Top 10 Cities with the Highest Rent Populations

Updated: Mar 7

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.


Sources:

US Census Bureau

YardiMatrix