August Rents Rose at the Fastest Pace in 18 Months, as Apartment Construction Slows

Key takeaways:

• The national average rent reached an all-time high of $1,412 in August 2018, up by 3.1 percent ($42) year over year, and by 0.1 percent ($2) month over month, according to Yardi Matrix data.
• Rents increased in 89 percent of the nation’s biggest 252 cities in August (including newly added Queens, NY and Honolulu, HI), stayed flat in 10 percent of cities, and dropped in only 1 percent of cities compared to August 2017.
• Queens (NYC), Las Vegas, and Phoenix rents increased the most in one year, while Baltimore, San Antonio, and Washington, DC rents have changed the least among the nation’s largest cities. 

Rents push forward in August, rising by 3.1%, the fastest annual increase in 18 months

Fewer than expected apartment deliveries this year are increasing competition among existing apartments, pushing up the national average rent by another 3.1% year over year, to $1,412 in August. The national average monthly rent swelled by $42 since last August and $2 since last month. Above-average numbers of renters renewing leases at the end of the summer and heightened demand from college-age renters are also contributing to the rise in rents this time of year.

Orlando’s fast-growing rents outpaced the nation’s largest renter hubs

Of the top 20 largest renter hubs in the U.S., Orlando apartments are seeing the highest increase in rent over the past year, 7.7%, reaching $1,393 in August, while San Antonio apartments saw the weakest rent growth of the 20 cities, 1.5% in one year, posting an average rent of $996 per month in August. The biggest net changes in rent compared to August 2017 were felt by renters in Los Angeles, CA, who are paying on average $102 per month more this August compared to the same month last year. Orlando rents increased by no less than $99 per month, and Tampa, Chicago, IL, and Manhattan (New York City) rents are $77 above last year’s average. At the opposite end, rents in San Antonio saw the smallest uptick, only $15 more per month than they were one year ago.

One Year Rent Changes in 20 Renter Mega-Hubs August 2018

City	August 2018	August 2017	Percentage Change	Net Change
Manhattan, NY	$4,119	$4,042	1.9%	$77
Los Angeles, CA	$2,395	$2,293	4.4%	$102
Washington, D.C.	$2,145	$2,100	2.1%	$45
Seattle, WA	$2,066	$2,009	2.8%	$57
Chicago, IL	$1,904	$1,827	4.2%	$77
Denver, CO	$1,595	$1,533	4.0%	$62
Atlanta, GA	$1,406	$1,355	3.8%	$51
Orlando, FL	$1,393	$1,294	7.7%	$99
Austin, TX	$1,349	$1,311	2.9%	$38
Tampa, FL	$1,287	$1,210	6.4%	$77
Charlotte, NC	$1,201	$1,142	5.2%	$59
Dallas, TX	$1,176	$1,142	3.0%	$34
Houston, TX	$1,088	$1,056	3.0%	$32
Fort Worth, TX	$1,068	$1,038	2.9%	$30
Jacksonville, FL	$1,041	$993	4.8%	$48
Las Vegas, NV	$1,011	$952	6.2%	$59
San Antonio, TX	$996	$981	1.5%	$15
Phoenix, AZ	$996	$933	6.8%	$63
Columbus, OH	$912	$869	4.9%	$43
Indianapolis, IN	$842	$813	3.6%	$29

NATIONAL: Rents in Nevada and Arizona feel the heat from increased demand

Housing in the Permian Basin continues to see the steepest price increases in the country. Apartments for rent in Midland, TX now cost $1,595 per month, a 31.9% leap from one year prior. Likewise, rentals in neighboring Odessa, TX cost $1,365 on average, having jumped 30% in one year.

Reno, NV‘s housing crunch is worsening due to limited land development and high demand for rentals. Rents in Reno are the third fastest rising in the country, behind only Midland and Odessa. The average rent in Reno is $1,253 per month, a massive 11.3% increase year over year, or $127 more per month compared to the same time last year. The average rent in Reno was around $900 just three years ago but has jumped by more than $300 in 36 months, making it increasingly unaffordable for renters. Nevada’s growing popularity as a destination for those moving out of California is reflected in rapidly-growing real estate prices. Besides Reno, apartments in Las Vegas are also getting expensive, with the third fastest growing rents in the U.S. compared to other large cities.

Peoria, AZ is facing a similar situation. What used to be an affordable town in the Phoenix area, with an average rent of about $900 per month no more than three years ago, now has apartments that go for $1,114 per month on average, over $200 more expensive, a big leap and a heavy burden for the area’s renters. Compared to August 2017, the average rent in Peoria is 10.1% or $102/month more expensive, the fourth fastest growing this August out of 252 cities surveyed. Likewise, rents in other parts of the Phoenix metro are also rising faster than most other parts of the country, as a consequence of strong demand boosted by big increases in population.

Lancaster, CA is fifth in the U.S. in terms of fastest-growing rents. The average rent in Lancaster shot up 9.7% year over year, reaching $1,274 per month. The likely reason? Not enough apartments are being built to keep up with the surge in renter population in this town located on the northern fringes of Los Angeles County.

 

Rent prices have decreased in August in border town Brownsville, TX (-2% y-o-y), Orange County’s Irvine, CA (-0.9% y-o-y), Norman, OK (-0.9% y-o-y), Baton Rouge, LA  (-0.7%) and Dallas suburb Richardson, TX (-0.6%). Amarillo, TX, New Haven, CT, Baltimore, MD, Frisco, TX and Stamford, CT round up the 10 slowest growing rent prices in the U.S. in August.

LARGE CITIES: Rents rise the fastest in Queens, NY, Phoenix, AZ and Las Vegas, NV

Rent prices are racing in the New York City borough of Queens, up 8.4% compared to last year, with an average rent of $2,342, behind Manhattan’s average rent of $4,119 and Brooklyn’s $2,801. Rents in Manhattan are among the slowest growing in the U.S., 1.9%, while in Brooklyn rents were up 3.9%.

The second fastest growing rents among the nation’s largest cities are in Phoenix, AZ, up 6.8% over the year. The area has seen a surge in population in search of affordable housing and job opportunities. Even with prices of apartments growing at annual rates of 6-7%, the average rent is still affordable at $996 per month, especially when compared to most other major cities in the country.

Las Vegas is an increasingly popular place to move to, as Census population estimates show, but the local real estate market is slow to respond. New apartment construction is low, causing rents to go up significantly. An apartment in Las Vegas costs on average $1,011, up 6.2% since August 2017.

Renters in Baltimore, San Antonio, Manhattan, Washington, DC, and Philadelphia are getting a break from rising prices. These cities saw the slowest growing rents in August, ranging from 0.2% in Baltimore to 2.3% in Philadelphia.

See the complete list of cities at the end of this report.

MID-SIZE CITIES: Mesa and Tampa apartments see steepest rises in rents

Apartments in Mesa, AZ and Tampa, FL are seeing price increases above 6% in August. Rents in Mesa reached $965 per month, and in Tampa the average rent is $1,287. Sacramento, CA, Pittsburgh, and Fresno wrap up the top 5, with annual price increases of above 5%.

Pittsburgh, PA is emerging as a hot rental market, as the city’s job market is gaining traction in tech-related fields. The average rent in Steel City is $1,216, but it is expected to keep growing as apartment construction is not yet in line with the sudden increase in demand.

At the other end of the chart are Wichita, KS, with rents decreasing by 0.8%, Lexington, KY, where prices for apartments moved by 1.1% in one year, Tulsa, OK, where rents changed by 1.3%, Virginia Beach, with prices up by only 1.4% and Albuquerque, NM, where rents saw a 1.7% uptick. The average rent in Lexington sits at $889 per month, in Virginia Beach it is slightly higher, at $1,169 per month, and in Albuquerque, it averages $852 per month.

SMALL CITIES: Rents in Midland and Odessa are over $300 per month more expensive than last year

The most fluctuating prices are in small cities at both ends of the list. The top 20 list of highest annual rent increases is dominated by small cities (17 out of 20). Midland and Odessa,  however, stand out from the rest of them, with annual percentage increases of over 30%, which translate into an additional $300 or more per month to the average rent check. The region is economically centered around the oil industry and it’s booming, and real estate prices are taking off as well.

Small cities make up most of the bottom of the list, as well, in terms of slowest growing rents: Brownsville, TX, Irvine, CA, Norman, OK, Baton Rouge, LA, and Richardson, TX saw rents stagnate over the past year. Akron, OH, Thousand Oaks, CA, and McKinney, TX are in the same boat.

 

The top with the 10 highest rents in the country remains unchanged. Manhattan is still the most expensive, with apartment rents at $4,119, San Francisco is second, with an average rent of $3,579, and Boston is third, with an average rent of $3,388. San Mateo, CA and Cambridge, MA also have an average rent above $3,000 per month. The cheapest rents of the 252 cities surveyed are in Wichita, Brownsville, and Tulsa, all below $700 per month.

Much of the change in rent prices we see this year is driven by how much demand there is in a specific area and what that area does to deal with it. However, the underlying factors are more complex. The housing market continues to change as a result of the 2007 subprime crisis, according to Doug Ressler, Director of Business Intelligence at Yardi Matrix. We believe that the markets are undergoing a significant change driven by dramatically different demographic trends. Trends vary by market and will be impacted by population aging, population growth, immigration and home ownership trends, says Ressler.

Check out the average price of rent in your city, from Portland to Miami, Raleigh to Cincinnati, by using this interactive table:

City	State	Average Rent	Change M-o-M	Change Y-o-Y
Manhattan	NY	$4,119	0.00%	1.90%
San Francisco	CA	$3,579	0.10%	3.00%
Boston	MA	$3,388	0.20%	3.70%
San Mateo	CA	$3,249	-0.20%	4.90%
Cambridge	MA	$3,124	0.30%	2.60%
Sunnyvale	CA	$2,952	-0.40%	5.50%
Santa Clara	CA	$2,929	0.30%	6.70%
Jersey City	NJ	$2,904	0.10%	1.90%
Brooklyn	NY	$2,801	0.00%	3.90%
San Jose	CA	$2,758	-0.10%	4.00%
Oakland	CA	$2,678	-1.30%	2.30%
Pasadena	CA	$2,536	2.70%	5.90%
Daly City	CA	$2,524	-0.30%	7.40%
Glendale	CA	$2,472	0.40%	4.30%
Fremont	CA	$2,433	-0.20%	3.50%
Los Angeles	CA	$2,395	0.30%	4.40%
Stamford	CT	$2,394	0.00%	0.30%
Irvine	CA	$2,359	0.20%	-0.90%
Queens	NY	$2,342	0.00%	8.40%
Carlsbad	CA	$2,264	0.30%	4.40%
Bellevue	WA	$2,219	-0.50%	4.20%
Burbank	CA	$2,208	0.50%	1.60%
Arlington	VA	$2,164	0.40%	2.60%
San Diego	CA	$2,146	0.10%	5.00%
Washington	DC	$2,145	0.30%	2.10%
Hayward	CA	$2,096	-0.30%	2.70%
Thousand Oaks	CA	$2,088	0.10%	0.40%
Seattle	WA	$2,066	-0.40%	2.80%
Costa Mesa	CA	$2,039	0.00%	3.20%
Huntington Beach	CA	$2,017	0.10%	1.00%
Orange	CA	$2,007	0.10%	2.80%
Santa Rosa	CA	$1,990	-0.60%	6.00%
Simi Valley	CA	$1,961	0.10%	4.80%
Long Beach	CA	$1,959	0.90%	4.90%
Ventura	CA	$1,953	0.20%	4.90%
Santa Clarita	CA	$1,946	0.90%	6.30%
Yonkers	NY	$1,940	0.10%	3.40%
Concord	CA	$1,929	-0.30%	2.00%
Chicago	IL	$1,904	0.70%	4.20%
Santa Ana	CA	$1,892	0.20%	4.00%
Oxnard	CA	$1,888	-0.40%	3.20%
Fort Lauderdale	FL	$1,887	-0.50%	1.70%
Boulder	CO	$1,881	-0.10%	4.10%
Torrance	CA	$1,875	0.10%	4.70%
Rancho Cucamonga	CA	$1,845	0.20%	5.40%
Fullerton	CA	$1,844	0.00%	2.20%
Honolulu	HI	$1,843	1.10%
Miramar	FL	$1,827	-0.20%	1.80%
West Covina	CA	$1,795	0.60%	5.30%
Oceanside	CA	$1,765	0.30%	4.50%
Vista	CA	$1,761	0.00%	5.00%
Pembroke Pines	FL	$1,757	-0.60%	3.70%
Anaheim	CA	$1,750	0.30%	3.80%
Vallejo	CA	$1,744	-0.30%	2.60%
Fairfield	CA	$1,741	-0.50%	4.60%
Davie	FL	$1,738	0.30%	1.60%
Chula Vista	CA	$1,726	0.20%	4.90%
Alexandria	VA	$1,711	0.40%	1.90%
Ontario	CA	$1,704	0.20%	7.60%
Garden Grove	CA	$1,698	0.20%	3.00%
Coral Springs	FL	$1,690	1.00%	3.40%
Salinas	CA	$1,674	1.30%	5.80%
Renton	WA	$1,664	-0.50%	4.10%
Corona	CA	$1,660	-0.50%	4.00%
Miami	FL	$1,651	0.50%	3.10%
Roseville	CA	$1,637	0.20%	0.60%
New Haven	CT	$1,627	-0.20%	0.20%
Murrieta	CA	$1,616	1.00%	3.50%
Temecula	CA	$1,604	0.30%	3.40%
Denver	CO	$1,595	-0.30%	4.00%
Midland	TX	$1,595	-1.10%	31.90%
Santa Maria	CA	$1,571	-0.50%	2.80%
Edison	NJ	$1,569	0.30%	1.60%
Escondido	CA	$1,566	0.30%	4.70%
Minneapolis	MN	$1,552	-0.30%	4.80%
Philadelphia	PA	$1,549	0.20%	2.30%
Hillsboro	OR	$1,548	-0.10%	2.20%
Portland	OR	$1,503	0.30%	3.00%
Ann Arbor	MI	$1,502	0.10%	2.50%
El Cajon	CA	$1,502	0.50%	4.70%
Pomona	CA	$1,499	0.90%	5.20%
Fort Collins	CO	$1,495	-0.70%	3.20%
Riverside	CA	$1,492	0.20%	4.70%
Lakewood	CO	$1,483	-0.30%	2.30%
Naperville	IL	$1,479	0.10%	1.60%
Kent	WA	$1,458	-0.50%	3.50%
Moreno Valley	CA	$1,453	0.30%	5.20%
Hollywood	FL	$1,446	-0.10%	9.20%
Westminster	CO	$1,443	-0.20%	5.20%
Sandy Springs	GA	$1,439	1.10%	2.60%
Everett	WA	$1,419	-0.60%	4.00%
West Palm Beach	FL	$1,408	-0.60%	6.40%
Atlanta	GA	$1,406	1.10%	3.80%
Orlando	FL	$1,393	0.40%	7.70%
Thornton	CO	$1,387	-0.40%	1.50%
Pompano Beach	FL	$1,375	-0.10%	4.60%
Scottsdale	AZ	$1,368	0.10%	4.50%
Arvada	CO	$1,365	-0.40%	4.00%
Odessa	TX	$1,365	0.70%	30.00%
Austin	TX	$1,349	0.40%	2.90%
Sacramento	CA	$1,342	0.40%	5.50%
Hialeah	FL	$1,339	0.40%	4.80%
Frisco	TX	$1,327	-0.20%	0.30%
Manchester	NH	$1,327	0.50%	6.50%
Aurora	CO	$1,319	-0.50%	2.70%
Nashville	TN	$1,315	0.00%	2.70%
Richardson	TX	$1,303	-0.50%	-0.60%
Charleston	SC	$1,303	0.20%	4.10%
Eugene	OR	$1,302	0.50%	4.40%
Aurora	IL	$1,301	-0.20%	2.30%
Pearland	TX	$1,298	-0.30%	2.80%
Tempe	AZ	$1,295	0.20%	5.80%
Tampa	FL	$1,287	0.40%	6.40%
St. Petersburg	FL	$1,280	0.30%	3.50%
Vancouver	WA	$1,278	0.20%	3.40%
Plano	TX	$1,274	-0.10%	1.40%
Lancaster	CA	$1,274	0.20%	9.70%
Rialto	CA	$1,255	0.30%	8.30%
Reno	NV	$1,253	1.70%	11.30%
Fontana	CA	$1,252	0.10%	5.00%
Gresham	OR	$1,246	0.20%	3.10%
Baltimore	MD	$1,242	0.10%	0.20%
Tacoma	WA	$1,240	0.40%	5.40%
McKinney	TX	$1,235	-0.10%	0.60%
Elizabeth	NJ	$1,225	0.20%	3.80%
Chandler	AZ	$1,222	0.30%	7.20%
Pittsburgh	PA	$1,216	0.10%	5.20%
Madison	WI	$1,213	0.30%	1.10%
Gainesville	FL	$1,212	0.20%	5.40%
Henderson	NV	$1,207	0.20%	6.50%
Gilbert	AZ	$1,206	-0.20%	6.70%
Hartford	CT	$1,204	-0.30%	1.00%
San Bernardino	CA	$1,202	0.10%	7.90%
Charlotte	NC	$1,201	0.50%	5.20%
College Station	TX	$1,188	-1.20%	1.00%
Salt Lake City	UT	$1,185	1.10%	5.90%
Carrollton	TX	$1,184	-0.10%	3.40%
Tallahassee	FL	$1,183	-0.70%	1.90%
Denton	TX	$1,183	0.30%	2.90%
Brandon	FL	$1,181	0.10%	4.90%
Chesapeake	VA	$1,178	0.20%	0.90%
Dallas	TX	$1,176	-0.20%	3.00%
Round Rock	TX	$1,171	0.60%	5.70%
Virginia Beach	VA	$1,169	0.10%	1.40%
Newark	NJ	$1,165	-0.20%	1.70%
Cary	NC	$1,164	0.10%	2.10%
Clearwater	FL	$1,163	0.30%	5.20%
Modesto	CA	$1,161	0.00%	4.10%
Milwaukee	WI	$1,150	-0.10%	3.10%
Raleigh	NC	$1,146	0.00%	2.30%
Lewisville	TX	$1,145	0.30%	4.00%
West Jordan	UT	$1,136	0.00%	6.60%
West Valley City	UT	$1,130	1.30%	7.90%
Irving	TX	$1,129	0.30%	1.90%
Greeley	CO	$1,127	-0.40%	6.10%
New Orleans	LA	$1,121	0.40%	2.00%
Colorado Springs	CO	$1,118	0.50%	4.40%
Durham	NC	$1,116	-0.20%	3.20%
Peoria	AZ	$1,114	0.20%	10.10%
Stockton	CA	$1,110	-0.20%	4.70%
Murfreesboro	TN	$1,095	0.10%	3.10%
Syracuse	NY	$1,095	0.00%	3.80%
Boise	ID	$1,095	-0.10%	7.90%
Houston	TX	$1,088	-0.10%	3.00%
Victorville	CA	$1,071	0.10%	5.30%
Fort Worth	TX	$1,068	0.00%	2.90%
Savannah	GA	$1,067	0.00%	4.50%
Grand Prairie	TX	$1,066	0.00%	3.30%
Richmond	VA	$1,066	0.10%	5.30%
Wilmington	NC	$1,064	-0.30%	2.10%
Clovis	CA	$1,059	0.00%	5.50%
Norfolk	VA	$1,053	0.10%	1.80%
Overland Park	KS	$1,053	0.10%	2.50%
Baton Rouge	LA	$1,045	-0.60%	-0.70%
Buffalo	NY	$1,044	0.10%	1.00%
Jacksonville	FL	$1,041	-0.50%	4.80%
Cleveland	OH	$1,036	-0.10%	2.90%
Lakeland	FL	$1,029	0.60%	5.60%
Fresno	CA	$1,023	-0.10%	5.10%
Detroit	MI	$1,016	0.10%	3.30%
Knoxville	TN	$1,016	0.20%	6.50%
Columbia	SC	$1,015	0.00%	1.90%
Hampton	VA	$1,012	0.20%	1.00%
Rochester	NY	$1,011	0.30%	3.00%
Las Vegas	NV	$1,011	0.30%	6.20%
North Las Vegas	NV	$1,011	0.30%	6.60%
North Charleston	SC	$1,009	0.50%	3.30%
Salem	OR	$1,008	0.20%	4.60%
Arlington	TX	$1,004	0.20%	3.80%
Garland	TX	$1,003	-0.10%	4.20%
San Antonio	TX	$996	-0.10%	1.50%
Phoenix	AZ	$996	0.50%	6.80%
Grand Rapids	MI	$987	0.30%	4.10%
Kansas City	MO	$974	-0.30%	3.70%
Chattanooga	TN	$972	2.40%	5.80%
Corpus Christi	TX	$966	0.10%	2.40%
Mesa	AZ	$965	0.80%	6.90%
Cincinnati	OH	$955	0.10%	1.30%
Bakersfield	CA	$955	0.00%	3.40%
Mesquite	TX	$954	0.10%	2.80%
Birmingham	AL	$953	0.10%	2.60%
Waco	TX	$949	-0.30%	-0.30%
Waterbury	CT	$941	-0.40%	2.70%
Spokane	WA	$940	1.60%	5.30%
Olathe	KS	$939	-0.20%	4.60%
Lincoln	NE	$930	0.20%	1.50%
Newport News	VA	$928	0.20%	1.60%
Glendale	AZ	$927	0.90%	7.80%
Louisville	KY	$925	-0.30%	2.80%
Columbus	OH	$912	0.80%	4.90%
Metairie	LA	$907	0.20%	1.00%
Sterling Heights	MI	$906	-0.30%	3.50%
Lubbock	TX	$902	-0.60%	0.80%
St. Louis	MO	$902	-0.10%	1.80%
South Bend	IN	$901	-0.20%	3.90%
Omaha	NE	$891	0.30%	1.70%
Des Moines	IA	$890	0.30%	1.40%
Lexington	KY	$889	-0.10%	1.10%
Norman	OK	$881	0.10%	-0.90%
Pasadena	TX	$878	0.50%	4.80%
Greensboro	NC	$873	0.30%	3.30%
Paradise	NV	$853	0.10%	4.80%
Albuquerque	NM	$852	-0.10%	1.70%
Columbus	GA	$843	0.00%	1.00%
Indianapolis	IN	$842	0.50%	3.60%
Akron	OH	$826	-0.10%	0.70%
Tucson	AZ	$826	0.20%	4.40%
Winston-Salem	NC	$820	0.40%	3.30%
Macon	GA	$815	-0.10%	5.30%
Augusta	GA	$812	0.70%	6.10%
Broken Arrow	OK	$809	0.20%	0.90%
Las Cruces	NM	$806	0.20%	3.70%
Lansing	MI	$804	-0.20%	4.10%
Mobile	AL	$801	-0.40%	2.30%
High Point	NC	$789	0.60%	3.70%
Kansas City	KS	$788	-0.30%	4.20%
Little Rock	AR	$785	0.00%	2.20%
Warren	MI	$779	-0.40%	1.70%
Memphis	TN	$776	0.50%	4.20%
McAllen	TX	$775	0.10%	1.40%
Jackson	MS	$773	0.30%	1.80%
El Paso	TX	$766	0.70%	3.00%
Oklahoma City	OK	$746	0.40%	2.30%
Fort Wayne	IN	$745	0.10%	2.30%
Dayton	OH	$744	0.40%	2.50%
Amarillo	TX	$735	0.40%	0.00%
Independence	MO	$734	-0.30%	2.70%
Toledo	OH	$708	0.70%	5.70%
Killeen	TX	$702	-0.60%	1.40%
Tulsa	OK	$683	0.40%	1.30%
Brownsville	TX	$675	-0.10%	-2.00%
Wichita	KS	$639	-0.20%	0.80%

[mailmunch-form id=”583374″]

Methodology:

RentCafe is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.

To compile this report, RentCafe’s research team analyzed rent data across the 252 largest cities in the US. The report is exclusively based on apartment data related to buildings containing 50 or more units. Our report includes cities with populations over 100,000 and a rental stock of at least 2,900 apartments in 50+ unit buildings.

In this report, large cities are cities with a population of 600,000 people or more, mid-sized cities are cities with a population between 300,000 and 600,000, and small cities are cities with a population of less than 300,000.

Rent data was provided by 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. Rental rate coverage is for Market Rate properties only. Fully Affordable properties are not included in the Yardi Matrix rental surveys and are not reported in rental rate averages.

Starting with the January 2017 rent survey, Yardi Matrix is using a methodology that incorporates more properties into the sample which caused slight changes in overall rents and year-over-year changes compared to the previous reports. We expect this methodology adjustment to produce more accurate averages at the national and metro levels.

*National averages include over 130 markets across the U.S., as reported by Yardi Matrix.