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
| Aug 10, 2022
U.S. needs more than four million new apartments by 2035
Roughly 4.3 million new apartments will be necessary by 2035 to meet rising demand, according to research from the National Multifamily Housing Council (NMHC) and National Apartment Association.
Multifamily Housing | Aug 4, 2022
Faculty housing: A powerful recruitment tool for universities
Recruitment is a growing issue for employers located in areas with a diminishing inventory of affordable housing.
Multifamily Housing | Aug 3, 2022
7 tips for designing fitness studios in multifamily housing developments
Cortland’s Karl Smith, aka “Dr Fitness,” offers advice on how to design and operate new and renovated gyms in apartment communities.
Multifamily Housing | Aug 3, 2022
NEW DEADLINE for Senior Living and Student Housing projects for "MULTIFAMILY Design+Construction" Fall issue
Fall 2022 issue of MULTIFAMILY Design+Construction will have reports on Senior Living and Student Housing.
Multifamily Housing | Jul 28, 2022
GM working to make EV charging accessible to multifamily residents
General Motors, envisioning a future where electric vehicles will be commonplace, is working to boost charging infrastructure for those who live in multifamily residences.
Multifamily Housing | Jul 26, 2022
All-electric buildings – great! But where's all that energy going to be stored?
There's a call for all-electric buildings, but can we generate and store enough electricity to meet that need?
Green | Jul 26, 2022
Climate tech startup BlocPower looks to electrify, decarbonize the nation's buildings
The New York-based climate technology company electrifies and decarbonizes buildings—more than 1,200 of them so far.
Sponsored | Multifamily Housing | Jul 19, 2022
Engineering Solutions for a More Inclusive Community
Affordable housing complex uses engineered wood to keep construction costs low, tackle a public predicament and give rise to a stronger, more inclusive community.
Multifamily Housing | Jul 14, 2022
Multifamily rents rise again in June, Yardi Matrix reports
Average U.S. multifamily rents rose another $19 in June to edge over $1,700 for the first time ever, according to the latest Yardi® Matrix Multifamily Report.
Building Team | Jul 7, 2022
Amenity-rich rental property in Chicago includes seven-story atrium with vertical landscaping
The recently opened 198-unit Optima Lakeview luxury rental apartment building in Chicago is bursting with amenities such as the region’s first year-round rooftop pool, contact-free in-home package delivery, housekeeping services, on-site room service, fitness programming, and a virtual personal assistant.