Mynd Management Names the 20 Healthiest Rental Housing Markets in the U.S.

In spite of COVID-19, rental housing market fundamentals have remained strong,
with supply tightening. The U.S. vacancy rate declined 1.1% since Q2 2019 to 5.7%.

OAKLAND, Calif.--(BUSINESS WIRE)--Mynd Management, a tech-enabled property management and real estate investment company serving the non-institutional sector of the single-family rental (SFR) housing market, has named the 20 healthiest rental housing markets in the U.S. For the study, Mynd analyzed occupancy rate growth nationwide over the course of one year from the second quarter of 2019 through the second quarter of 2020.

The three healthiest metros based on the highest occupancy rate growth are Richmond, Va.; Louisville, Ky; and Fresno, Calif. Richmond’s vacancy rate reached 2.7%, a 10.9% drop since Q2 2019. Louisville’s 4.3% vacancy rate in Q2 2020 represents a decline of 9 percentage points year-over-year. In Fresno, the vacancy rate declined 6.8% to a scant 0.7% year-over-year. A city-imposed eviction ban and suburban flight from the Bay Area to Fresno likely contributed to the metro area’s historically low vacancy rate.

“This is an unprecedented trend: The top two metros in our study are located in Appalachia, a region that traditionally flies under the radar for many real estate investors,” says Doug Brien, CEO and Co-Founder of Mynd Management. “However, the health of this area isn’t surprising given the state of rental housing. In spite of the coronavirus pandemic, rental demand remains healthy and the national vacancy rate declined 1.1% year-over-year to 5.7% in the second quarter.

“While some of these low vacancy rates can be attributed to metro areas with eviction moratoriums in place, we remain bullish on the rental housing sector. According to Mynd’s Rental Housing Tracker, rents have increased 7.2% as of mid-September across our portfolio of properties in 19 U.S. metro areas. Strong supply-and-demand fundamentals, low mortgage rates and ongoing stock-market fluctuation make now an opportune time to invest in residential real estate.”

Below is a list of the 20 healthiest rental housing markets based on occupancy rate growth Q2 2020. Mynd manages and sells single-family rental (SFR) properties in many of these areas through its Investimate platform:

Metro Area	Q2 2020 Vacancy Rate %	Q2 2019 Vacancy Rate %	% Change	Occupancy Growth Rank
Richmond, VA	2.7	13.6	-10.9	1
Louisville, KY	4.3	13.3	-9	2
Fresno, CA	0.7	7.5	-6.8	3
Columbia, SC	1.9	8.6	-6.7	4
Raleigh, NC	1.9	8	-6.1	5
Greensboro, NC	1.2	7.1	-5.9	6
Knoxville, TN	4.4	9.7	-5.3	7
San Antonio, TX	8.3	13.1	-4.8	8
San Diego, CA	2.4	7	-4.6	9
Cincinnati, OH	6.5	10.9	-4.4	10
Albany, NY	6.7	10.8	-4.1	11
Oklahoma City, OK	7.8	11.9	-4.1	12
Stamford, CT	1.7	5.5	-3.8	13
Sacramento, CA	2.3	5.9	-3.6	14
Baton Rouge, LA	5.6	9	-3.4	15
Nashville, TN	7	10.4	-3.4	16
Rochester, NY	0.6	4	-3.4	17
St Louis, MO	4.4	7.6	-3.2	18
New Orleans, LA	4.7	7.8	-3.1	19
Toledo, OH	4.5	7.4	-2.9	20

Sources: U.S. Census Bureau, Mynd Management

Metro areas with traditionally low vacancies and limited supply, such as San Francisco and New York, NY, ranked in the middle of this study. San Francisco ranked 34th with a 1.7% decline in vacancy to 3% in 2020, while New York ranked 38th with a 3.3% vacancy rate in Q2, a 1.3% decline.

www.mynd.co

About Mynd Management

Mynd Management is a tech-enabled property management and real estate investment company serving the non-institutional sector of the single-family rental (SFR) housing market. By offering industry-leading services and features such as 3D tours, virtual leasing and online rent collection, Mynd provides an unparalleled customer experience for residents and property owners. With locations in 19 metro areas and counting, Mynd has a mission to create happy homes and healthy investments.