Markets where lease penetration is highest
If you mapped out the metropolitan areas where leasing is strongest, it would closely resemble the Big Ten and Big East basketball territories from the good ole days.
In terms of lease penetration rates, the Northeast and the Great Lakes area of the Midwest dominated the top of the list in the first quarter, with the Motor City coming in at No. 1.
That’s according to Power Information Network (PIN) data from J.D. Power, which indicated that Detroit led the way with 70 percent lease penetration in Q1.
It was followed by New York (63 percent), Cleveland (55 percent), Miami (50 percent) and Boston (44 percent).
Next up was Pittsburgh (43 percent) and Philadelphia (42 percent), with California South (41 percent), Milwaukee (40 percent) and Columbus, Ohio (37 percent) rounding out the top 10.
Of the 13 markets with lease penetration of at least 30 percent, 11 were in the Northeast or Great Lakes portion of the Midwest, with the outliers being Miami and Southern California.
The complete list provided by J.D. Power, is below:
PIN Market 2015 Q1'2016
Detroit 63% 70%
New York 56% 63%
Cleveland 47% 55%
Miami 48% 50%
Boston 37% 44%
Pittsburgh 35% 43%
Philadelphia 36% 42%
California – South 38% 41%
Milwaukee 32% 40%
Columbus 32% 37%
Indianapolis 33% 37%
Minneapolis 30% 36%
Cincinnati 26% 30%
Denver 24% 28%
Tampa 25% 27%
Nevada 23% 27%
California – North 23% 26%
Chicago 21% 25%
Kansas City 19% 24%
Seattle/Portland 18% 20%
Orlando 18% 19%
Phoenix 15% 18%
Other 14% 17%
Baltimore/Washington 15% 17%
Dallas/Ft. Worth 14% 16%
St. Louis 12% 16%
Charlotte 13% 15%
Houston 11% 13%
Norfolk/Virginia Beach 11% 13%
San Antonio 9% 12%
Atlanta 11% 11%
Tennessee 8% 9%
Oklahoma 5% 6%