You are here

Rents Thriving in These Top Suburban Rental Markets

Suburban Rental Markets
February 2019

During the past few years, there has been notably increased interest in suburban renting, whether caused by downsizing retirees, relocation or immigration.

Suburban life might not seem as thrilling and adventurous as city life, but it definitely has very exciting advantages. Renting in the suburbs generally tends to be more affordable, and who doesn’t like the idea of paying less for more space? Additionally, suburban public schools are often better than inner-city schools, and there’s no match for the sense of community, especially if you’re raising a family.

Boasting a strong local economy and high-paying jobs in the tech sector, Georgia is home to six of the Top 20 Trending Suburbs in the U.S., followed by Texas with five, according to Yardi’s Rent Café blog, based on Yardi Matrix data. Following is a profile of the top four. Visit Yardi’s RentCafé blog for more details and the rest of the Top 20.

1. Chamblee, Ga. (Atlanta)

A popular renter destination, Chamblee is trending higher than any other U.S. suburb. It upped its renter population by 156 percent during a 5-year period, with more and more young professionals choosing it thanks to the revitalization process that Chamblee has witnessed during the past years. Boasting great transit options and job opportunities, the suburb is predominantly a renter location, with a population of 19,400 renters in 2016 and only about 8,400 owners. However, given the scarcity of new construction in recent years, apartment rents increased $429 during a five-year period in Chamblee while the median household income of renters declined by 8 percent, reaching $50,700.

2. Norcross, Ga. (Atlanta)

Tucked away in Gwinnett County, Norcross is a quiet and safe suburb in which to live, while at the same time offering all the perks of modern living. It boasts great schools and is easily accessible from major highways, making commuting feel like a breeze. Once a rural summer destination for upper-class families, Norcross has now shifted into something quite different with a plethora of businesses taking over most of the area. During the past years, Norcross’ renter population has skyrocketed, with a 148 percent boost in the number of renters, the majority of which are immigrants attracted by affordable housing and an abundance of nearby job opportunities. This has led to an increase of 38 percent in the average rent during a five-year period, while the average renter income decreased by 17 percent.

3. Flower Mound, Texas (Dallas)

In just a few years, Flower Mound, a moderately affluent suburb close to Dallas-Fort Worth, has flourished, with 4,530 renters added to its population in a five-year timeframe. Since 2012, the area saw its business scene develop rapidly, with over 10,000 job openings in the service, restaurants, retail and corporate industries. Despite adding about 800 new units to its rental market in 2016, the suburb witnessed its rent prices go up by 22 percent between 2014 and 2018, with a current average of $1,546 per month.

4. Riverview, Fla. (Tampa)

Of the suburbs in the top 20, Riverview witnessed the highest net increase in the renter population, adding more than 14,100 new renters. The apartment market here has also seen a boom in construction during the past three years, with over 250 new apartment homes being delivered each year. It’s no surprise, taking into consideration the high number of people coming to the area in search of warm weather, affordable housing and job opportunities in the health and entertainment sector.

Suburbs that Lost the Most Renters

While it’s true that many renters are heading to the suburbs, there are also exceptions to this as some suburbs have seen a significant percentage of renters leaving. Monmouth Junction, N.J., for example, lost 37 percent of renters during a five-year period and North Wales, Pa., lost 34 percent. It’s worth pointing out that while Flower Mound, Texas, added 115 percent more renters to its population, neighboring Roanoke, Texas, lost 20 percent, even though the two suburbs are only 13 miles apart. Visit the RentCafé blog for a deeper list.