Here’s a rent report with data compiled from actual rents charged in the 252 largest US cities. Although nationwide rent prices remained relatively flat M-o-M, we are still seeing a strong 3.3% increase Y-o-Y in October. The national average, which clocked in at $1,420 last month, is $45 higher than in October 2017.
“A new trend is reversing recent years’ statistics, with demand now outpacing new supply. This is especially true in secondary cities and workforce housing,” says Doug Ressler, senior analyst at Yardi Matrix.
You can check out the rents by city or state in the interactive table at the end of the report. Here are the main highlights for large, mid-size and small markets:
- Renter Mega-Hubs: With rent increases close to 8% Y-o-Y, Phoenix and Las Vegas outperform the largest renter hubs. Rent growth picks up speed in three major Florida markets: Orlando (6.9%), Jacksonville (6.8%) and Tampa (5.8%).
- Large cities: Rents in Los Angeles went up by 6.5% over the year, while San Francisco and San Jose both recorded a 4.7% increase. At the same time, Queens (-0.9%) and Houston (1.8%) registered some of the slowest growing rents in October.
- Mid-size cities: Mesa is in the lead with an 8.7% rent hike Y-o-Y, followed by Sacramento (6.2%) and Long Beach (5.8%). At the other end of the spectrum, rents inched up by 1.5% in New Orleans and Lexington.
- Small cities including College Station, TX: Rents in Midland and Odessa remain virtually the same compared to September, with significant Y-o-Y increases of 23.3% and 25.2%, respectively. On the other hand, Central Texas rents decreased by 0.4% in Waco and 1.6% in College Station.
If you want to see how your city fared rent-wise, you can read the full report here.
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Myke Leatham, Broker/Owner
Brazos County Realty, LLC
Office: 979-693-0201
Thank you Iona for sharing this information with Brazos County Realty, LLC. This information is important to our investors and parents of students who want to take advantage of the College Station rental market or who have already purchased College Station real estate.
About our data and methodology
The reports from RENTCafe.com are based on data that comes from Yardi Matrix, an apartment information service and a sister division of RENTCafé. Data is compiled from actual rents charged in market-rated apartment communities of 50 units and larger in over 130 markets across the US. This allows us to create an accurate representation of what renters are expected to pay for rent in apartment communities across the country, unlike reports based on listings (i.e., asking prices) only.
Ioana Popovici
Communications Specialist | RENTCafé
ioana.rentcafe@Yardi.com | www.rentcafe.com
