A Closer Look at the 2011 U.S. Rental Market

Tweet

Today we released our 2011 Rental Housing Report and made some predictions for 2012. We found that rental prices for two bedroom units grew 3.75 percent in 2011 while two bedroom units for sale saw a 1.83 percent drop in price across the top 20 most populated U.S. metros. (Jump to graphs)

Studio rentals remained the highest growth segment, with a 7.12 percent increase over the year. One and two bedroom rental properties also saw a price increase, 2.59 percent and 3.75 percent respectively, while three bedrooms dipped by .31 percent.

Popular metro areas like New York, Boston, Miami, San Francisco, Los Angeles, and Chicago had some of the most expensive rental listings in the U.S., as measured by median listing prices of two bedroom properties. Rental listings in San Francisco appeared in particularly high demand, staying active for just 28 days on HotPads, compared to an average of 49 days across other top metro markets.

Unlike rentals, homes for sale saw a further decline in 2011, sinking 1.83 percent across the largest metro areas, as measured by the median for sale listing price of two bedrooms on HotPads. A similar trend could be seen among the listed price of three bedroom homes for sale, which declined by .19 percent. In 2011 the most expensive two bedroom properties could be found in San Francisco, Los Angeles, and New York.

While we expect demand for rental properties to remain high throughout 2012, we anticipate a slower growth compared to last year. As the price of homes for sale continues to decline, we believe more home shoppers will consider buying over renting (buy vs rent data below). We also predict more foreclosed and long standing for sale properties will re-enter the market as rentals in 2012, which should increase the rental supply and help ease prices. However, if economic conditions extend consumer uncertainty, we may continue seeing would be home owners continue to rent.

The data in this report is calculated based on the median listing price of 500,000 concurrently active rental listings on HotPads across the top 20 most populated U.S. metros. For consistency, two bedroom properties were used to determine the rental and for sale year over year price changes. The Buy vs Rent ratio is calculated by dividing a metros median house price by annual rent. Higher ratios mean it is more expensive to buy than rent a comparable home. The 20 metro areas include major cities like Atlanta, Baltimore, Chicago, Dallas, Detroit, Houston, Los Angeles, Miami, Minneapolis, New York, Philadelphia, Phoenix, Riverside, San Diego, San Francisco, Seattle, St. Louis, Tampa, Washington, DC. 'Metro Areas' consist of a densely populated urban core and its less-populated surrounding territories, ex: "San Francisco-Oakland-Fremont, CA" and "New York-Northern New Jersey-Long Island, NY-NJ-PA".

Need more info? Get in touch at press@hotpads.com

Visual Rental Trends, January 2011 - December 2011

Comments

[Augusta Real Estate]

Some great information. Love this blog

[Lake Mead jet ski rentals]

With spring upon us, the rental market is starting to bloom, too. And renting downtown has never been hotter, with several swanky new buildings—EnV, 200², and 215 West—having opened in the past year.

[Lake Mead jet ski rentals]

With spring upon us, the rental market is starting to bloom, too. And renting downtown has never been hotter, with several swanky new buildings—EnV, 200², and 215 West—having opened in the past year.

[Zara Ropa]

Hello joyqwomtc, So in order to Article, cheers relating to the sharing. -Zara Ropa It also is without the next problem one actions after that will ask you for for to represent a understanding garage door opener hardware for a sophisticated teens. Zara Ropa.
Good nmidgfqq!!