Rent payments in these cities are higher than mortgages.

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In most major US metropolitan areas, typical rental rates are higher than typical monthly rentals mortgage payment – and that means an opportunity for homeowners considering renting out their property in these locations, according to real estate Web site Zillow

The company said it had done the calculations and found that a typical lease payments were higher than mortgages in 33 of the country’s 50 largest metropolitan areas, with Memphis, Tennessee being the largest gap, followed by Miami and Atlanta. Southern cities dominated the top ten, but several Midwest cities also made it into the ranking.

Zillow also pointed to a recent Pew Research Center study that found seven out of 10 rent real estate in the United States is owned by individuals, and these individuals usually own only one or two properties.

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“Single-family homes account for about one-third of total rents in the country,” said Zillow economist Alexandra Lee. “Owners who do rent out their properties can provide both much-needed rental inventory in limited markets as well as in-demand premises and amenities for families looking to relocate.”

Zillow also said its data show that while U.S. rent growth has slowed sharply since the coronavirus outbreak, it rebounded quickly in 2021, with Zillow data showing that rent increases annually in July in all 50 major metros.

Here are the top 10 US cities with typical rents higher than normal mortgage payments.

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Top 10 cities where rents exceed mortgages:

Memphis Tennessee

Memphis, TN (iStock)

1. Memphis

Typical monthly rent: $ 1504.

Typical monthly mortgage: $ 948.

Difference: $ 556

Rating by size: 41

Miami

2. Miami

Typical monthly rent: $ 2,249.

Typical monthly mortgage: $ 1,727.

Difference: $ 522

Rating by size: 8

Atlanta

Atlanta, Georgia (iStock)

3. Atlanta

Typical monthly rent: $ 1,787.

Typical monthly mortgage: $ 1,363.

Difference: 424 $

Rating by size: 9

Birmingham, Alabama (iStock / iStock)

4. Birmingham

Typical monthly rent: $ 1271.

Typical monthly mortgage: $ 868.

Difference: $ 403

Rating by size: 49

5. Tampa

Typical monthly rent: $ 1819.

Typical monthly mortgage: $ 1,435.

Difference: 384 $

Rating by size: 19

Indianapolis

Indianapolis, Indiana (iStock) (iStock)

6. Indianapolis

Typical monthly rent: $ 1375.

Typical monthly mortgage: $ 1,044.

Difference: 331 $

Rating by size: 33

Orlando Florida

Orlando, Florida (iStock)

7. Orlando

Typical monthly rent: $ 1,758.

Typical monthly mortgage: $ 1,444.

Difference: $ 314

Rating by size: 27

Charlotte, North Carolina

Charlotte, North Carolina (iStock) (iStock)

8. Charlotte

Typical monthly rent: $ 1,628.

Typical monthly mortgage: $ 1339.

Difference: $ 290

Rating by size: 24

Oklahoma city

Oklahoma City, Oklahoma (iStock) (iStock)

9. Oklahoma City

Typical monthly rent: $ 1210.

Typical monthly mortgage: $ 931.

Difference: $ 279

Rating by size: 42

Detroit

Detroit, Michigan (AP Photo / Carlos Osorio) (AP Newsroom)

10. Detroit

Typical monthly rent: $ 1387.

Typical monthly mortgage: $ 1,119.

Difference: $ 268

Rating by size: 12

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