Overvalued Rental Markets - Metros August Data
August 2023 Data
Metros:
| No. | City | Premium/Discount | Average Rent | Where Average Rent Should Be | Month Over Month Change |
Year Over Year Change |
House Poor |
| 1 | New York, NY | 9.44% | $3,412.00 | $3,117.64 | 0.27% | 3.36% | $136,479.98 |
| 2 | Los Angeles, CA | 3.00% | $3,000.27 | $2,913.01 | 0.48% | 2.17% | $120,010.66 |
| 3 | Chicago, IL | 7.34% | $2,004.01 | $1,867.04 | 0.37% | 5.98% | $80,160.25 |
| 4 | Dallas, TX | 3.53% | $1,850.99 | $1,787.94 | 0.14% | 0.42% | $74,039.65 |
| 5 | Houston, TX | 4.60% | $1,693.54 | $1,619.06 | 0.09% | 2.73% | $67,741.42 |
| 6 | Washington, DC | 5.42% | $2,362.62 | $2,241.18 | 0.58% | 3.09% | $94,504.71 |
| 7 | Philadelphia, PA | 3.79% | $1,836.67 | $1,769.67 | 0.55% | 2.90% | $73,466.88 |
| 8 | Miami, FL | 8.60% | $2,797.86 | $2,576.27 | 0.16% | 2.83% | $111,914.46 |
| 9 | Atlanta, GA | 1.72% | $1,978.44 | $1,945.01 | 0.02% | 0.68% | $79,137.44 |
| 10 | Boston, MA | 6.95% | $2,965.94 | $2,773.19 | 0.18% | 5.85% | $118,637.58 |
| 11 | Phoenix, AZ | 0.46% | $1,929.15 | $1,920.26 | 0.00% | 0.18% | $77,166.14 |
| 12 | San Francisco, CA | 0.32% | $3,173.42 | $3,163.35 | -0.04% | 0.23% | $126,936.82 |
| 13 | Riverside, CA | 2.26% | $2,532.95 | $2,476.95 | 0.28% | 1.51% | $101,317.89 |
| 14 | Detroit, MI | 2.98% | $1,425.33 | $1,384.10 | 0.47% | 2.18% | $57,013.27 |
| 15 | Seattle, WA | 1.98% | $2,286.87 | $2,242.39 | 0.43% | 0.59% | $91,474.84 |
| 16 | Minneapolis, MN | 0.70% | $1,643.28 | $1,631.86 | 0.17% | 2.71% | $65,731.28 |
| 17 | San Diego, CA | 6.76% | $3,206.89 | $3,003.70 | 0.21% | 3.80% | $128,275.53 |
| 18 | Tampa, FL | 5.95% | $2,166.49 | $2,044.78 | 0.49% | 2.69% | $86,659.73 |
| 19 | Denver, CO | 3.90% | $2,087.74 | $2,009.30 | 0.31% | 2.90% | $83,509.55 |
| 20 | Baltimore, MD | 4.68% | $1,862.68 | $1,779.36 | 0.06% | 2.49% | $74,507.13 |
| 21 | St. Louis, MO | 6.52% | $1,322.01 | $1,241.14 | 0.32% | 5.34% | $52,880.24 |
| 22 | Orlando, FL | 4.80% | $2,087.16 | $1,991.52 | 0.13% | 1.10% | $83,486.46 |
| 23 | Charlotte, NC | 4.73% | $1,864.62 | $1,780.34 | 0.35% | 2.74% | $74,584.90 |
| 24 | San Antonio, TX | 2.40% | $1,558.73 | $1,522.19 | -0.10% | 0.24% | $62,349.14 |
| 25 | Portland, OR | 1.51% | $1,882.43 | $1,854.45 | -0.11% | 0.22% | $75,297.18 |
| 26 | Sacramento, CA | -0.30% | $2,294.28 | $2,301.27 | 0.26% | 1.09% | $91,771.10 |
| 27 | Pittsburgh, PA | 3.78% | $1,388.63 | $1,338.08 | 0.11% | 2.97% | $55,545.18 |
| 28 | Cincinnati, OH | 5.42% | $1,490.36 | $1,413.77 | 0.29% | 5.19% | $59,614.55 |
| 29 | Austin, TX | 1.75% | $1,912.72 | $1,879.78 | -0.63% | -2.52% | $76,508.81 |
| 30 | Las Vegas, NV | -0.22% | $1,817.30 | $1,821.37 | -0.13% | -2.07% | $72,691.92 |
| 31 | Kansas City, MO | 5.79% | $1,431.24 | $1,352.87 | 0.49% | 5.26% | $57,249.76 |
| 32 | Columbus, OH | 4.69% | $1,557.83 | $1,488.05 | 0.73% | 4.14% | $62,313.04 |
| 34 | Indianapolis, IN | 5.41% | $1,518.35 | $1,440.45 | 0.54% | 3.50% | $60,734.02 |
| 35 | Cleveland, OH | 5.13% | $1,370.37 | $1,303.54 | 0.75% | 4.96% | $54,814.91 |
| 36 | San Jose, CA | 2.77% | $3,385.56 | $3,294.21 | 0.12% | 0.07% | $135,422.35 |
| 37 | Nashville, TN | 3.83% | $1,946.23 | $1,874.36 | -0.03% | 0.86% | $77,849.31 |
| 38 | Virginia Beach, VA | 6.17% | $1,704.21 | $1,605.20 | 0.31% | 4.57% | $68,168.33 |
| 39 | Providence, RI | 7.33% | $2,041.98 | $1,902.53 | 0.60% | 7.19% | $81,679.29 |
| 40 | Jacksonville, FL | 3.77% | $1,807.86 | $1,742.24 | -0.03% | 1.31% | $72,314.38 |
| 41 | Milwaukee, WI | 5.49% | $1,359.37 | $1,288.67 | 0.69% | 4.93% | $54,374.87 |
| 42 | Oklahoma City, OK | 5.20% | $1,375.66 | $1,307.69 | 0.51% | 2.82% | $55,026.59 |
| 43 | Raleigh, NC | 4.91% | $1,820.18 | $1,734.98 | 0.01% | 1.42% | $72,807.27 |
| 44 | Memphis, TN | 4.18% | $1,514.31 | $1,453.55 | 0.22% | 3.17% | $60,572.30 |
| 45 | Richmond, VA | 4.40% | $1,612.03 | $1,544.11 | 0.30% | 2.12% | $64,481.27 |
| 46 | Louisville, KY | 5.05% | $1,363.27 | $1,297.67 | 0.19% | 4.70% | $54,530.73 |
| 47 | New Orleans, LA | 4.01% | $1,639.06 | $1,575.88 | 0.41% | 2.03% | $65,562.36 |
| 48 | Salt Lake City, UT | 2.79% | $1,706.02 | $1,659.70 | 0.02% | 1.09% | $68,240.83 |
| 49 | Hartford, CT | 8.14% | $1,841.44 | $1,702.80 | 0.55% | 7.29% | $73,657.46 |
| 50 | Buffalo, NY | 6.47% | $1,360.42 | $1,277.73 | 0.97% | 6.28% | $54,416.91 |
| 51 | Birmingham, AL | 5.41% | $1,419.58 | $1,346.70 | 0.75% | 4.59% | $56,783.32 |
| 52 | Rochester, NY | 5.97% | $1,451.12 | $1,369.31 | 0.07% | 4.48% | $58,044.77 |
| 53 | Grand Rapids, MI | 4.40% | $1,551.64 | $1,486.28 | -0.05% | 4.80% | $62,065.68 |
| 54 | Tucson, AZ | 4.00% | $1,594.90 | $1,533.62 | 0.00% | 3.68% | $63,796.11 |
| 55 | Urban Honolulu, HI | 3.52% | $2,679.28 | $2,588.15 | -0.49% | 3.09% | $107,171.31 |
| 56 | Tulsa, OK | 6.80% | $1,330.26 | $1,245.61 | 0.11% | 3.69% | $53,210.44 |
| 57 | Fresno, CA | 5.11% | $1,881.67 | $1,790.20 | -0.21% | 7.74% | $75,266.78 |
| 58 | Worcester, MA | 6.37% | $1,967.07 | $1,849.25 | 0.73% | 6.75% | $78,682.80 |
| 59 | Omaha, NE | 6.67% | $1,319.49 | $1,236.96 | 0.54% | 6.75% | $52,779.58 |
| 60 | Bridgeport, CT | 6.09% | $2,803.42 | $2,642.58 | 0.72% | 3.83% | $112,137.00 |
| 61 | Greenville, SC | 4.88% | $1,613.19 | $1,538.06 | 0.38% | 2.24% | $64,527.66 |
| 62 | Albuquerque, NM | 7.08% | $1,597.31 | $1,491.67 | 0.67% | 4.52% | $63,892.50 |
| 63 | Bakersfield, CA | 6.26% | $1,728.58 | $1,626.77 | 0.88% | 4.07% | $69,143.15 |
| 64 | Albany, NY | 5.89% | $1,524.44 | $1,439.65 | 0.44% | 4.23% | $60,977.72 |
| 65 | Knoxville, TN | 9.88% | $1,901.09 | $1,730.18 | 0.62% | 5.81% | $76,043.41 |
| 66 | Baton Rouge, LA | 2.97% | $1,359.67 | $1,320.41 | -0.30% | -0.84% | $54,386.89 |
| 67 | McAllen, TX | 5.29% | $1,165.79 | $1,107.26 | 0.26% | 4.59% | $46,631.75 |
| 68 | New Haven, CT | 9.15% | $1,970.15 | $1,804.91 | 0.85% | 7.64% | $78,805.92 |
| 69 | El Paso, TX | 8.32% | $1,586.77 | $1,464.88 | 0.55% | 4.63% | $63,470.70 |
| 70 | Allentown, PA | 4.98% | $1,724.37 | $1,642.61 | 0.49% | 4.05% | $68,974.69 |
| 71 | Oxnard, CA | 2.52% | $3,084.55 | $3,008.64 | 0.73% | 2.66% | $123,382.16 |
| 72 | Columbia, SC | 7.34% | $1,545.24 | $1,439.60 | 0.60% | 6.48% | $61,809.58 |
| 73 | North Port, FL | 5.43% | $2,370.44 | $2,248.26 | -0.06% | 4.02% | $94,817.40 |
| 74 | Dayton, OH | 5.26% | $1,274.10 | $1,210.39 | 0.48% | 5.39% | $50,964.14 |
| 75 | Charleston, SC | 10.05% | $2,027.59 | $1,842.50 | 0.28% | 7.25% | $81,103.42 |
| 76 | Greensboro, NC | 6.53% | $1,493.61 | $1,402.09 | 0.37% | 4.76% | $59,744.39 |
| 77 | Stockton, CA | 0.24% | $2,435.59 | $2,429.69 | 0.06% | 2.64% | $97,423.71 |
| 78 | Cape Coral, FL | 8.32% | $2,272.92 | $2,098.34 | 0.59% | 6.90% | $90,916.88 |
| 79 | Boise City, ID | -0.54% | $1,798.06 | $1,807.80 | 0.00% | -1.32% | $71,922.31 |
| 80 | Colorado Springs, CO | 1.15% | $1,876.47 | $1,855.19 | 0.10% | 1.62% | $75,058.70 |
| 81 | Little Rock, AR | 4.90% | $1,213.92 | $1,157.24 | 0.35% | 3.44% | $48,556.78 |
| 82 | Lakeland, FL | 4.23% | $1,922.49 | $1,844.43 | 0.49% | 2.08% | $76,899.80 |
| 83 | Akron, OH | 8.36% | $1,183.23 | $1,091.98 | 0.20% | 7.04% | $47,329.20 |
| 84 | Des Moines, IA | 4.49% | $1,240.15 | $1,186.87 | 0.33% | 3.17% | $49,605.96 |
| 85 | Springfield, MA | 6.13% | $1,679.57 | $1,582.63 | 0.55% | 7.12% | $67,182.95 |
| 86 | Poughkeepsie, NY | 4.51% | $2,110.38 | $2,019.36 | 0.46% | 4.63% | $84,415.07 |
| 87 | Ogden, UT | 3.16% | $1,717.20 | $1,664.65 | 0.23% | 2.87% | $68,687.84 |
| 88 | Madison, WI | 8.74% | $1,533.20 | $1,410.00 | 0.90% | 10.02% | $61,327.97 |
| 89 | Winston, NC | 6.28% | $1,661.13 | $1,562.93 | 0.88% | 5.03% | $66,445.17 |
| 90 | Deltona, FL | 4.52% | $1,962.22 | $1,877.30 | 0.71% | 2.99% | $78,488.85 |
| 91 | Syracuse, NY | 5.87% | $1,491.60 | $1,408.94 | 0.19% | 4.54% | $59,664.18 |
| 92 | Provo, UT | 3.74% | $1,835.06 | $1,768.91 | -0.44% | 2.62% | $73,402.38 |
| 93 | Toledo, OH | 4.74% | $1,215.03 | $1,160.04 | 0.34% | 0.81% | $48,601.30 |
| 94 | Wichita, KS | 6.78% | $1,086.00 | $1,017.01 | -0.02% | 5.38% | $43,440.08 |
| 95 | Durham, NC | 4.75% | $1,746.01 | $1,666.86 | -0.13% | 1.74% | $69,840.22 |
| 96 | Augusta, GA | 5.52% | $1,464.19 | $1,387.59 | 0.34% | 5.20% | $58,567.53 |
| 97 | Palm Bay, FL | 4.56% | $2,007.79 | $1,920.28 | 0.14% | 2.33% | $80,311.49 |
| 98 | Jackson, MS | 4.65% | $1,395.47 | $1,333.41 | -0.32% | 1.89% | $55,818.90 |
| 99 | Harrisburg, PA | 5.67% | $1,362.35 | $1,289.31 | 0.73% | 4.88% | $54,494.20 |
| 100 | Spokane, WA | -0.31% | $1,572.34 | $1,577.22 | -0.11% | -0.16% | $62,893.75 |
See also the Top 100 U.S. Housing Markets for Over and Underpricing. The methodology employed by Waller, Weeks, and Johnson is pulled from the methodology of the Top 100 U.S. Housing Markets with the exception for past rents versus past home prices.
