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Cities Where Renting Is on the Rise

Renting Cities On The Rise

The American Dream used to include home ownership as a given, but it has gotten shaky of late. With so much instability in the real estate market, not to mention high unemployment and tight credit, renting has seen upticks around the country. In many cases, this represents a show of caution in the face of economic distress; people are loath to buy in a weak market, or they can’t get a mortgage. provided a list of the top ten American cities with the largest increases in rentals by comparing the
Source: Trulia.com|| Photo: Vincent Besnault | Photodisc | Getty Images

The American Dream used to include home ownership as a given, but it has gotten shaky of late.

With so much instability in the real estate market, not to mention high unemployment and tight credit, renting has seen upticks around the country. In many cases, this represents a show of caution in the face of economic distress; people are loath to buy in a weak market, or they can’t get a mortgage.

Trulia.comprovided a list of the top ten American cities with the largest increases in rentals by comparing change from the third to the fourth quarters of 2010. Additional data, including unemployment, median incomes, home values and rents is from City-data.com.
By Colleen KanePosted 3 Mar 2011

San Diego-Carlsbad-San Marcos, CA

Change in percentage of renters: +5% Median income: $59,901 Unemployment: 10.1% Median house or condo value: $445,500 Median rent: $1,242 The vacancy rate for rental apartments in San Diego went down to 4.6 percent in the last quarter of 2010, from 5.0 percent the previous year, according to data from the property research company   Home prices in the San Diego metro area are expected to rise 3.5% this year, according to a forecast from
Source: Trulia.com|| Photo: David Olsen | Getty Images

Rise in renters: +5%

San Diego statistics:
Median income: $59,901
Unemployment: 10.1%
Median house or condo value: $445,500
Median rent: $1,242

The vacancy rate for rental apartments in San Diego went down to 4.6 percent in the last quarter of 2010, from 5.0 percent the previous year, according to data from the property research company Reis.  Home prices in the San Diego metro area are expected to rise 3.5% this year, according to a forecast from Real Estate Solutions.

Memphis, TN-AR-MS

Change in percentage of renters: +6% Median income: $34,203 Unemployment: 10.2% Median house or condo value: $ 101,400 Median rent: $745 Many rental properties in Memphis are owned by out-of-towners, says Jim Reddy of Memphis Investment Properties, in an article in the He puts his own company’s extra-Memphis owners at about 80 percent, including investors from New Zealand and Australia. The article also notes that in January the average home in Shelby County sold for $50,000 or less.
Source: Trulia.com|| Photo: Tetra Images | Getty Images

Rise in renters: +6%

Memphis statistics:
Median income: $34,203
Unemployment: 10.2%
Median house or condo value: $ 101,400
Median rent: $745

Many rental properties in Memphis are owned by out-of-towners, says Jim Reddy of Memphis Investment Properties, in an article in the Memphis Daily News. He puts his own company’s extra-Memphis owners at about 80 percent, including investors from New Zealand and Australia. The article also notes that in January the average home in Shelby County sold for $50,000 or less.

Charlotte-Gastonia-Concord, NC-SC

Change in percentage of renters: +6% Median income: $49,779 Unemployment: 8.7% Median house or condo value: $175,600 Median rent: $811 It’s a good time for investors in rental properties and not so good for renters in Charlotte, because increased occupancy in rentals means fewer enticements, higher rents, and possibly even shortages, The last month.
Source: Trulia.com|| Photo: Getty Images

Rise in renters: +6%

Charlotte statistics:
Median income: $49,779
Unemployment: 8.7%
Median house or condo value: $175,600
Median rent: $811

It’s a good time for investors in rental properties and not so good for renters in Charlotte, because increased occupancy in rentals means fewer enticements, higher rents, and possibly even shortages, The Charlotte Observer reported last month.

New Orleans-Metairie-Kenner, LA

Change in percentage of renters: +6% Median income: $36,468 Unemployment: 9.1% Median house or condo value: $192,600 Median rent: $882The picture painted by the Department of Housing and Urban Development is Median rent has increased since Katrina—from $662 to $882 (adjusted for inflation). Supply of available, intact rentals plummeted after the storm, so perhaps this increase in rentals is a good sign for a troubled city.
Source: Trulia.com|| Photo: Don Klumpp | Getty Images

Rise in renters: +6%

New Orleans statistics:
Median income: $36,468
Unemployment: 9.1%
Median house or condo value: $192,600
Median rent: $882

The picture painted by the Department of Housing and Urban Development is not a bright one. Median rent has increased since Katrina—from $662 to $882 (adjusted for inflation). Supply of available, intact rentals plummeted after the storm, so perhaps this increase in rentals is a good sign for a troubled city.

Worcester, MA

Change in percentage of renters: +6% Median income: $47,415 Unemployment: 9.5% Median house or condo value: $230,100 Median rent: $833 When single-family homes won’t sell for significantly less than their purchase price, many owners turn to renting them out, notes the The renters of these homes, in turn, are those reluctant to enter this home-buying market, and the high-end rental market has seen an uptick as well.
Source: Trulia.com|| Photo: Denis Tangney Jr. | Getty Images

Rise in renters: +6%

Worcester statistics:
Median income: $47,415
Unemployment: 9.5%
Median house or condo value: $230,100
Median rent: $833

When single-family homes won’t sell for significantly less than their purchase price, many owners turn to renting them out, notes the Worcester Business Journal. The renters of these homes, in turn, are those reluctant to enter this home-buying market, and the high-end rental market has seen an uptick as well.

Columbia, SC

Change in percentage of renters: +8% Median income: $38,807 Unemployment: 15.2% Median house or condo value: $165,700Median rent: $756 The Columbia housing market continues to “remain in hibernation” until the third quarter of this year, according to studies by Fiserv and Moody’s Economy.com cited in a report by Prices are expected to drop before possibly stabilizing by year’s end.
Source: Trulia.com|| Photo: WikimediaCommons

Rise in renters: +8%

Columbia statistics:
Median income: $38,807
Unemployment: 15.2%
Median house or condo value: $165,700
Median rent: $756

The Columbia housing market continues to “remain in hibernation” until the third quarter of this year, according to studies by Fiserv and Moody’s Economy.com cited in a report by The Mather Company. Prices are expected to drop before possibly stabilizing by year’s end.

Syracuse, NY

Change in percentage of renters: +9% Median income: $30,075 Unemployment: 9% Median house or condo value: $84,400 Median rent: $668 It’s the same old story you’ve heard in other cities: buyers are reluctant to risk buying in Syracuse, and New York’s loss of residence is being felt in this city, which has more than the usual amount of vacancies, says
Source: Trulia.com|| Photo: Richard Cummins | Getty Images

Rise in renters: +9%

Syracuse statistics:
Median income: $30,075
Unemployment: 9%
Median house or condo value: $84,400
Median rent: $668

It’s the same old story you’ve heard in other cities: buyers are reluctant to risk buying in Syracuse, and New York’s loss of residence is being felt in this city, which has more than the usual amount of vacancies, says Housing Predictor.

Bakersfield, CA

Change in percentage of renters: +10%Median income: $52,677 Unemployment: 11.5% Median house or condo value: $196,300 Median rent: $919 Houses are being built in Bakersfield, and perhaps they’ll even be owned by their occupants: Kern County had the most housing starts in 2010 of the Central Valley markets, reported In addition, the U.S. Department of Housing and Urban Development forecasts: “Increasing population and a slowdown in the shift to homeownership are expected to support the demand fo
Source: Trulia.com|| Photo: Nick Chapman

Rise in renters: +10%

Bakersfield statistics:
Median income: $52,677
Unemployment: 11.5%
Median house or condo value: $196,300
Median rent: $919

Houses are being built in Bakersfield, and perhaps they’ll even be owned by their occupants: Kern County had the most housing starts in 2010 of the Central Valley markets, reported Bakersfield Economic and Community Development. In addition, the U.S. Department of Housing and Urban Development forecasts: “Increasing population and a slowdown in the shift to homeownership are expected to support the demand for 2,400 new market-rate rental units during the next 3 years.”

Greensboro-High Point, NC

Change in percentage of renters: +11% Median income: $38,694 Unemployment: 9.6% Median house or condo value: $143,800 Median rent: $714 The number of homes for sale in Greensboro has decreased by 12% from a year ago, and the number of newly listed homes is down by 22%, according to the
Source: Trulia.com|| Photo: WikimediaCommons

Rise in renters: +11%

Greensboro statistics:
Median income: $38,694
Unemployment: 9.6%
Median house or condo value: $143,800
Median rent: $714

The number of homes for sale in Greensboro has decreased by 12% from a year ago, and the number of newly listed homes is down by 22%, according to the Greensboro Home Market Report.

Toledo, OH

Change in percentage of renters: +16% Median income: $32,325 Unemployment: 11% Median house or condo value: $92,900 Median rent: $602 Rents are up and vacancies down—so goes the by-now familiar report from The Blade in Toledo, Ohio. Vacancy rates are down at year’s end to 7.7% from 10 earlier last year. This is attributed to
Source: Trulia.com|| Photo: C.P. Kirby

Rise in renters: +16%

Toledo statistics:
Median income: $32,325
Unemployment: 11%
Median house or condo value: $92,900
Median rent: $602

Rents are up and vacancies down—so goes the by-now familiar report from The Blade in Toledo, Ohio. Vacancy rates are down at year’s end to 7.7% from 10 earlier last year. This is attributed to the region’s high foreclosure rate.