The 10 US Markets With the Biggest Rent Increases & Decreases in 2015

In a bid to bring you most authentic tool that will assist you in your real estate investment decision, this post is the result of detailed study of the US markets in 2015 and an outlook to 2016. It was posted by Allison Leung and with permission reproduced here:

 

In a study released today on rent affordability, RealtyTrac found that, assuming a 3 percent down payment, buying a home is more affordable than renting in 58 percent of US housing markets. Still, home price appreciation continued to outpace rent growth in 55 percent of the markets, and rent growth continued to outpace weekly wage growth in 57 percent of markets.

“Renters in 2016 will be caught between a bit of a rock and a hard place, with rents becoming less affordable as they rise faster than wages, but home prices rising even faster than rents,” commented RealtyTrac VP Daren Blomquist. “In markets where home prices are still relatively affordable, 2016 may be a good time for some renters to take the plunge into homeownership before rising prices and possibly rising interest rates make it increasingly tougher to afford to buy a home.”

Markets With the Biggest Increases & Decreases in Rents

In the 504 counties studied, the following was discovered:

  • Three-bedroom property rents are likely to increase an average of 3.5 percent in 2016 compared to 2015 across all markets, according to HUD data
  • Weekly wages in Q2 of 2015 were up an average of 2.6 percent from a year ago
  • Median home prices were up an average of 5.0 percent in Q3 of 2015 compared to a year ago

Markets with the biggest increases in rents include:

  • Sumter, South Carolina
  • Burlington, North Carolina
  • Goldsboro, North Carolina
  • Houma-Thibodaux, Louisiana
  • Missoula, Montana

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The biggest increases among counties with populations of one million or more include:

  • Santa Clara County, California in the San Jose metro area (up 9.3 percent)
  • Travis County, Texas in the Austin metro area (up 8.0 percent)
  • San Diego County, California (up 7.5 percent)
  • Cook County, Illinois in the Chicago metro area (up 7.3 percent)
  • Bexar County, Texas in the San Antonio metro area (up 7.2 percent)

The markets that saw the biggest decrease in rents include:

  • Johnson City, Tennessee
  • Abilene, Texas
  • California-Lexington Park, Maryland
  • Ithaca, New York
  • Roseburg, Oregon

Counties with a population of one million or more with the biggest decreases are:

  • Suffolk and Nassau counties in Long Island, New York (both down 6.8 percent)
  • Clark County, Nevada in the Las Vegas metro area (down 1.4 percent)
  • Sacramento County, California (down 0.4 percent)
  • Contra Costa County, California in the San Francisco metro area (down 0.3 percent)

 

Next, we will discuss the Most & Least Affordable Markets for Renters in 2016 using the 2015 data.

Wishing you all a Merry Christmas as we look forward to exciting moments in 2016.

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