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Landlords: How Does Your Rent Affordability Compare with the Top 20 US Cities?


Do you charge $1,500 per month for your rental home or apartment? In greater Chicago, that’s about average, and relatively affordable. If you charge $1,500 monthly in Las Vegas, you are either way overpriced or are renting a really big place.

AppFolio recently analyzed rents in 20 top US cities by four key factors. Here’s what they found:

Rental Affordability. San Francisco is, not surprising, the least affordable city, at an average monthly rent of $3,193, with Detroit being the most affordable at $923 per month, and Las Vegas close in at $930 per month. Chicago, by contrast, had an average monthly rent of $1,572.

Household Income. The highest monthly household income was $6,863 for the people of San Francisco; other high gross earners included Washington, DC at $6,344, Seattle at $5,857, Austin at $5,096, New York City at $5,060, and Boston at $5,034. The average monthly household income for Chicagoans was $4,433.

Growth in Rent. The largest gains in rental pricing include Las Vegas at 6.4%, Phoenix at 5.4%, and Seattle at. 5.3%. By comparison, the effective rent growth in Chicago was: 1.9%.

Percent of Monthly Income Spent on Rent. And in which city do residents need to spend the highest percentage of their gross income on rent? If you guessed San Francisco, you would be…well, wrong. New York City was the worst at 59%, Miami was also high at 53%, and Boston at 49%. The percent of monthly income spent on rent for Chicagoans was 35%. Residents of Las Vegas only spent 20% of their gross income on rent.

Please see more detail by going to the story on the Rental Housing Journal.

Consider investing in a professionally managed portfolio of single-family homes? Please contact Harold Willig at harold.willig@springviewinvestments.com or 917-209-4452.

Harold Willig is the Manager of SpringView Investment Management, LLC, which he founded in 2012. Mr. Willig also served as HFZ Capital Group’s Chief Financial Officer, and was responsible for the oversight of HFZ's Finance and Accounting team. He has over 16 years of finance and accounting experience. Mr. Willig also ran a consulting practice and provided valuation, analysis, and transactional support services to multi-billion dollar real estate companies. Previously, Mr. Willig served as the Senior Controller and Vice President of Financial Analysis and then the Chief Financial Officer of the Athena Group, a multifamily development company and fund manager.

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