28 Best Single Family Rental Market Hidden Gems

In this final installment of our five-part series on the best single family rental markets, we look at high-yield single family rental markets that are hidden gems, undiscovered by the big institutional investors who have dominated some markets, pushing up prices and compressing yields in those markets.

Starting with the 473 counties analyzed in the ATTOM Data Solutions 2016 Single Family Rental Market Report, we narrowed the list down to 28 hidden gems by including only counties where institutional investors (those entities purchasing at least 10 properties in a calendar year) account for less than 3 percent of all single family purchases so far in 2016 and where the potential gross annual rental yields for properties purchased in 2016 is at least 10 percent.

The five most-populous counties making the list were Philadelphia County, Pennsylvania (10.1 percent potential gross annual yield); Macomb County, Michigan, in the Detroit metro area (11.4 percent); Kent County, Michigan, in the Grand Rapids metro area (10.1 percent); Ocean County, New Jersey (10.4 percent); and Camden County, New Jersey, in the Philadelphia metro area (11.8 percent).

Counties making the list with the lowest share of institutional investor purchases were, in Ocean County, New Jersey (0.9 percent); Kent County, Michigan, in the Grand Rapids metro area (1.3 percent); Atlantic County, New Jersey, in the Atlantic City metro area (1.3 percent); Richmond City, Virginia (1.3 percent); and Ulster County, New York, in the Kingston metro area (1.5 percent).

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