Rental market indicators

[Pandu Chimata]

I was looking at the population change and owner-occupied housing units between some cities to understand their correlation to rental market potential.

The data source is - https://www.census.gov

• The percentage change in Hemet is 8.5% and the owner-occupied housing rate is 58%
• The percentage change in Moreno Valley is 10.2% and the owner-occupied housing rate is 61%
• The percentage change in Laquinta is 11.4% and the owner-occupied housing rate is 71.8%
• The percentage change in Indio is 15.9% and the owner-occupied housing rate is 69.5%
• The percentage change in Menifee is 22.5% and the owner-occupied housing rate is 76.5%
  
• The percentage change in Beaumont is 38.5% and the owner-occupied housing rate is 76.7%

Any of these indicators (solo) or combined indicates any rental market potential?

In the case of Hemet, the population change is less but the owner-occupied housing rate is also less. Does this mean there is more rental potential than Beaumont though the percent population change is high but the owner-occupied housing rate is high, 76.7%?

Thoughts? or should I be looking at some other indicators to truly understand rental potential?

FYI:

Population, percent change is: April 1, 2010 (estimates base) to July 1, 2019, (V2019)

Owner-occupied housing unit rate is: 2014-2018