Top 5: Third Quarter Net Rent Gain

Average net rent per unit is a measure that accounts both for occupancy and effective rent to provide a more full picture of the income side of cash flow for a property or group of properties. In this edition of Top 5, we spotlight the top five markets in average net rent per unit gain in the third quarter as well as the top five among only large markets. Rather than being an overall measure of fundamental market health, this ranking provides a snapshot of the last three months. Needless to say, a lot can change in three months – particularly in 2020.

The numbers below are derived only from conventional properties of at least 50 units. Another important note is that because net rent is directly impacted by occupancy, the effect of eviction moratoriums related to COVID-19 adds some noise to this data. Typically, an underlying assumption would be that an occupied unit is generating rent. That is an assumption that must be taken with a larger grain of salt in the current environment.

Top 5 Markets

  1. Myrtle Beach, SC (+9.5%)
  2. Monroe, LA (+8.2%)
  3. Concord, NH (+7.6%)
  4. Asheville, NC (+7.5%)
  5. San Bernardino – Riverside, CA (+5.8%)

 

Top 5 Large Markets

  1. San Bernardino – Riverside, CA (+5.8%)
  2. Sacramento, CA (+3.7%)
  3. Las Vegas, NV (+3.3%)
  4. San Antonio, TX (+2.5%
  5. Detroit, MI (+2.3%)

 

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