flexiblefullpage -
billboard - default
interstitial1 - interstitial
catfish1 - bottom
Currently Reading

Midyear Rent Report: 26 states saw rental price increases in first half of 2017

Multifamily Housing

Midyear Rent Report: 26 states saw rental price increases in first half of 2017

The most notable rental increases are in growing markets in the South and Southwest: New Orleans, Glendale, Ariz., Houston, Reno, N.V., and Atlanta.


By Abodo | July 12, 2017

A slight majority of states (26, plus the District of Columbia) saw rental increases over the first six months of 2017, with the largest average percent changes coming in South Carolina (7.3%), Maine (7.3%), Vermont (7.2%), and Rhode Island (7.0%). Source: Abodo 

Over the first half of 2017, the national median rent fluctuated, but it ended up exactly where it began: $1,016 for a one-bedroom. Prices fell from January to March, bottoming out at $1,003 before creeping back up in the spring. In all, the national median rent always stayed within 1.3% of its starting value.

A slight majority of states (26, plus the District of Columbia) saw rental increases over the first six months of 2017, with the largest average percent changes coming in South Carolina (7.3%), Maine (7.3%), Vermont (7.2%), and Rhode Island (7.0%), Abodo's Midyear Rent Report reports. The greatest average decreases were significantly lower: Utah (-4.4%), Oklahoma (-3.3%), Pennsylvania (-2.7%), Connecticut (-2.3%).

The majority of states, 31, saw average changes in rent price of 1.3% or lower.

The states with the highest average rents will surprise no one. The District of Columbia had the highest average rent from January to July, with one-bedrooms going for $2,138 per month. Massachusetts ($1,896), California ($1,630), Hawaii ($1,572), and New York ($1,571) followed. The four states with the lowest average rents were all in the West or Southwest: South Dakota ($525), Wyoming ($596), Idaho ($613), and New Mexico ($620).

 

 

In December, our annual rent report noted that many of the cities with the fastest-growing rents were between the coasts. That trend continued in the first half of 2017: Eight of the top 10 cities for rental hikes were in the South or Southwest. New Orleans led the way, with an average monthly change of 6.3% and an average rent of $1,167. Glendale, Ariz. (4.7%, $764), and Houston (3.8%; $1,053), followed closely behind, with Reno, N.V., Atlanta, Miami, Phoenix, and Lexington, Ky., also making appearances.

The only geographic outliers were Seattle, which saw rents rise an average of 3.6% over the first half of the year, and Honolulu (2.6%).

The biggest drops in rent also continued to veer west and south. Fort Wayne, Ind., saw the largest rent drop, with an average decline of 4.9% per month and an average rent of $562. Lincoln, Neb., where the average rent is $700, experienced an average decline of 4% per month. And booming Nashville, Tenn., where the average one-bedroom rents for $1,373, saw an average drop of 3.1% per month.

From June to July, the biggest rental hike was in Newark, N.J., which saw its one-bedroom rent increase 10.2% to $1,120. Philadelphia (8.5%; $1,305) and Honolulu (8%; $1,654) rounded out the top three. In June, Reno saw its rent rise 6.7% to $832, and New Orleans jumped 5.8% to $1,397, continuing the months-long upward trend that landed them on the list for highest year-to-date change.

For the second month in a row, Buffalo, N.Y., and St. Paul, Minn., experienced the largest drops in rent in the country. This month, the order was reversed: St. Paul leads the way, with a 7.4% decrease to $1,233. Buffalo saw its rent drop 7.2% to $939. Glendale, which over the first six months of 2017 had the second-highest average monthly increase in rent, saw its median one-bedroom decrease 6.8% over the month of June, bottoming out at $833.

 

 

The cities with the highest rents are largely unchanged since last month’s report. San Francisco rents dropped $40 to $3,240, but that wasn’t enough to bump the city from its spot atop the rankings. As usual, New York City ($2,913) and San Jose ($2,378) rounded out the top three. The only real movement in the list of the country’s highest rents was near the bottom: Chicago ($1,861) superseded Miami ($1,855) for eighth place.

Nationally, rental prices were relatively stable through the first six months of 2017. Rent is rising in just over half of the nation’s states, and certain cities are seeing sustained increases in rent month to month. Cities where rent was already high—New York, D.C., Los Angeles—are still high, but the most notable rental increases are in growing markets in the South and Southwest, a continuation of a trend we noticed in our 2016 Annual Report.

In the next six months, rental prices in those markets will be a good barometer for how well new development is keeping up with what appears to be continued—and rising—demand for rentals.

Related Stories

| Dec 27, 2011

Ground broken for adaptive reuse project

Located on the Garden State Parkway, the master-planned project initially includes the conversion of a 114-year-old, 365,000-square-foot, six-story warehouse building into 361 loft-style apartments, and the creation of a three-level parking facility.

| Dec 12, 2011

Mojo Stumer takes top honors at AIA Long Island Design Awards

Firm's TriBeCa Loft wins "Archi" for interior design.

| Dec 5, 2011

Gables Residential brings mixed-use building to Houston's Tanglewood area

The design integrates a detailed brick and masonry facade, acknowledging the soft pastel color palette of the surrounding Mediterranean heritage of Tanglewood.

| Dec 2, 2011

What are you waiting for? BD+C's 2012 40 Under 40 nominations are due Friday, Jan. 20

Nominate a colleague, peer, or even yourself. Applications available here.

| Dec 2, 2011

Goody Clancy awarded Ohio State residential project

The project, which is focused on developing a vibrant on-campus community of learning for OSU undergraduates.

| Nov 29, 2011

Suffolk Construction breaks ground on Boston residential tower

Millennium Place III is a $220 million, 256-unit development that will occupy a full city block in Boston’s Downtown Crossing.

| Nov 15, 2011

Suffolk Construction breaks ground on the Victor housing development in Boston

Project team to manage construction of $92 million, 377,000 square-foot residential tower.

| Nov 15, 2011

Miller joins Perkins Eastman as regional manager, Middle East and Northern Africa

Miller joins Perkins Eastman with more than 48 years of experience in architecture, design management, and construction administration for planning and infrastructure.

| Nov 14, 2011

303 East 33rd Street building achieves LEED-NC

  The 165,000 sf 12-story residential building is the first green development to be LEED certified in the Murray Hill neighborhood of Manhattan.

| Oct 17, 2011

Austin's newest urban apartment complex under construction

Complex sits on a four-acre waterfront site along Lady Bird Lake with spectacular city and lake views, and is slated to open spring 2013.

boombox1 - default
boombox2 -
native1 -

More In Category


MFPRO+ News

ENERGY STAR NextGen Certification for New Homes and Apartments launched

The U.S. Environmental Protection Agency recently launched ENERGY STAR NextGen Certified Homes and Apartments, a voluntary certification program for new residential buildings. The program will increase national energy and emissions savings by accelerating the building industry’s adoption of advanced, energy-efficient technologies, according to an EPA news release. 



halfpage1 -

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021