Worst Cities to be a Renter

Omaha area Housing and Market statistics

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iamjacobm
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Worst Cities to be a Renter

Postby iamjacobm » Mon Mar 16, 2015 4:35 pm

http://money.cnn.com/2015/03/16/real_estate/cities-highest-rent/

Overall, rents have increased faster than income in all but four of the 70 metro areas, according to a report Monday from the National Association of Realtors.

In some areas, rents may not have gone up astronomically, but income has actually declined, heightening the disparity. It is particularly glaring in Albuquerque, where rents have increased 10% in the past five years. But income in the metro area declined 12% in the period.

It's a similar story in Providence, RI, Omaha, Tuscon and New Orleans, where income is falling even as rents rise.

daveoma
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Re: Worst Cities to be a Renter

Postby daveoma » Wed Mar 18, 2015 8:16 pm

Ouch. I was surprised when I read this because most young professionals I know in Omaha are making decent money relative to the cost of living. The rent in Omaha is quite high, however, especially house rentals and new apartments downtown.

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Seth
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Re: Worst Cities to be a Renter

Postby Seth » Mon Mar 23, 2015 2:04 pm

I wonder how the data would look in Omaha if you broke it out geographically around the city? With statistically-significant number of new higher-end units coming online in the downtown and midtown area, the average rent price is going to look higher, since a lot of the previous rental stock was low-quality and run-down.

In order to get a better sense of rent prices, you'd have to compare rates for equivalent units over time, similar to same-store sales data for retail sales.

Dundeemaha
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Re: Worst Cities to be a Renter

Postby Dundeemaha » Mon Mar 23, 2015 5:28 pm

This article only tracks the change since 2009. With all of the luxury apartments that have come on to the market in downtown and midtown it's no wonder the mean has increased.

I wonder what the affect has been on the median and how the median rent/sqft to median income ratio compares the to rest of the nation. I would imagine it's much more favorable than this analysis would appear to indicate.


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