RentCafe just released its monthly rent report with data from rents charged last month in the 250 largest U.S. cities. The report is based on information collected by Yardi Matrix, which analyzed rents charged in market-rated apartment communities of at least 50 units in over 120 markets across the country.
These are the top findings:
- The national average rent was $1,364 in February 2018 — 2.7 percent higher than this time last year, and up .01 percent ($1) month over month.
- 87 percent of the nation’s biggest 250 cities have seen rents grow in February year over year; in 11 percent of cities, rents remained unchanged; only 2 percent experienced rent drops compared to 2017.
- 19 of the 20 fastest-growing rents are in small cities.
- Among the largest U.S. cities, Las Vegas, Denver, and Detroit had the fastest rising rent prices in February; New York City, El Paso, Texas, and Austin, Texas, had the slowest rising rent prices.
- Studio apartment rents are the slowest growing by apartment size nationwide, at 2 percent year-over-year (stagnant for the month) compared with a 3.2 percent increase in rents year-over-year (.2 percent for the month) for 1-, 2-, and 3-bedroom apartments.
- New to the highest-increase list are Colorado cities Fort Collins and neighboring Greeley, with year-over-year increases hovering around 9 percent. Yonkers, New York, and Salinas, California also saw similar hikes.
The report defines large cities as cities with populations of at least 600,000 people. Mid-sized cities are defined as those with populations between 300,000 and 600,000 people. Meanwhile, small cities are those with populations of less than 300,000 people.
Large City Findings
- Las Vegas experienced the fastest increasing rents year-over-year with a 6.6 percent increase;
- Followed by Denver, which increased…