McAllen, Brownsville metros rank among nation’s fastest-growing rental markets

The McAllen and Brownsville metro areas ranked among the nation’s fastest-growing rental markets between 2019 and 2024, according to a new analysis by moving company resource website moveBuddha.

The study found the McAllen metro area ranked No. 30 nationally for growth in occupied rental units, while the Brownsville metro area ranked No. 38.

McAllen added 11,757 occupied rental units during the five-year period, representing growth of 15.43%. Brownsville added 5,647 occupied rental units, an increase of 13.28%.

The rankings place both Rio Grande Valley metro areas among the top 50 fastest-growing rental markets in the country.

Researchers analyzed renter-occupied housing data across 889 metro and micropolitan areas using U.S. Census American Community Survey data from 2019 through 2024.

The report found rental growth has increasingly followed migration patterns rather than traditional affordability concerns alone.

“Recent Apartment List research frames renting as increasingly intentional,” the report states. “Increasingly, renting is a map of population mobility itself.”

The study found Southern markets dominated the rankings, accounting for 28 of the top 50 fastest-growing rental markets nationwide. Texas led all states with 10 metro and micropolitan areas appearing in the top 50.

Austin ranked third nationally with renter growth of 29.15%, while other Texas markets on the list included Odessa, Sherman, San Antonio, Lubbock, Midland, College Station and Dallas.

McAllen recorded one of the highest move-in-to-move-out ratios among Texas markets analyzed, at 1.29. Brownsville posted a ratio of 1.59, suggesting more people were searching for moves into the area than out.

“In recent years, renter-occupied growth has been more about migration than affordability alone,” the report states.

The report argues that growth in occupied rental units can signal a variety of trends, including new apartment construction, population growth, conversions of owner-occupied homes into rentals, or increased demand from new residents.

The findings come as Rio Grande Valley communities continue adding residents and experiencing ongoing demand for housing tied to population growth, workforce expansion and economic development activity.

Nationally, the report found renters age 65 and older represented the fastest-growing renter demographic, increasing 14.1% between 2019 and 2024. Researchers said the trend suggests more retirees are choosing rental housing rather than homeownership as they relocate to growing Sun Belt markets.