Rust Belt Markets Overtake Sun Belt In Single-Family Rental Rate Increases

RentRange has 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 third quarter of 2016. There was a notable departure from the past several quarters’ trend of Sun Belt strength, with RentRange data showing rate increases among the Rust Belt in areas like Pittsburgh, St. Louis, and three Ohio markets: Canton, Cincinnati, and Cleveland. Looking at average gross yield, which demonstrates income return from an investment prior to operating costs, the top five performers are all in the Rust Belt with yields ranging from 12.6 percent in Cincinnati to 15.3 percent in Cleveland.

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