- The U.S. average rent increased by 3.2% ($45) year over year reaching $1,465 in June 2019, up by 0.8% ($12) month over month, according to Yardi Matrix data.
- Foster City, CA, renters saw the highest monthly rent increase in June, reaching $3,536 per month.
- Menlo Park, CA apartments are the most expensive among the cities analyzed, while apartments in Vallejo, CA have the cheapest rents.
Mid-year national average rent sees a spike as peak rental season is in full effect
In true seasonality fashion, June brings rent increases consistent with the end of the second quarter. Nationally, average rent prices reached $1,465 following a 3.2% annual increase and up 0.8% since last month — the highest monthly jump since May 2018. Compared to last June, renters pay $45 more on average according to the latest rent survey from Yardi Matrix.
Since the beginning of the year, apartment rents have increased by 2.6% – that’s an extra $37 added to the average monthly rent in six months. Rent increases during the first half of the year are typically more accelerated, whereas during the second half of the year they’re expected to slow down, a typical pattern confirmed by rent evolution in the past years.
Renting in the Bay Area in June 2019
The average rent in the Bay Area’s largest cities is generally higher than the national average rent. The fastest growing rents in June were in Foster City, where rental apartment prices increased by 2.3% month over month, $81 more per month. Sunnyvale apartments saw the second-highest monthly increase, jumping by 2%, $61 more expensive than last month. The slowest change was in Richmond, where prices dropped by 0.6% ($13) compared to May.
Of the cities analyzed, Menlo Park apartments are the most expensive for renters, with an average rent of $4,368, followed by apartments in Palo Alto, where the average monthly rent is $3,857. On the other hand, the cheapest city to rent an apartment of the ones analyzed is Vallejo, with an average apartment rent of $1,773.
Mid-year rent changes in the Bay Area
In the first half of the year, there has been an increase in average rent in almost all of the cities in Central Valley. The highest increase in rent can be seen in Foster City, where average rent went up by 7.6%, or $250. Following closely behind is Livermore with a 7.2% increase in the first months of 2019, a value amount of $150. A decrease in average rent over this time period can be seen in Alameda, with rent being 3.3%, or $85, less.
To compare the rental market in Bay Area with other parts of the U.S., you can also check our national rent report.
RENTCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.
The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.
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