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%
Related Stories
| Apr 26, 2013
BIG tapped to design Europa City in suburban Paris
Danish architecture firm, BIG - led by Bjarke Ingels – has been announced as the winner of an international invited competition for the design of Europa City, a 800,000 square meter cultural, recreational and retail development in Triangle de Gonesse, France.
| Apr 24, 2013
Los Angeles may add cool roofs to its building code
Los Angeles Mayor Antonio Villaraigosa wants cool roofs added to the city’s building code. He is also asking the Department of Water and Power (LADWP) to create incentives that make it financially attractive for homeowners to install cool roofs.
| Apr 22, 2013
Top 10 green building projects for 2013 [slideshow]
The AIA's Committee on the Environment selected its top ten examples of sustainable architecture and green design solutions that protect and enhance the environment.
| Apr 19, 2013
7 hip high-rise developments on the drawing board
Adrian Smith and Gordon Gill's whimsical Dancing Dragons tower in Seoul is among the compelling high-rise projects in the works across the globe.
| Apr 16, 2013
5 projects that profited from insulated metal panels
From an orchid-shaped visitor center to California’s largest public works project, each of these projects benefited from IMP technology.
| Apr 5, 2013
Bangkok gets a leaning tower, that may topple
A seven-story apartment tower under construction in Bangkok has started to tilt and is on the verge of toppling.
| Apr 3, 2013
5 award-winning modular buildings
The Modular Building Institute recently revealed the winners of its annual Awards of Distinction contest. There were 42 winners in all across six categories. Here are five projects that caught our eye.
