Traditionally, you think of the Southeast, the middle of the country, and Texas as being the multifamily markets most exposed to for-sale housing. However, in the past year, the difference in monthly cost between owning and renting has actually narrowed most on the West Coast, which has seen major rent gains.Here are the top 10 such markets and the companies most exposed in them.
Sources: John Burns Real Estate Consulting;RealFacts
The 10 Markets Where Cost Between Owning and Renting Is Narrowing Most
| Market | 2010 Cost Difference | 2011 Cost Difference | Percentage Change | Rent Increase/Decrease | Top Managers (Units) |
| San Francisco | $1,169 | $772 | -34% | 15.6% | Fortress (3,221); AvalonBay (1,565); Trinity Properties (1,404) |
| Orange County, Calif. | $967 | $743 | -23% | 5.8% | Irvine (29,296); Western National (9,621); Arnel (4,463) |
| San Jose, Calif. | $790 | $482 | -39% | 11% | Irvine (2,756); Arcadia (2,369); Essex (1,839) |
| Seattle | $556 | $302 | -46% | 6.6% | Equity Residential (2,464); Essex Property Trust (1,240); Mullally Development (1,140) |
| Santa Cruz, Calif. | $456 | $169 | -63% | 5% | Pacific Union (319); Braddock & Logan (240); RREEF (204) |
| Santa Rosa, Calif. | $280 | $120 | -57% | 2% | Woodmont Real Estate (552); Fairfield Residential (287); Behringer Harvard (277) |
| Oakland, Calif. | $245 | $42 | -83% | 9.9% | Forest City (665); Essex Property Trust (416); Windsor Communities (310) |
| Santa Barbara, Calif. | $222 | $12 | -95% | 2.8% | Luria Development (244); Towbes Group (168); Pacifica Hotel Co. (116) |
| Tacoma, Wash. | $121 | ($29) | -124% | -0.8% | Pinnacle (953); Dobler Management (944); Equity Residential (714) |
| Los Angeles | $111 | ($42) | -138% | 3.8% | Prime Property Capital (4,253); Equity Residential (2,203); GH Palmer (1,619) |
