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February Rents Increased the Most in America’s Small Markets

RentCafe just released its monthly rent report with data from rents charged last month in the 250 largest U.S. cities. 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. 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. Large City Findings Las Vegas experienced the fastest increasing rents year-over-year with a 6.6 percent increase; Followed by Denver, which increased 5.8 percent; and Detroit, with 5.7 percent. Mid-Size City Findings Says RentCafe: “Mid-size cities see mid-sized increases compared to other markets.” The biggest year-over-year rent increases last month came from Sacramento, California; Colorado Springs, Colorado; Stockton, California; Mesa, Arizona; and Arlington, Texas. Colorado Springs rentals cost 6.5 percent more than they did in February of last year, with the average price of an apartment costing $1,071/month. Lancaster, California rental prices have shot up 11.1 percent since February of last year. Salinas, California; Yonkers, New York; Greeley, Colorado; and North Las Vegas all reported rent increases above 8 percent. In total, seven Colorado cities saw rents increase by more than 5 percent over the year: Fort Collins (9.9 percent), Greeley (9 percent), Arvada (7.6 percent), Colorado Springs (6.5 percent), Boulder (6.3 percent), Denver (5.8 percent), and Aurora (5.2 percent). Nevada‘s rejuvenated housing markets Las Vegas (6.6 percent), North Las Vegas (8.7 percent), and Reno (10.3 percent) have also been very visible on the national rental scene lately with some of the fastest-rising rental prices in the U.S. Increasingly popular Arizona has five cities where rent prices increased by more than 5 percent in the last year: Peoria (6.9 percent), Gilbert (6.8 percent), Mesa (5.7 percent), Phoenix (5.4 percent), and Chandler (5.3 percent).