In its latest Single-Family Rental Market Report, ATTOM Data Solutions indicated that the number of single-family rental purchases increased in Q1 2019 and that average annual gross rentals increased +8.8% on top of +8.7% increases in Q1 2018.
Todd Teta, ATTOM’s chief product officer, said, “Last year, at this time, investors were seeing returns drop in three quarters of the counties we analyzed. So far this year, those margins are up in 6 out of 10 counties. Profits vary based on location, of course, but those increased profits range from +3% to +29%.
Highest returns on Single-Family Rentals in Q1 2019 were located in…
- Baltimore City MY – +24.5%
- Bibb County GA – +21.9%
- Cumberland NJ – _21.2%
- Winnebago IL – +17.1%
- Wayne County MI – +17.1%
Lowest returns on Single-Family Rentals in Q1 2019 were located in
- San Mateo CA – +3.4%
- San Francisco CA- +3.7%
- Marin County CA – +4.0%
- Santa Clara CA – +4.2%
- Kings County NY – +4.3%
(ATTOM made calculated returns by using annual gross rental yields provided by the US Department of Housing and Urban Development.)
ATTOM Data Solutions indicated that rents rose faster than wages in 236 of 432 counties (55%). Those counties included Los Angeles County, Harris County (Houston), Maricopa County (Phoenix), San Diego County and Orange County.
This Single-Family Rental Market Report identified 98 counties in the county where average wages grew and where potential annual gross rental yields could grow to +10% or more. Those growth counties included…
- Wayne County (Detroit)
- Cuyahoga County (Cleveland)
- Allegheny County (Pittsburg)
- Milwaukee County
- Marion County (Indianapolis
