Apartment Rents Spike for Fourth Month in a Row; Employment Growth Plays Big Role

For the fourth month in a row, national apartment rents have hit an all-time high, this time rising to $1,194 per month across the country. According to the Yardi Matrix April Report, that’s a 1.1 percent jump over March and a 6% increase year-over-year.

Despite these rising costs however, Americans aren’t shying away from renting. In fact, the occupancy rate for stabilized and completed properties was 96% as of February. This high occupancy level remains high even in pricier markets like San Francisco, Los Angeles, Sacramento, Dallas, and Seattle.

Some other highlights of this month’s Yardi Matrix include:

• • Rent growth is highest (year over year) on the West Coast, in Portland, Sacramento and Seattle. Southern cities like Tampa, Orlando, Austin, and Phoenix have also seen higher-than-average rent increases.

• Rent growth mirrored job growth in many metros. Nationally, the employment market has seen 200,000-plus jobs created per month for going on six years. Cities like Orlando and Austin, which both saw a 4.2% jump in employment y-o-y, also saw big increases in average rents. Other high-employment growth areas included Dallas, San Jose, and Jacksonville (3.5%).
• By year’s end, San Francisco is expected to see the biggest rent jumps, with an estimate 10.5% increase in rents by the close of 2016. Sacramento, Portland, Dallas, Seattle, and Los Angeles follow close behind.

Though national rents average $1,194 a month, every metro area is different. Let’s a take a look at what this rent price can get you in Seattle, Austin and Philadelphia.

Seattle

Temperate weather and good job growth make Seattle a great place to live. And while the city’s an in-demand place, there are still plenty of great, reasonably-priced properties for rent of all shapes and sizes. Take the Monticello Apartment Homes for example. For $1,030 a month, you can get a 1 bedroom, 1 bath right in the heart of central Seattle. Just minutes from shopping, dining, entertainment and public transport, it’s the perfect spot for a young professional making their way in the world. Need more space? Venture outside the city limits a bit to Bitter Lake, where you’ll find roomy two bedrooms for $1,015 at Tressa.

Monticello Apartment Homes in Seattle’s Yesler Terrace neighborhood

Austin

Youthful and full of opportunity, it’s no wonder people are flocking to the Lone Star State’s capital city. And fortunately, there are plenty of properties to go around. For a more residential feel, look to The Ridge at Barton Creek, a Barton Hills community located just outside downtown. A little over $1,100 a month can get you a 2 bedroom, 1 bath with nearly 800 square feet. Want to be closer to the action of the big city? Try central Austin’s Park at Crestview, where $1,230 can get you a 3-bedroom, 2-bath place. If you are looking for cheaper options, check out our selection of low-priced apartments available in Austin.

Pool at The Ridge at Barton Creek Apartments in Barton Hills – rated the best in Austin!

Located 8 miles from downtown in Wooten, Park at Crestview features free covered parking, new appliances, 2 swimming pools, and more.

Philadelphia

Want to be near history, culture, and constant entertainment? Philadelphia could be the place for you. For access to the city’s best museums and cultural attractions, try the Roosevelt, where $1,095 a month can get you a 1 bedroom, 1 bath studio apartment in the heart of the city. Need more room to spread out? Spring Garden in Lower North Philly may be a better option. A 2 bedroom, 1 bath will run you just $1,116. Find even cheaper rental options here!

Located in the heart of Center City Philadelphia, Roosevelt ranks high on convenience with amenities such as on-site laundry, bike storage, pet-friendly policies, and secure-entry.

To learn more about these properties and other rental apartments for all tastes and budgets, visit RentCafe.com.