Apartment rent rates jump 2.5% in 2017, led by small and mid-sized markets

The average price for one-bedroom units increased the most.

January 24, 2018 |
Apartment rent rates jump 2.5% in 2017, led by small and mid-sized markets

Photo: Pixabay

The national average apartment rent rate in the U.S. was $1,359 per month in 2017, up 2.5% from the previous year and up 24% from a decade ago, according to apartment search source RentCafé, based on data from Yardi Matrix

The average price for one-bedroom units increased the most, 3.1%, to $1,223/month. Studio apartments increased the least, 2.2%, to $1,256/month.

Las Vegas posted the fastest growth rate of all large cities (6.3%), while Sacramento, Calif. (8.8%) led the mid-sized markets.

Rent growth slowed in the hottest markets, including Manhattan and Brooklyn, which saw a 1.7% rent drop in 2017.

Small cities saw the fastest growth rate of all markets. Renters in Odessa and Midland, Texas, ended up paying $3,400 in extra rent for the year.

The top-five markets for YOY rent growth: 
* Odessa: 33.6%
* Midland: 28.2%
* Buffalo, N.Y.: 10.3%
* Lancaster, Calif.: 9.8%
* Reno, Nev.: 9.5%

Read the full report.

 

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