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Top 10 Cities with the Highest Rent Populations
Updated: Mar 7, 2021
In real estate investing, data interpreting is a challenge because the market is fluid and shifts often. One of the key principles to understanding real estate statistics and interpretations is to always consider trends over a significant period of time, to avoid making knee jerk reactions in temporary market shifts.
Reviewing information over the last 7-10 years is the golden rule of keeping an objective eye on market trends, and the safest approach to making your own assumptions.
Keep in mind that when you’re evaluating a specific population, it’s important to anticipate if the growth will continue and other factors that can contribute, such as the number of major employers, unemployment rates, and more.
Generally, however, a market that has a large renter share over homeowner share will likely remain stable for a multifamily investment if the other factors of the economy are evenly distributed. In evaluating the last decade, specifically 2010-2018 (2019 data is not yet completely available), here are the top 10 cities with the most consistent growth in renter population:
#10 Birmingham, AL
Renter Percentage of Population: 52.7%
Total Population as of 2018: 209,880
Renter Population Increase from 2010 – 2018: 12.2%
#9 Memphis, TN
Renter Percentage of Population: 52.7%
Total Population as of 2018: 650,618
Renter Population Increase from 2010 – 2018: 8.9%
#8 Irvine, CA
Renter Percentage of Population: 53.0%
Total Population as of 2018: 282,572
Renter Population Increase from 2010 – 2018: 14.3%
#7 Pompano Beach, FL
Renter Percentage of Population: 53.2%
Total Population as of 2018: 111,954
Renter Population Increase from 2010 – 2018: 17.9%
#6 Stockton, CA
Renter Percentage of Population: 54.3%
Total Population as of 2018: 311,17
Renter Population Increase from 2010 – 2018: 12.9%
#5 Lewisville, TX
Renter Percentage of Population: 54.6%
Total Population as of 2018: 106,586
Renter Population Increase from 2010 – 2018: 11.9%
#4 Manchester, NH
Renter Percentage of Population: 55.3%
Total Population as of 2018: 112,525
Renter Population Increase from 2010 – 2018: 12.2%
#3 Killeen, TX
Renter Percentage of Population: 55.5%
Total Population as of 2018: 149,103
Renter Population Increase from 2010 – 2018: 19.9%
#2 Waterbury, CT
Renter Percentage of Population: 56.0%
Total Population as of 2018: 108,093
Renter Population Increase from 2010 – 2018: 14.6%
#1 Dayton, OH
Renter Percentage of Population: 56.5%
Total Population as of 2018: 140,640
Renter Population Increase from 2010 – 2018: 20.6%
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About the Author
Ellie is the founder of Blue Lake Capital, a real estate company specialized in multifamily investing throughout the United States. At Blue Lake Capital, Ellie helps investors grow their wealth and achieve double-digit returns by investing alongside her in exclusive multifamily deals they usually don't have access to.
Ellie is the host of REady2Scale , a podcast that highlights honest, insightful, and thought-provoking discussions on the multiple approaches for successful real estate investing.
She started her career as a commercial real estate lawyer, leading real estate transactions for one of Israel’s leading development companies. Later, as a property manager for Israel’s largest energy company, she oversaw properties worth over $100MM. Additionally, Ellie is an experienced entrepreneur who helped build and scale companies by improving their business operations.
Ellie holds a Masters in Law from Bar-Ilan University in Israel and an MBA from MIT Sloan School of Management.
You can read more about Blue Lake Capital at www.bluelake-capital.com and learn more about Ellie at www.ellieperlman.com.
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