Home renters are one of the most important groups in the world of real estate. They may not own real estate of their own, but they can still reside in buildings that are owned by others. If you are an investor who is preparing to target home renters in a new city, these American communities are places that you should consider. Propy anticipates new opportunities here, for home renters and investors, in the months and years to come.
U.S. Cities with the Highest Percentage of Home Renters
Newark, New Jersey
Interestingly, 74% of Newark residents rent. Many of these are New York City workers who commute each day but choose to reside in Newark due to lower rent prices. Despite the high population of NYC commuters, Newark itself has a strong local economy and provides surrounding residents with job opportunities at major U.S. companies. Its proximity to NYC alone makes Newark a great option for investors looking for a new rental property.
Jersey City, New Jersey
Jersey City is New Jersey’s second-largest city. It is close enough to NYC that it shares aspects of the larger city’s public transport network. This benefit makes New Jersey a great place for people to reside if they work in NYC but do not want to pay the high rent prices. The city even has a thriving art and culture scene. 70% of this city’s population rents their homes.
Miami is known for being the cruise capital of the world and a beautiful, bustling tourist town. Many of Miami’s residents work in the field of tourism and hospitality, and 68% of the city’s population consists of home renters. Of course, local vulnerability to hurricanes also makes renting attractive, as buyers need to be prepared to repair and preempt damage from dangerous storms.
Any American city with a high percentage of home renters will make a compelling case to prospective rental property investors. Investors who are looking to purchase rental properties in areas with high demand will be wise to consider the above three. To browse for real estate on Propy’s Transaction Platform, please visit this link.