Cities in Florida Lead Single-Family Rental Price Growth in the First Quarter of 2016; Wisconsin and New York Emerge as States for Investors to Watch

/EINPresswire.com/ -- LUXEMBOURG --(Marketwired - May 11, 2016) - RentRange, one of the premier providers of market data and analytics for the single-family rental industry, today released data ranking the top 25 U.S. Metropolitan Statistical Areas (MSAs) by average rental rate increase for single-family(1) homes between Q1 2016 and the same quarter in 2015. Additionally, the data analysis identified the average gross yield generated by rental properties within these markets in Q1 2016.

The RentRange® data shows a shake-up in the top 25 MSAs for rental rate increases, with three new markets taking spots in the top 10 compared to last quarter: Naples-Marco Island, FL, Syracuse, NY and Milwaukee-Waukesha-West Allis, WI.

Florida has more markets than any other state on the list, accounting for nearly 25 percent of the top spots. This is a slight increase over the Q4 2015 ranking, indicating a steady trend toward single-family rental rate increases in Florida. Rental rate data, however, paints only half the investment opportunity picture. When average gross yield(2) data, which demonstrates income return from an investment prior to operating costs, is also considered, Gainesville, FL, appears as a possible opportunity area in Florida for single-family residential investment with both double digit rental price increases and strong average first quarter yields(3). While metro areas in Southern states continue to dominate the overall list, markets in New York and Wisconsin are growing in representation among the top performers for both rental price change and average gross yield.

"The single-family rental market across the U.S. continues to offer significant opportunity for investors," said Wally Charnoff at RentRange. "The robust data available today empowers even non-institutional investors to analyze geographies and select the investment locations throughout the U.S. that are most opportune, as opposed to being limited to their own backyard."

                                                                            
            Ranking by Year-Over-Year Rental Rate Increase - Q1             
                                                                            
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                                                                    Average 
                                                        Change in    Gross  
Rank                        MSA                        Rent - Q1  Yield - Q1
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  1   Cape Coral-Fort Myers FL                            29.2%      7.81%  
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  2   Naples-Marco Island FL                              26.0%      8.52%  
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  3   Knoxville TN                                        19.9%      8.19%  
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  4   North Port-Bradenton-Sarasota FL                    18.3%      8.57%  
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  5   Shreveport-Bossier City LA                          17.4%      9.55%  
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  6   Syracuse NY                                         17.4%     11.27%  
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  7   Milwaukee-Waukesha-West Allis WI                    17.2%     10.45%  
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  8   Deltona-Daytona Beach-Ormond Beach FL               17.2%      8.53%  
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  9   New Orleans-Metairie-Kenner LA                      17.1%     10.48%  
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  10  Charleston-North Charleston SC                      16.4%      7.30%  
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  11  San Jose-Sunnyvale-Santa Clara CA                   14.8%      4.86%  
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  12  Madison WI                                          14.3%      7.50%  
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  13  Port St. Lucie FL                                   14.2%      8.41%  
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  14  Santa Barbara-Santa Maria-Goleta CA                 14.0%      9.36%  
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  15  Buffalo-Niagara Falls NY                            13.5%      9.55%  
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  16  Lexington-Fayette KY                                12.6%      8.27%  
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  17  Portland-Vancouver-Hillsboro OR-WA                  12.3%      6.16%  
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  18  Denver-Aurora CO                                    12.1%      8.53%  
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  19  Little Rock-North Little Rock-Conway AR             11.9%      9.62%  
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  20  Santa Rosa-Petaluma CA                              11.8%      5.38%  
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  21  Gainesville FL                                      11.4%      9.74%  
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  22  Fayetteville-Springdale-Rogers AR-MO                11.2%      8.38%  
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  23  Providence-New Bedford-Fall River RI-MA             11.1%      7.47%  
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  24  Eugene-Springfield OR                               11.0%      6.50%  
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  25  San Luis Obispo-Paso Robles CA                      10.7%      4.86%  
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Methodology :

RentRange produced the rankings of three-bedroom homes using metropolitan statistical areas, a standardized method for identifying city centers and immediate suburban areas. RentRange gathers rental data on approximately 250,000 single-family houses per month from a variety of contractual sources, including multiple listing services, property managers, landlords and listing web sites. Yields are derived from RentRange's proprietary automated valuation model.

About RentRange®

RentRange is one of the nation's premier providers of information for the single-family rental sector, delivering address and market-level rental data, analytics and rent-based valuation solutions for a diverse customer base. The RentRange® reports help customers make data-informed decisions about the single-family rental market. The RentRange suite of data solutions includes individual property reports, market metric reports, customized data and analytics and single-family rental investor lists. RentRange is part of the Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) family of businesses.

About Altisource®

Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) is a premier marketplace and transaction solutions provider for the real estate, mortgage and consumer-debt industries. Altisource's proprietary business processes, vendor and electronic payment management software and behavioral science-based analytics improve outcomes for marketplace participants. Additional information is available at altisource.com.

Source: Altisource Portfolio Solutions, S.A.

(1) RentRange pulled data for single-family three-bedroom homes

(2) The gross yield is the total annual income an investor receives from an investment property divided by the price or value for the property. This figure does not account for any operating expenses, including property taxes.

(3) Historical yields are not a guarantee or otherwise necessarily indicative of current or future yields. All rental and yield data referenced is provided for information purposes only and should not be considered advice or otherwise be relied upon for investment decisions.

Investor Contact: 
Michelle D. Esterman
Chief Financial Officer
+352 2469 7950 
Michelle.Esterman@Altisource.lu

Press Contact: 
Britt E. Gottlieb
Manager, Communications
617-728-6118
Britt.Gottlieb@altisource.com

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