The slow rate of home building has impacted the rental space, according to a report from RentCafe.
According to RentCafe’s Apartment Market Report for August 2018, the national average rent reached an all-time high of $1,412 in August 2018, a 3.1 percent increase year over year, 0.1 percent month over month.
Queens (NYC), Las Vegas, and Phoenix saw the highest increase in rent rates while Baltimore, San Antonio, and Washington, DC experienced the least changed rents.
With apartment construction slowing down, the national average rent went up by $42 year over year in August and $2 month over month.
RentCafe states that a higher than normal number of renters this summer, notably college students, as well as more rent renewals are possible causes of the higher rents.
According to RentCafe, Orlando saw the highest increase in rent over the past year, jumping 7.7 percent since 2017, hitting an average rent of $1,393 in August,a $99 per month increase.
San Antonio saw the least rent growth, growing by only 1.5 percent to $996.
Los Angeles renters are feeling the biggest changes year over year, with rents increasing $102 per month on average, or $2,395 a month, a 4.4 percent increase.
Manhattan, New York City holds the highest average rent prices, at $4,119 in August, up 1.9 percent from $4,042 year over year.
While most cities saw rent increases, cities such as Brownsville, Texas felt their average rent drop.