Atlanta will be the top performer in the single-family rental market in 2017, that according to a new report released this week by online real estate investment management firm HomeUnion.
The 2017 National Single-Family Rental Research Report ranked 31 metros on several factors, including yields, demand and market conditions. Atlanta has the right mix of supply and demand, low levels of construction, and favorable costs of entry. Seattle and Orlando are close contenders.
The remaining markets in the top 10 include Las Vegas, Chicago, San Diego, Oakland, Detroit, Dallas and Memphis.
According to HomeUnion analysis, the single family market is expected to remain viable nationwide, but new apartment construction may slow gains. Landlords will benefit as vacancies are expected to decline throughout 2017, based on Census data showing a growing number of renters versus homeowners, as well as strong job growth, particularly among millenials wishing to leave home but unable to purchase.
Other factors favoring single-family rentals include higher home prices, limited inventory, debt burden, and rising interest rates. According to the latest data, first time home buyers dropped from 40% of the purchase market to 35%.
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