction solutions provider for the real estate, mortgage and consumer-debt industries. Altisource's proprietary business processes, vendor and electronic payment management software and behavioral science-based analytics improve outcomes for marketplace participants.  Additional information is available at altisource.com.