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Revolutionizing the real estate market:The power of combining Big Data and ChatGPT for unmatched insights: Introducing our Build-To-Rent Top 10.
Comprehensive analysis considers demographics, housing market data, transportation, and lifestyle scores
To identify the most promising commercial build-to-let locations in Australia, we conducted a comprehensive analysis combining demographic and property market data, as well as transportation and lifestyle scores. The analysis was based on data from Suburbtrends, the Australian Bureau of Statistics (ABS) and insights generated by ChatGPT.
Main data sources:
Suburban Trend Data: Included market inventory levels for homes and units, median rents, vacancy rates, and rental affordability (calculated as percentage of household income allocated to rentals) through February 2023.
ABS Data: Total housing covered by property type, construction approvals in a 24-month period ending in 2021, socioeconomic indicators based on SEIFA scores, unemployment rates in December 2022, rental ownership, and household income in the August 2021 census.
Scores for transportation and lifestyle:
Two additional scores based on each Statistical Area 2 (SA2) have been introduced in Australia.
Public Transportation Score: Considers proximity to train, light rail, and tram stations; frequency and availability of public transport services; and travel time distance to the nearest capital city.
Lifestyle Score: Taking into account the number of parks and green spaces, the quality and quantity of local clubs and community centers, and the variety and quality of outlets and services such as supermarkets, cafeterias, restaurants, and health centers.
Results:
The top 10 SA2 for rental construction potential exhibited the following characteristics:
Low Construction Approvals for Units: Less than 2% new pipe deliveries based on total 2-year approvals.
Moderate to Low Inventory: Peak inventory over 5 months with an average of less than 2 months.
High Socioeconomic Ranking: 9 out of 10 areas ranked in the top 10% for socioeconomic advantage, with one ranked 9.
Low unemployment: Maximum 2% unemployment.
High rent: Minimum 20% rent.
Low vacancy rate: Maximum vacancy rate of 1.5%.
Affordability: High income levels, with a maximum of 26% earmarked for apartment rentals.
Accessibility: Minimum transport score of 6, which guarantees good access to public transport.
Quality Lifestyle: Minimum lifestyle score of 7, granting access to local amenities.
The comprehensive analysis resulted in a ranking of the top 10 SA2 in Australia with the most promising potential for build-to-let businesses.
Parque Paddington-Moore
The Paddington-Moore Park Statistical Area (SA2) is situated in Eastern Suburbs-North (SA3) within the Sydney-Eastern Suburbs (SA4) region. This site has promising potential for rental construction projects. According to census data, the area has 454 dwellings, 3,438 townhouses, and 2,577 units. Recent construction approvals as a percentage of established housing stock have a low rate of 1.1% for homes and no approvals for townhomes and units. Current inventory is 1.52 months of inventory for homes and 0.8 months for units. Notable socioeconomic factors include a median household income of $2,810, a socioeconomic ranking of 10, and a low unemployment rate of 1.8%.
A full 46% of residents rent and the area has a low vacancy rate of 1.09%. Median rents in Paddington-Moore Park are $1,250 for houses and $500 for units. Unit rental affordability is excellent with 18% of income allocated to rental. Contributing to the area's suitability for rental construction projects are a transportation score of 8 and a lifestyle score of 8, showing the excellent connectivity and vibrant lifestyle options available to residents.
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This SA2 is located close to Sydney Train and Tube stations, which provide frequent services to Sydney. Travel time to Sydney is approximately 10 minutes by car.
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This SA2 has several parks and green spaces, including Centennial Park and Moore Park. There are several local clubs and community centers including Paddington Bowling Club and Paddington RSL Club. Retail options are diverse and plentiful, with a variety of shops, cafes, restaurants and health facilities.
Balgowlah-Clontarf-Seaforth
The Balgowlah-Clontarf-Seaforth Statistical Area (SA2) is situated in Manly (SA3) in the Sydney Northern Beaches (SA4) region. This site has promising potential for rental construction projects. According to census data, the area has 4,601 houses, 968 townhouses, and 1,389 units. Recent building approvals, as a percentage of established housing stock, are 1.7% for houses, 2.2% for townhomes, and 1.6% for units. Current inventory is 1.11 months of inventory for homes and 1.33 months for units. Notable socioeconomic factors include a median household income of $3,409, a socioeconomic ranking of 10, and a low unemployment rate of 1.9%.
A total of 21% of residents rent and the area has a low vacancy rate of 1.05%. Median rents in Balgowlah-Clontarf-Seaforth are $1,595 for houses and $650 for units. Unit rental affordability is excellent with 19% of income allocated to rental. A Transportation Score of 6 and a Lifestyle Score of 8, showing the good connectivity and vibrant lifestyle options available to residents, contribute to the area's suitability for rental construction projects.
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This SA2 is located close to the Manly Ferry Terminal which has frequent services to Sydney. It is also served by bus lines to the city. Travel time to Sydney is approximately 30 minutes by car.
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This SA2 has several parks and green spaces, including the Parque da Tania and the Praia dos Forty Baskets Reserve. There are several local clubs and community centers including the Balgowlah RSL Club and the Seaforth Bowling Club. Retail options are diverse and plentiful, with a variety of shops, cafes, restaurants and health facilities.
balmain
The Balmain Statistical Area (SA2) is located in Leichhardt (SA3) in the Sydney-Inner West (SA4) region. This site has promising potential for rental construction projects. According to census data, the area has 1,459 dwellings, 2,831 townhouses, and 2,220 units. Recent building approvals, as a percentage of established housing stock, are 1.8% for homes, 0.6% for townhomes, and 0.0% for units. Current inventory is 0.99 months of inventory for homes and 1.36 months for units. Notable socioeconomic factors include a median household income of $3,149, a socioeconomic ranking of 10, and a low unemployment rate of 1.9%.
A full 39% of residents rent and the area has a low vacancy rate of 0.75%. Median rents in Balmain are $950 for houses and $650 for units. Unit rental affordability is excellent with 21% of income allocated to rental. Contributing to the area's suitability for rental construction projects are a transportation score of 7 and a lifestyle score of 8, showing the good connectivity and vibrant lifestyle options available to residents.
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This SA2 is located close to the Balmain Ferry Terminal, which offers frequent services to Sydney. It is also served by bus lines to the city. Travel time to Sydney is approximately 15 minutes by car.
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This SA2 has several parks and green spaces, including Elkington Park and Gladstone Park. There are several local clubs and community centers including the Balmain Leagues Club and the Balmain Rowing Club. Retail options are diverse and plentiful, with a variety of shops, cafes, restaurants and health facilities.
¿Leyeron Melbourne?
The Melbourne East Statistical Area (SA2) is located in the City of Melbourne (SA3) within the Inner Melbourne region (SA4). This site has promising potential for rental construction projects. According to Census data, the area has 77 houses, 538 townhouses, and 1,762 units. Recent building approvals, as a percentage of established housing stock, are 2.6% for homes, 0.6% for townhomes, and 0.0% for units. Current inventory is 4.36 months of inventory for homes and 4.97 months for units. Notable socioeconomic factors include a median household income of $2,345, a socioeconomic ranking of 10, and a low unemployment rate of 1.8%.
A full 53% of residents rent and the area has a low vacancy rate of 1.41%. Average rents in East Melbourne are $900 for houses and $500 for units. Unit rental affordability is excellent with 21% of income allocated to rental. A Transportation Score of 10 and a Lifestyle Score of 9, which show the excellent connectivity and vibrant lifestyle options available to residents, contribute to the area's suitability for rental construction projects.
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This SA2 is located close to several train and tram stations, including Melbourne Central and Parliament train stations, and the Collins Street and Victoria Parade tram stops. Travel time to Melbourne city center is approximately 5-10 minutes by car.
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This SA2 has several parks and green spaces, including Fitzroy Gardens and Treasury Gardens. There are several local clubs and community centers including the Melbourne Cricket Club and the East Melbourne Tennis Club. Retail options are diverse and plentiful, with a variety of shops, cafes, restaurants and health facilities.
Punta Drummoyne-Rodd
The Drummoyne-Rodd Point Statistical Area (SA2) is situated in Canada Bay (SA3) within the Sydney-Inner West (SA4) region. This site has promising potential for rental construction projects. According to census data, the area has 3,173 dwellings, 697 townhouses, and 3,228 units. Recent construction approvals, as a percentage of established housing stock, are 1.8% for dwellings, 2.9% for townhomes, and 1.5% for units. The current inventory is 1.15 months of inventory for houses and 1.66 months of inventory for units. Notable socioeconomic factors include a median household income of $2,754, a socioeconomic ranking of 10, and a low unemployment rate of 1.3%.
A full 32% of residents rent and the area has a low vacancy rate of 0.87%. Median rents in Drummoyne-Rodd Point are $950 for houses and $620 for units. Unit rental affordability is excellent with 23% of income allocated to rental. Contributing to the area's suitability for rental construction projects are a Transportation Score of 7 and a Lifestyle Score of 7, showing the good connectivity and vibrant lifestyle options available to residents.
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This SA2 is located close to the ferry terminal at Drummoyne, which offers frequent services to Sydney. It is also served by bus lines to the city. Travel time to Sydney is approximately 20 minutes by car.
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This SA2 has several parks and green spaces, including Drummoyne Oval and Bay Run. There are several local clubs and community centers including Drummoyne Sailing Club and Drummoyne Bowls Club. Retail options are diverse and plentiful, with a variety of shops, cafes, restaurants and health facilities.
Crows Nest-Waverton
The Crows Nest-Waverton Statistical Area (SA2) is situated in North Sydney-Mosman (SA3) within the Sydney-North Sydney and Hornsby (SA4) region. This site has promising potential for rental construction projects. According to census data, the area has 822 dwellings, 1,706 townhouses, and 5,815 units. Recent building approvals, as a percentage of established housing stock, are 0.1% for houses, 0.9% for townhomes, and 0.6% for units. Current inventory is 1.54 months of inventory for homes and 2.02 months for units. Notable socioeconomic factors include a median household income of $2,615, a socioeconomic ranking of 10, and a low unemployment rate of 2%.
A full 50% of residents rent, and the area has a low vacancy rate of 1.12%. Median rents in Crows Nest-Waverton are $1,075 for houses and $590 for units. Unit rental affordability is excellent with 23% of income allocated to rental. Contributing to the area's suitability for rental construction projects are a Transportation Score of 7 and a Lifestyle Score of 7, showing the good connectivity and vibrant lifestyle options available to residents.
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This SA2 is located close to Waverton train station, which has frequent services to Sydney. It is also served by bus lines to the city. Travel time to Sydney is approximately 10 minutes by car.
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This SA2 has several parks and green spaces, including St. Leonards Park and Waverton Park. There are several local clubs and community centers including Crows Nest Bowling Club and North Sydney Leagues Club. Retail options are diverse and plentiful, with a variety of shops, cafes, restaurants and health facilities.
Cremorne-Cammeray
The Cremorne-Cammeray Statistical Area (SA2) is situated to the north of Sydney-Mosman (SA3) within the Sydney-North Sydney and Hornsby (SA4) region. This site has promising potential for rental construction projects. According to Census data, the area has 1,712 houses, 972 townhouses, and 5,686 units. Recent building approvals, as a percentage of established housing stock, are 0.4% for houses, 1.3% for townhomes, and 0.4% for units. Current inventory is 1.97 months of inventory for homes and 1.31 months for units. Notable socioeconomic factors include a median household income of $2,689, a socioeconomic ranking of 10, and a low unemployment rate of 1.8%.
A full 43% of residents rent and the area has a low vacancy rate of 1.12%. Median rents in Cremorne-Cammeray are $1,200 for houses and $650 for units. Unit rental affordability is excellent with 24% of income allocated to rental. Contributing to the area's suitability for rental construction projects are a transportation score of 7 and a lifestyle score of 8, showing the good connectivity and vibrant lifestyle options available to residents.
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This SA2 is located close to the Cremorne Ferry Pier, which offers frequent services to Sydney. It is also served by bus lines to the city. Travel time to Sydney is approximately 10 minutes by car.
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This SA2 has several parks and green spaces, including Cremorne Point Reserve and Tunks Park. There are several local clubs and community centers, including the Mosman Art Society and the Neutral Bay Club. Retail options are diverse and plentiful, with a variety of shops, cafes, restaurants and health facilities.
Bondi Beach-North Bondi
The Bondi Beach-North Bondi Statistical Area (SA2) is situated in the Eastern Suburbs-North (SA3) in the Sydney-Eastern Suburbs (SA4) region. This site has promising potential for rental construction projects. According to census data, the area has 848 dwellings, 1,447 townhouses, and 6,222 units. Recent building approvals, as a percentage of established housing stock, are 2.7% for houses, 0.7% for townhomes, and 1.1% for units. Current inventory is 1.82 months of inventory for homes and 1.39 months for units. Notable socioeconomic factors include a median household income of $3,013, a socioeconomic ranking of 10, and a low unemployment rate of 2%.
A full 57% of residents rent and the area has a low vacancy rate of 1.22%. Median rents in Bondi Beach-North Bondi are $1,550 for houses and $775 for units. Unit rental affordability is excellent with 26% of income allocated to rental. Contributing to the area's suitability for rental construction projects are a transportation score of 9 and a lifestyle score of 9, showing the excellent connectivity and vibrant lifestyle options available to residents.
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This SA2 is located next to the Bondi Junction rail and bus interchange, which offers frequent services to Sydney. It is also served by the Bondi Beach tram line. Travel time to Sydney is approximately 30 minutes by car.
(Video) What's Changing in the Australian Property Market in 2022? #219 -
This SA2 has several parks and green spaces, including Bondi Beach and Bondi Golf Course. There are several local clubs and community centers including the Bondi Surf Life Saving Club and the Bondi Bowls Club. Retail options are diverse and plentiful, with a variety of shops, cafes, restaurants and health facilities.
Bondi-Tamarama-Bronte
The Bondi-Tamarama-Bronte Statistical Area (SA2) is situated in the north-eastern suburbs (SA3) within the Sydney eastern suburbs (SA4) region. This site has promising potential for rental construction projects. According to census data, the area has 1,225 houses, 1,118 townhouses, and 5,208 units. Recent building approvals, as a percentage of established housing stock, are 1.4% for homes, 1.0% for townhomes, and 1.0% for units. Current inventory is 1.76 months of inventory for homes and 0.91 months for units. Notable socioeconomic factors include a median household income of $2,951, a socioeconomic ranking of 10, and a low unemployment rate of 1.7%.
A full 50% of residents rent, and the area has a low vacancy rate of 1.06%. Median rents in Bondi-Tamarama-Bronte are $1,595 for houses and $770 for units. Unit rental affordability is excellent with 26% of income allocated to rental. Contributing to the area's suitability for rental construction projects are a transportation score of 9 and a lifestyle score of 9, showing the excellent connectivity and vibrant lifestyle options available to residents.
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This SA2 is located next to the Bondi Junction rail and bus interchange, which offers frequent services to Sydney. It is also served by the Bondi Beach and Bronte tram lines. Travel time to Sydney is approximately 30 minutes by car.
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This SA2 has several parks and green spaces including Bondi Beach and Bronte Beach. There are several local clubs and community centers including the Bondi Surf Life Saving Club and the Bondi Bowls Club. Retail options are diverse and plentiful, with a variety of shops, cafes, restaurants and health facilities.
Using ChatGPT to create a template like this has several advantages. First, it can save you a significant amount of time and resources. ChatGPT can process large amounts of data quickly, allowing for more efficient analysis and modeling. This means researchers and analysts can spend less time collecting and organizing data and more time on higher-level tasks like model building and analysis. Additionally, ChatGPT can help identify patterns and trends in data that may not be immediately apparent to humans, leading to more accurate and comprehensive models.
Second, ChatGPT can be used to create more robust and accurate models. With the ability to process large amounts of data and identify patterns, ChatGPT can identify and incorporate variables that may have gone unnoticed by human researchers. This can result in models that are more accurate and better able to predict outcomes. Additionally, the use of natural language processing in ChatGPT can help you build more effective models by incorporating more context and nuance into the analysis.
Finally, the use of ChatGPT for modeling can improve the transparency and reproducibility of the survey. The models created with ChatGPT are based on data and algorithms, which makes them more objective and less susceptible to bias or subjective interpretation. In addition, the models can be easily replicated and verified by other researchers, increasing the reliability and credibility of the research. This can be particularly important in real estate, where decisions are often made based on complex and subjective factors. By using ChatGPT, researchers can create more transparent and reproducible models based on objective data and algorithms.
FAQs
The 10 best places to rent - Suburbtrends? ›
The highest percentage of renters in the U.S. can be found on the East Coast. Newark, New Jersey ranks number one with 79.15%.
Where do people rent houses the most? ›The highest percentage of renters in the U.S. can be found on the East Coast. Newark, New Jersey ranks number one with 79.15%.
Where is the hottest rental market? ›| Rank | Market | Competitive Score |
|---|---|---|
| 1 | North Jersey, NJ | 115 |
| 2 | Miami-Dade County, FL | 112 |
| 3 | Harrisburg, PA | 111 |
| 4 | Grand Rapids, MI | 111 |
The average home value in the Charlotte-Concord-Gastonia area is $354,073, up 7.3% over the past year. Additionally, the 1-year market forecast predicts a 1.9% increase, making it a promising market for investors. One of the top reasons to invest in Charlotte's real estate market is the city's strong job market.
Where is rent growing the fastest? ›- Albany, Georgia. January 2023: $1,335. Change since January 2022: + 42.8%
- Fort Smith, Arkansas-Oklahoma. January 2023: $1,298. Change since February 2022: + 36.6%
- Santa Barbara, California.
According to a recent Harvard study, multifamily buildings – including the traditional “apartment” – make up about 61% of the country's available rental stock. The other 39% are single-family units, including detached houses, duplexes, townhouses, mobile homes, RVs, and other types of housing.
Which city has highest rental return? ›- Houston, Texas. The lack of affordable single-family homes has created a demand for rental properties in Houston. ...
- Arlington, Texas. ...
- Tampa, Florida. ...
- San Antonio, Texas. ...
- Charlotte, North Carolina. ...
- Colorado Springs, Colorado. ...
- Orlando, Florida. ...
- Cincinnati, Ohio.
| Rank | State | 2021–2022 Rent change |
|---|---|---|
| 1 | Florida | 22.59% |
| 2 | Tennessee | 18.61% |
| 3 | South Dakota | 18.41% |
| 4 | New York | 18.23% |
The lowest rental rates are usually found between October and April, particularly right after the December holiday season. Fewer people are interested in moving—the weather's bad, schools are in session, etc. So individuals renting between the months of December and March typically find the best rental bargains.
Is Turbo tenant legit? ›Yes, we are legit – there are no TurboTenant scams here!
Is it cheaper to live in SC or NC? ›
This is slightly below the national average and makes both states highly affordable. However, with home prices middling close to $181k, South Carolina's housing market is marginally cheaper than North Carolina's. This gives South Carolina a hairline win in terms of affordability.
What is the hottest real estate market in NC? ›Raleigh is #1 hottest real estate market in the US, Durham is #3, according to 2023 rankings. RALEIGH, N.C. (WNCN) — Raleigh is currently the hottest real estate market in the country, according to a new ranking from the U.S. News & World Report.
What is a good salary in Charlotte NC? ›| Annual Salary | Monthly Pay | |
|---|---|---|
| Top Earners | $95,135 | $7,927 |
| 75th Percentile | $88,341 | $7,361 |
| Average | $68,499 | $5,708 |
| 25th Percentile | $48,658 | $4,054 |
Young adults – those younger than 35 – continue to be the most likely of all age groups to rent. In 2016, 65% of households headed by people younger than 35 were renting, up from 57% in 2006. Rental rates have also risen notably among those ages 35 to 44.
Who is most likely to rent? ›Renter Demographics. In the under-35 age group, 65% of American households are rented. Meanwhile, in the 65+ age group (senior citizens), 79.3% own a home. The median age of homebuyers is 47 years old, while the median age of renters is 38 years old.
What state has the highest rents? ›Hawaii. Hawaii has the highest average rent in the United States at $2,399 a month. The asking rent for a typical unit in Hawaii is even higher, with vacant units asking $2,850 for new renters. Average rents in Honolulu cost an average of $2,528.
What cities do most people rent in? ›| City | 2017 Renters | Total Population |
|---|---|---|
| New York, New York | 5,414,256 | 8,383,492 |
| Los Angeles, California | 2,321,544 | 3,865,228 |
| Chicago, Illinois | 1,371,799 | 2,663,519 |
| Houston, Texas | 1,198,145 | 2,233,607 |
The best type is the one who checks you out too
Nothing too evasive from their side but enough to show that they are serious diligent tenants that you can feel comfortable to trust that they will pay their rent in time and look after your property.
Newark, New Jersey, has the most, with more than 79% of residents renting. Three other New Jersey cities were also home to the most renters. Out of the top five, the two other cities were in Connecticut.
How profitable are rental properties? ›Even better, the average return on investment for a California rental property is 1.6%. While you might not think that's impressive, remember it's the average for the entire state. And there are certain cities where a landlord can rent out a property and make high monthly rental income and much better returns.
Where is the best ROI in America? ›
What state has the highest ROI on real estate? The state with the highest one-year ROI on residential single-family homes is Arizona with 27.42 percent, according to iPropertyManagement data. The next two highest states are Utah with 27.05 percent and Idaho with 27.02 percent.
What states have good rent? ›South Dakota, Wyoming and Montana take the lead in 2022 overall. These top three states are the top choices based on affordability and availability of rentals, while the fifth-place state, Delaware, ranks considerably higher in security (based on eviction rates, disaster frequency and laws that benefit tenants).
Where are rents going down in USA? ›Four states — Colorado, Illinois, Missouri and Massachusetts — saw monthly declines greater than the national median. More than 18% of state markets were down year-over-year.
What is the average rent in the US 2023? ›The average monthly rent for all apartment types in the United States rose substantially in 2021. As of February 2023, the average monthly rent for a two-bedroom apartment in the United States reached 1,320 U.S. dollars, up from 1,282 U.S. dollars a year before.
What are the worst months to rent? ›The Rent. Most apartment hunters' first and foremost consideration is the rent expectation. That alone would make August, June, and July the worst months to rent an apartment.
What day of the week is best to list a rental? ›Here's what we found: Thursday is the best day to list. Most renters either want to tour rental properties right away — the same day they inquire or the next day — or on the weekend. To set yourself up for maximum visibility and to be sure you're available, it's best to list on Thursday.
What month do most houses go up for rent? ›Peak rental season occurs when there are the most tenants looking for rental properties, which generally happens between May to August. There are a handful of reasons why peak rental season occurs in the summer months: It's harder to move during the winter.
How can you tell a rental scammer? ›- They Don't Want to Meet You in Person. ...
- They Want You to Move in Immediately, Without Ever Seeing the Property. ...
- They Ask for Rent or a Security Deposit Before Signing a Lease. ...
- The Price is Too Good. ...
- The Listing Has Typos, Poor Grammar, or Excessive Punctuation.
- Always request a tour. Don't rent a home without seeing it. ...
- Skip listings that look suspicious. Scroll past spam listings and be skeptical of listings that are priced below market for the area based on size and upgrades.
- Ask to speak to the property owner. ...
- Don't send money.
TurboTenant only reports credit to TransUnion, one out of the three major credit bureaus. For more information on getting your credit report, you can visit the Federal Trade Commission's website here.
Will rent go down in California 2023? ›
While there's no consensus on what rents will do exactly in 2023 — go up a little, go down a little, or stay flat, according to three forecasts — what's clear is they are expected to return to more normal growth patterns, instead of the unsustainable, record rates seen in 2021 and 2022.
What city in Los Angeles County has the cheapest rent? ›Crenshaw
Beautiful, trendy and calm are words often used to describe the Crenshaw neighborhood, the cheapest neighborhood in Los Angeles. The average commute into the city is around 35 minutes.
As evidenced by the map, high levels of poverty are pervasive in South Los Angeles and are also found in portions of the San Fernando Valley, Hollywood, Boyle Heights, Northeast Los Angeles, and areas surrounding the Port of Los Angeles.
Are taxes higher in NC or SC? ›North Carolina residents have a bigger tax burden than bordering South Carolina. In a new study, WalletHub found that the annual state and local taxes for a median North Carolina household was $6,302. In South Carolina, it's $5,288.
Should I move to SC or NC? ›Climate & Weather
They are both mild, comfortable places to live. Since South Carolina is closer to the equator, it has a bit warmer temperatures than North Carolina and is likely more ideal for going to the beach year-round.
- Union. The cheapest place to live in South Carolina is Union. ...
- Gaffney. Gaffney is the second-cheapest place to live in South Carolina. ...
- Orangeburg. ...
- Newberry. ...
- Laurens. ...
- Greenwood. ...
- Sumter.
FAYETTEVILLE, N.C. (WTVD) -- Real estate experts are anticipating a major slowdown in the housing market in 2023. Experts are predicting stagnating home prices and fewer sales, saying they are a result of the surge of buyers and sky-high high mortgage rates during the COVID-19 pandemic.
Will house prices go down in NC? ›While some areas may experience slight declines in home values from 2023 to 2024, many areas are projected to see modest gains. The overall trend for the state is positive, with an average projected increase of 1.4% in home values over the next year.
Is this a good time to buy a house in North Carolina? ›If you can lock in a good interest rate, now could be a good time to buy. North Carolina home prices are rising slightly — in February the median was $340,300 — but they're still lower than the national median. And the number of homes on the market is increasing so you'll have more options to choose from.
What is a livable wage in NC? ›| 1 ADULT | 2 ADULTS (BOTH WORKING) | |
|---|---|---|
| 0 Children | 1 Child | |
| Living Wage | $16.83 | $19.81 |
| Poverty Wage | $6.53 | $5.54 |
| Minimum Wage | $7.25 | $7.25 |
What is considered middle class in NC? ›
The minimum income that a single person must make to be considered middle class is $25,149 and the maximum income is $75,444. About 52% of the Triad falls into that middle-income range.
What city in North Carolina pays the most? ›| City | Annual Salary | Hourly Wage |
|---|---|---|
| Winston-Salem | $102,906 | $49.47 |
| Raleigh | $98,219 | $47.22 |
| Gastonia | $97,516 | $46.88 |
| West Canton | $97,388 | $46.82 |
But let's start with the basics. California had the most renting households with 5.73 million or 13.6% of the nation's 42 million. Those tenants equal 44% of households in the state, the third-largest largest share of renters behind.
What states is the best for rent? ›South Dakota, Wyoming and Montana take the lead in 2022 overall. These top three states are the top choices based on affordability and availability of rentals, while the fifth-place state, Delaware, ranks considerably higher in security (based on eviction rates, disaster frequency and laws that benefit tenants).
What state has the most expensive rent right now? ›Most Expensive City for Rent in the US
Los Angeles is the most expensive city in the United States for rent, with the average rent price of $2,600. Angelinos also pay the highest percentage of their income on rent at 23.9%. Additionally, four of the top five most expensive cities for rent are in California.
- Manhattan, New York. Overall cost of living: 127.7% above U.S. average. ...
- Honolulu, Hawaii. Overall cost of living: 84% above U.S. average. ...
- San Francisco, California. ...
- Brooklyn, New York. ...
- Washington, D.C. ...
- Orange County, California. ...
- Los Angeles, California. ...
- Seattle, Washington.
Data drawn from an analysis of over 500,000 property listings reveals that Madagascar has the world's cheapest apartment rental. For house-hunters or 'staycationers', the lowest rental price in the country is 1500 Malagasy ariary – or about 60 US cents per month.
What city in the US has the highest rent? ›The most expensive rental market in the US remains to be New York. The average monthly rent for a one-bedroom is roughly $3,260. This is about a $500 decrease from 2021, however as demand continues to increase prices are likely to follow.
Where is the cheapest rent in United States? ›| Rank | City | Cost of living (U.S. average=100) |
|---|---|---|
| 1 | Little Rock, AR | 87.70 |
| 2 | Tulsa, OK | 88.60 |
| 3 | Omaha, NE | 91.70 |
| 4 | Des Moines, IA | 92.30 |
A rental survey of 50 states plus the District of Columbia ranked California the third-worst place for renters, behind Nevada and Arizona, the Orange County Register reported. Register real estate columnist Jonathan Lanser crunched Census Bureau housing data, comparing 2021 to 2016 for 50 states plus D.C.
Which state in the US has the lowest rent? ›
1. Mississippi. Coming in as the cheapest state to live in in the United States is Mississippi with a cost of living index score of 83.3. It also has the lowest average housing costs in the nation at 33.7% below the national average.
What is the best state to live in for money? ›| Rank | Groceries | Health |
|---|---|---|
| 1 | Mississippi | Maryland |
| 2 | Texas | Kentucky |
| 3 | Arkansas | Arkansas |
| 4 | Kentucky | West Virginia |
| ▲ Overall Rank | State | Economy |
|---|---|---|
| 1 | Wyoming | 1 |
| 2 | Vermont | 27 |
| 3 | South Dakota | 17 |
| 4 | New Hampshire | 10 |
- Rent payments tend to be lower than a comparable house payment.
- Utility costs may be included in rental fee, creating additional savings.
- Relocation is easier.
- Maintenance and repairs are not your responsibility.
- Credit requirements are less strict.