Rental Markets: The Fairest of the Fair

With rental occupancy surging at record rates during 2014, RealtyTrac®, the nation’s leading source for comprehensive housing data, went searching for neighborhoods with the highest fair market rates for three-bedroom rentals.

As a reference point for homebuyers in those same areas, RealtyTrac then surveyed data on median prices for similar properties sold within the last six months.

The new report found the 25 U.S. zip codes with 500 residents or more that currently have the highest fair market rents for these size homes.

All 25 are in two states: California and Hawaii. For the top five, listed below, rents are within the $3,400 range. Housing prices, however, do not directly correlate with those rents, swinging wildly from a low of $383,000 in Honolulu to $2.36 million, nearly six times greater, in Los Altos, California.

Zip City, State Population 2015 FMR Average  
      3 Bedroom Home Price  
95139 San Jose, California 6,545 $3,510 $595,667
94024 Los Altos, California 22,349 $3,460 $2,360,750
96818 Honolulu, Hawaii 51,522 $3,420 $383,250
96734 Kailua, Hawaii 53,068 $3,420 $1,020,261
95014 Cupertino, California 61,521 $3,380 $1,469,667

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