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Tracey Velt breaks down the latest RealTrends 500 rankings

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Investments

Here are the 10 top and bottom investment markets for single-family rentals

None of the top 10 are on the West Coast

As the single-family rental market continues to bode well for investors, HomeUnion, an online real estate investment management company, ranked the most and least favorable single-family rental markets measured by cap rate.

Cap rates are the relationship between an investment property’s net operating income (rents minus expenses) and the market value of the property.

For example, HomeUnion said that a $100,000 home that rents for $1,000 per month ($12,000 a year in gross income) and has $4,000 in annual expenses (bringing the total to $8,000 net income), would have an 8% cap rate — 8,000 is 8% of 100,000. 

“With continued turmoil in the securities markets, individual investors are increasingly looking to an alternative to low-yield bonds and risky stocks,” explained Don Ganguly, CEO of HomeUnion. “The SFR market is not correlated to the securities market, and with the right research, investors can find high-yield investments in markets anchored by solid, diverse economies and favorable demographics.”

“Favorable supply and demand fundamentals and shifting views about renting among Millennials and seniors, created increased occupancy rates, which resulted in higher rent prices,” added Steve Hovland, manager, research services at HomeUnion.

Here’s the list of the top 10 single-family rental investment markets: (metro, cap rate)

10. Tampa 5.9%

9. Milwaukee 5.9%

8. Baltimore 5.9%

Baltimore

7. Cleveland 5.9%

6. Indy 6.0%

5. Houston 6.1%

Texas

4. Cincinnati 6.4%

3. Pittsburgh 6.4%

2. Oklahoma City 6.9%

1. Memphis 7.3%

Tennessee

Here’s the list of the bottom 10 single-family rental investment markets: (metro, cap rate)

10. Portland 3.9%

9. Sacramento 3.6%

8. San Diego 3.6%

Calif small

7. Oakland 3.5%

6. Seattle 3.5%

Washington

5. New York 3.5%

4. Los Angeles 3.2%

3. Orange County, California 3.0%

2. San Jose 2.7%

1. San Francisco 2.7%

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