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Rent Gains Driven More by Job Growth
In December, rents rose 3.0% year-over-year nationally. Among the 25 largest rental markets, rents rose fastest in San Francisco,Portland, and San Diego. Unlike recent price gains, rent gains have a positive, statistically significant relationship with job growth. Of the five large rental markets with the biggest rent increases, four had job growth of 2% or more. But of the five large rental markets with rent declines or slowest increases, just one had job growth of 2% or more.
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Rent and Job Growth Trends in the 25 Largest Rental Markets |
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| # | U.S. Metro |
Y-o-Y % change in rents, Dec 2013 |
Y-o-Y % change in jobs, Nov 2013 |
| 1 | San Francisco, CA |
10.6% |
2.4% |
| 2 | Portland, OR-WA |
10.5% |
2.0% |
| 3 | San Diego, CA |
9.5% |
1.8% |
| 4 | Seattle, WA |
8.9% |
2.3% |
| 5 | Denver, CO |
7.6% |
2.5% |
| 6 | Miami, FL |
6.9% |
1.5% |
| 7 | Houston, TX |
6.3% |
3.1% |
| 8 | Atlanta, GA |
5.9% |
2.5% |
| 9 | Phoenix, AZ |
5.4% |
2.3% |
| 10 | Dallas, TX |
5.2% |
2.6% |
| 11 | Chicago, IL |
5.0% |
1.5% |
| 12 | Orange County, CA |
3.2% |
2.1% |
| 13 | Riverside–San Bernardino, CA |
3.1% |
0.9% |
| 14 | Minneapolis–St. Paul, MN-WI |
3.0% |
1.8% |
| 15 | Sacramento, CA |
2.5% |
1.5% |
| 16 | Tampa–St. Petersburg, FL |
2.4% |
3.3% |
| 17 | New York, NY-NJ |
2.3% |
2.4% |
| 18 | Oakland, CA |
2.2% |
0.3% |
| 19 | Los Angeles, CA |
2.1% |
1.7% |
| 20 | Las Vegas, NV |
1.9% |
2.4% |
| 21 | St. Louis, MO-IL |
1.3% |
0.5% |
| 22 | Boston, MA |
0.9% |
2.4% |
| 23 | Baltimore, MD |
-0.1% |
1.9% |
| 24 | Philadelphia, PA |
-0.1% |
1.0% |
| 25 | Washington, DC-VA-MD-WV |
-1.6% |
0.5% |
