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
Architects | Aug 9, 2018
The convergence of product design and architecture
Great design is born out of simplicity, purity, timelessness, unobtrusiveness and intuitiveness.
Architects | Aug 1, 2018
Client experience as competitive advantage for AEC firms
Clients are looking for solutions to their business problems from collaborative advisors. They’ve come to expect a higher level of service and detail than what was provided in the past.
AEC Tech | Jul 24, 2018
Weidt Group’s Net Energy Optimizer now available as software as a service
The proprietary energy analysis tool is open for use by the public.
Building Owners | Jul 17, 2018
Are we facing a new era in Foreign Direct Investment?
The construction industry is already feeling the effects of the recent tariffs, not only with higher steel and aluminum prices, but with higher prices on Canadian lumber.
Codes and Standards | Jul 17, 2018
NIMBYism, generational divide threaten plan for net-zero village in St. Paul, Minn.
The ambitious redevelopment proposal for a former Ford automotive plant creates tension.
Office Buildings | Jul 17, 2018
Transwestern report: Office buildings near transit earn 65% higher lease rates
Analysis of 15 major metros shows the average rent in central business districts was $43.48/sf for transit-accessible buildings versus $26.01/sf for car-dependent buildings.
Architects | Jul 10, 2018
AEC marketing fundamentals can still have a role in winning new business
In our Internet-fueled world, it’s easy to get distracted by the latest online tools. But the boring stuff is still important, and you don’t want to lose sight of old-school techniques that are just as persuasive now as they were a few decades ago.
Adaptive Reuse | Jul 9, 2018
Work, park, live: Inside Cincinnati’s parking garage turned lifestyle hotel
The Summit hotel and conference center is a converted parking garage that was once a factory.
Architects | Jun 28, 2018
Designing successful maker spaces
The challenge is to design makerspaces that work, spaces that function as a tool for educators to produce better students.