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
Multifamily Housing | May 25, 2017
Luxury residential tower is newest planned addition to The Star in Frisco
The building will be within walking distance to the Dallas Cowboys World Headquarters.
Multifamily Housing | May 22, 2017
Zaha Hadid Architects residential development takes a page from a classic Bradbury tale
The buildings are on an elevated platform and the surrounding walkways are suspended so as not to disturb the surrounding ecosystems.
Multifamily Housing | May 19, 2017
Above + Beyond: condo tower built atop parking structure
How designers figured out a way to nestle an 18-story condo tower on top of an existing parking structure in Hawaii.
Multifamily Housing | May 17, 2017
Swedish Tower’s 15th floor is reserved for a panoramic garden
C.F. Møller’s design was selected as the winner of a competition organized by Riksbyggen in Västerås.
Mixed-Use | May 17, 2017
The Lincoln Common development has begun construction in Chicago’s Lincoln Park
The mixed-use project will provide new apartments, condos, a senior living facility, and retail space.
High-rise Construction | May 15, 2017
Construction begins on 47-story luxury tower in Chicago’s South Loop
The glass tower is being built at 1326 S. Michigan Avenue.
Multifamily Housing | May 10, 2017
May 2017 National Apartment Report
Median one-bedroom rent rose to $1,012 in April, the highest it has been since January.
Multifamily Housing | May 10, 2017
Triple Treat: Developer transforms mid-rise into unique live-work lofts
Novus Residences’ revolutionary e-lofts concept offers tenants a tempting trio of options—‘live,’ ‘live-work,’ or ‘work’—all on the same floor.
Multifamily Housing | May 3, 2017
Silicon Valley’s high-tech oasis
An award-winning rental complex takes its design cues from its historic location in Silicon Valley.
Multifamily Housing | May 2, 2017
Multifamily housing: 7 exciting, inspiring innovations [AIA Course]
This AIA CES course features seven novel approaches developers and Building Teams are taking to respond to competitive pressures and build more quickly and with more attractive offerings.