Rental Price Analysis

The main purpose of the project is to identify rent price distribution and trend patterns. We use the Zillow Rent Index data and metropolitan statistical data to:

· Visualize rental price distribution by different geographic levels in United States;

· Identify rent price trends for major metropolitan areas;

· Identify the relationship between rental price and population for major metropolitan areas.

1. Rental price follow the seasonal trend each year in most metropolitan area. Peak in the August/September, drop down in the December and early spring. For tenants who want to save on the rent, December to March are the best time window to sign on lease.

2. Rental price will continue to increase, 17 of the top 20 Metro Areas had rent increases exceeding the average inflation rate. Investing on real estate in top 20 metro areas is still a good choice for investors.

3. The majority of counties with high rent cost have continued to have a high rent variance within the county.

4. The change of rental price has a significant positive correlation with the change of population. Given metropolitan area, the rental price is likely to increase by 6.7 percent with the same population. The rental price will increase by 1.4 percent for every 1 percent increase in population.