Top Rent Growth Markets - Not What You Think!
Many rental markets did well in 2020 despite the headwinds of a recession and pandemic. The graph below charts the markets that performed the best in terms of rent growth. They're a surprising list to say the least!
Notes: covers the "metro area" for each market; source of data is Zillow
Memphis: not many would have predicted this being the leader at +8.3%. The market has some moderate growth. However, I suspect a lack of new supply might be the driving force behind this performance.
Tucson: Phoenix's little brother to the south has been rip-roaring over the last couple of years.
Syracuse: definitely would not have called this. Most investors I talk to hate Upstate NY.
Riverside: one of the least affordable markets in the US when comparing rents to incomes. Yet rent keeps growing!
Boise: #1 for appreciation and #9 for rent growth in 2020.
Indianapolis: a very underrated Midwest market with lots of growth and affordability.
Chattanooga: one of three markets in the US to have gained jobs in 2020.
What do you all think about this list? Do you expect repeat performances in 2021? Are you invested in any of these markets?