The homeowners' market is transforming before the insurance industry's eyes. While homes will always be in demand, more people are turning to rental units.
The appeal of renting goes beyond millennials and college graduates. Many soon-to-be retirees may rent to save money on the cost-of-living and avoid many of the risks that come with being a homeowner.
While rental demand experienced an uptick, a vacuum formed throughout the insurance industry: traditional insurance wasn't sufficient to meet the needs of renters. Companies like Lemonade and Jetty emerged and disrupted the industry with their services; aside from insurance designed with renters in mind, their digital platform offers coverage without the hassle of an agent or paperwork — a growing expectation amongst customers across the board.
While the cost of rent declines in select cities, owners will have more disposable income available. Independent agents have the opportunity to sell more renters' insurance policies to such individuals.
For those considering where to relocate next, factoring the cost of rent is an essential consideration. GOBankingRates, using data from Zillow on the year-over-year change in median rent, has determined the top 15 cities where rents have increased and decreased the most in 2017.
With this in mind, keep reading to see which cities renters should keep an eye on:
(Photo: Shutterstock)
|15. Long Beach, New York
- May 2016 rent: $1,950
- May 2017 rent: $1,862.50
- Year-over-year change: -$87.50
Related: New York launches online insurance agent license renewal 
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|14. El Paso, Texas
- May 2016 rent: $645
- May 2017 rent: $550
- Year-over-year change: -$95
Related: 10 cities adding the most millennials to the workforce 
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|13. Oakland, California
- May 2016 rent: $2,250
- May 2017 rent: $2,150
- Year-over-year change: -$100
Related: 10 states with the worst drivers 
(Photo: Shutterstock)
|12. Providence, Rhode Island
- May 2016 rent: $1,450
- May 2017 rent: $1,350
- Year-over-year change: -$100
Related: Top 10 states for homeowners' insurance protections 
(Photo: Shutterstock)
|11. New Haven, Connecticut
- May 2016 rent: $1,250
- May 2017 rent: $1,150
- Year-over-year change: -$100
(Photo: Wikimedia Commons/Gp user)
|10. Grand Prairie, Texas
- May 2016 rent: $1,015
- May 2017 rent: $909
- Year-over-year change: -$106
Related: The 10 safest-driving cities, according to 2017 Allstate report 
(Photo: Shutterstock)
|9. North Bay Village, Florida
- May 2016 rent: $1,800
- May 2017 rent: $1,673.50
- Year-over-year change: -$126.50
Related: Redefining state of the art 
(Photo: Shutterstock)
|8. Fort Collins, Colorado
- May 2016 rent: $1,180
- May 2017 rent: $1,050
- Year-over-year change: -$130
Related: How medical marijuana complicates workplace policies for employers 
(Photo: Shutterstock)
|7. West Hollywood, California
- May 2016 rent: $2,577
- May 2017 rent: $2,432.50
- Year-over-year change: -$144.50
Related: 7 riskiest movies ever made 
(Photo: Shutterstock)
|6. Newport Beach, California
- May 2016 rent: $2,292.50
- May 2017 rent: $2,090
- Year-over-year change: -$202.50
Related: Multi-million dollar workers' comp referral scheme uncovered in Calif. 
5. Danbury, Connecticut
- May 2016 rent: $1,816
- May 2017 rent: $1,599
- Year-over-year change: -$217
Related: Bill requiring insurance coverage for foundation collapse crumbles in Connecticut legislature 
(Photo: Shutterstock)
|4. Walnut Creek, California
- May 2016 rent: $2,245
- May 2017 rent: $2,020
- Year-over-year change: -$225
Related: 5 developments impacting medical marijuana in workers' compensation 
(Photo: Shutterstock)
|3. San Francisco, California
- May 2016 rent: $3,600
- May 2017 rent: $3,374
- Year-over-year change: -$226
(Photo: Shutterstock)
|2. Buffalo, New York
- May 2016 rent: $1,250
- May 2017 rent: $895
- Year-over-year change: -$355
Related: N.Y. admin law judge says Uber drivers are employees, not contractors 
(Photo: Wikimedia Commons/Trxr4kds)
|1. Bronxville, New York
- May 2016 rent: $2,675
- May 2017 rent: $2,200
- Year-over-year change: -$475
Related: Leading InsurTech startup flaunts philanthropic business model
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Denny Jacob
Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].
