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July 14, 2024
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Bay Area’s San Francisco and San Jose Ranked as Worst US Markets for Single-Family Rental Investments

2/24/16

HomeUnion, an online real estate investment management firm enabling value investing in single-family rental (SFR) properties, ranked the most and least favorable SFR markets measured by cap rate. Memphis tops the list with a cap rate of 7.3%, while the lowest cap rate in the study is San Francisco, at 2.7%.

“Other asset classes underperformed in 2015, while single-family rental investors saw healthy returns in terms of income and appreciation in markets across the country,” explained Steve Hovland, manager, research services at HomeUnion. “Favorable supply and demand fundamentals and shifting views about renting among Millennials and seniors, created increased occupancy rates, which resulted in higher rent prices.”

Based on cap rates, the top 10 SFR investment markets are:

Metro Area Cap Rate
Memphis 7.3%
Oklahoma City 6.9%
Pittsburgh 6.4%
Cincinnati 6.4%
Houston 6.1%
Indianapolis 6.0%
Cleveland 5.9%
Baltimore 5.9%
Milwaukee 5.9%
Tampa 5.9%

Based on cap rates, the bottom (least attractive listed first) 10 SFR investment markets are:

Metro Area Cap Rate
San Francisco 2.7%
San Jose 2.7%
Orange County (California) 3.0%
Los Angeles 3.2%
New York City 3.5%
Seattle 3.5%
Oakland 3.5%
San Diego 3.6%
Sacramento 3.6%
Portland 3.9%






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