2018 Canary Rental Index
2018 Canary
Rental Index
The Canary Rental Index (CRI) is HouseCanary’s pulse check of the rental market across the country. We look at home prices, rental returns, and other relevant metrics nationally and in each market to determine rental yield for real estate investors, then we release the CRI data online so users can see it and leverage it.
The national CRI was 8.41% by
the end of Q2 2018
The median rental yield for real estate investors throughout the United States was 8.41% by the end of June 2018. In other words, investors who bought homes in June 2018 could expect a median return on investment of 8.41% nationwide; return on investment is higher in half the states and lower in half the states we analyzed. This is slightly lower than the median rental yield at the end of March 2018.
Select a State
National data
HPI 1Y Change
The HPI 1-year change shows how the home price index, which tracks median home price, has changed in one year. We measure years quarter-to-quarter and compare the most recent quarterly HPI with the same quarter last year. If the 1-year change is positive, this means home prices have increased year-over-year. If the 1-year change is negative, this means home prices have decreased year-over-year.
Median Rental Price
The national median rental price shows what monthly rent costs for a median two-bedroom rental home. To find the median home, we look at prices for all the available residential two-bedroom rental properties in the country; the median home is the home closest to the middle of that spread of homes.
$/month
Rental Price 1Y Change
The rental price 1-year change shows how rental price has changed in one year. We measure years quarter-to-quarter and compare the most recent quarterly rental price with the same quarter last year. If the 1-year change is positive, this means rental prices have increased year-over-year. If the 1-year change is negative, this means rental prices have decreased year-over-year.
How do we calculate rental yield?

To calculate rental yield, HouseCanary first examines the home price index to determine the median cost of buying a home, both nationally and on a market-by-market basis. Then we look at the median rental price and median rental price per square foot nationally and in each market to determine the fair-market rental value of homes in those markets.

By taking both home price and rental price metrics into consideration, we are able to create the rental yield metric, which indicates the median percentage of return on investment in each market, each state, and nationally. Investors can use the CRI to understand which states and markets have the highest median rental yields in the country.

public data metrics
Total Inventory
YoY Change
Current
*Source: American Community Survey.
Number Of Jobs
YoY Change
Current
**Source: American Community Survey.
Median Income
YoY Change
Current
***Source: American Community Survey.
What does rental yield look like
in Appalachia?
We analyzed three metropolitan statistical areas (MSAs) in Appalachia where median rental yield is higher than the national median rental yield in every ZIP code in the MSA; some boasted double-digit returns in every ZIP code. Find out where they are, and which MSAs don't always exceed the national median rental yield, in our quarterly deep-dive report.