Top 10 Cities with the Highest Rent Populations

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