Key takeaways:
- The national average rent was $1,377 in April 2018, having increased by 2.4 percent year over year, and by 0.3 percent ($4) month over month, according to data from Yardi Matrix.
- Rents increased in 84 percent of the nation’s biggest 250 cities in April, were unchanged in 14 percent of cities, and dropped in 2 percent of cities compared to April 2017.
- The top 20 fastest growing rents in the country are in small cities, including Reno, NV, Boise, ID, and Orlando, FL.
- Among the largest U.S. cities, Las Vegas, Denver, and Detroit had the fastest rising prices in April, while rents in New York, Baltimore, and DC stopped rising.
Rents in all unit sizes pick up steam in April
Increasing demand across the board has caused one-, two-, and three-bedroom apartment rents to go up by 3.3% compared to prices in April 2017, while studio apartment rents were up by 2.9% year over year. In April 2018, the average rent for a studio apartment in the U.S. was $1,216, and the average rent for a one-bedroom apartment was $1,241. The cost of a two-bedroom apartment was $1,454, and the average three-bedroom unit was renting for $1,682.
| Bedroom Type | Average Rent | Change M-o-M | Change Y-o-Y |
|---|---|---|---|
| Studio | $1,216 | 0.2% | 2.9% |
| 1 Bed | $1,241 | 0.3% | 3.3% |
| 2 Beds | $1,454 | 0.3% | 3.3% |
| 3 Beds | $1,682 | 0.4% | 3.3% |
National rents continue previous pattern with a 2.4% annual increase; 5 cities post double-digit growth
The national average rent in April saw a 2.4% uptick compared to the same time last year, reaching $1,377/month. Month-over-month, national rents grew by 0.3%, or $4, compared to March, revving up as we approach the start line of 2018’s peak rental season.
The highest annual rent increases in April were in Odessa, TX (up 35.6% y-o-y); Midland, TX (32.6%); Yonkers, NY (11.5%); and Reno, NV (10.8%); followed by a newcomer to the top 5: Hollywood, FL (10.6%). As such, the average monthly rent is now $1,273 in Odessa; $1,467 in Midland; $1,922 in Yonkers; $1,164 in Reno; and $1,425 in Hollywood.
Meanwhile, renters in Lancaster, CA; Greeley, CO; and Boise, ID, also saw high rent increases above 8%. In total, rents rose in 84% of the nation’s 250 largest cities in April.
Rent prices in Norman, OK; Lubbock, TX; New Orleans, LA; Brownsville, TX; Hillsboro, OR; and Alexandria, VA, are down compared to April last year. Many big cities are seeing rents decline or stagnate as well, including New York City; Baltimore, MD; Washington, DC; Portland, OR; and Austin, TX. So, the average rent in Austin exceeded $1,300/month in April, in Portland the average apartment rent was $1,454/month, while apartments for rent in Washington, DC, cost $2,070/month on average.
No significant fluctuation in prices was noticed in Chicago; Philadelphia; San Francisco; Cleveland; Newark, NJ; and St. Louis, MO, where apartment rents grew slower than 2% over the year, although that may change in the upcoming months as activity starts to pick up.
Large cities: Las Vegas, Denver, Detroit apartments see highest price jumps
With a 6% increase over the year, Las Vegas rents rose the most among the largest U.S. cities, reaching $979/month in April, as the local housing market is rebounding. Denver remains one of the hottest cities for renters in the U.S., with apartments renting for $1,559/month, 5.8% more expensive than they were one year prior. Rental housing in Detroit is making a comeback after years in the slump. Apartments for rent in Detroit saw the third highest yearly increase in prices among big cities, 5.4%, reaching just $1,015/month, still well below the national average.
Also poised for an active rental season are Phoenix and San Diego, with 5% and 4.6% year-over-year increases in April. Rents for apartments in Jacksonville, FL; Charlotte, NC; Los Angeles; and Houston rose by more than 4%, while rents in Columbus, OH; Fort Worth, TX; Dallas; and Seattle, WA, were more moderate, between 3-4%.
Rents in the New York City boroughs of Brooklyn and Manhattan continue sliding, by -1% and -0.2%, with the average price in Manhattan at $4,063/month and in Brooklyn at $2,688. Meanwhile, Baltimore apartments stagnate at around $1,200/month, as the market is cooling down. Monthly rents in Washington, DC; Portland; Austin; San Francisco; El Paso, TX; and Oklahoma City, OK, have been steady for the month, growing by less than 1.5%.
Mid-size cities: Sacramento rents cool down but still lead
If the price of the average apartment for rent in Sacramento was growing by 7.2% as of last month, it cooled down to 6% in April, still the highest year-over-year increase among mid-sized cities, stopping just shy of $1,300/month. Similarly, Stockton, CA‘s more affordable rental housing is also heated, with year-over-year growth of 5.8%, and an average rent of $1,100 per month, which is low by California standards.
Tampa, FL renters are also feeling the heat before the start of the summer, with rent increases of 5.7% over the year and a monthly average rent that’s starting to rival Southeast Florida prices, at $1,254. Central California’s Fresno saw a 5.1% jump in rents in April, breaking the $1,000/month mark. Rents for apartments in Kansas City, MO, and Arlington, TX, increased by 5%, while Minneapolis; Oakland, CA; Atlanta; and Miami saw more moderate increases.
At the other end of the spectrum are New Orleans, LA; Tulsa, OK; Wichita, KS; Virginia Beach, VA; and Raleigh, NC, where rents are growing the slowest in the mid-size city category. The average rent in New Orleans was $1,088 in April, while apartments in Virginia Beach were renting for $1,183, and those in Raleigh were renting for $1,112.
Small cities see the top 20 most sizeable rent increases in April
At the top of the list reigns the Midland-Odessa area, with prices up by 35.6% and 32.6% year-over-year. Odessa apartments now cost $1,273 on average, while Midland rents cost $1,467 per month. In Yonkers, NY, rents have been skyrocketing over the last few months, growing again by 11.5% over the year, approaching the $2,000 mark. Renters in Reno continue to struggle with a 10.8% annual increase, now paying $1,164 per month, on average. Likewise, apartments in Hollywood, FL, are seeing an uptick in demand, pushing rents in the small town located south of Fort Lauderdale, FL, up by 10.6%, reaching $1,425/month in April, from $1,288 one year ago.
At the bottom of the list are Norman, OK (-2.5%); Lubbock, TX (-2.5%, less than last month’s -4.3% decrease); Brownsville, TX (-1.7%); Hillsboro, OR (-1.6%); and Alexandria, VA (-1.1%). Rents were sluggish in Baton Rouge, LA; Bellevue, WA; Mobile, AL; Hampton, VA; and College Station, TX.
Meanwhile, places like Durham, NC; Spokane, WA; Burbank, CA; Augusta, GA; and Wilmington, DE, saw moderate increases of about 3%.
Top 10 Lowest Rents in April 2018
| City | State | Average Rent |
|---|---|---|
| Wichita | KS | $633 |
| Tulsa | OK | $668 |
| Brownsville | TX | $685 |
| Toledo | OH | $696 |
| Killeen | TX | $697 |
| Independence | MO | $723 |
| Amarillo | TX | $723 |
| Dayton | OH | $728 |
| Oklahoma City | OK | $729 |
| Fort Wayne | IN | $741 |
Top 10 Highest Rents in April 2018
| City | State | Average Rent |
|---|---|---|
| Manhattan | NY | $4,063 |
| San Francisco | CA | $3,442 |
| Boston | MA | $3,255 |
| San Mateo | CA | $3,160 |
| Cambridge | MA | $3,020 |
| Jersey City | NJ | $2,841 |
| Sunnyvale | CA | $2,805 |
| Santa Clara | CA | $2,782 |
| Brooklyn | NY | $2,688 |
| San Jose | CA | $2,669 |
Manhattan boasts the most expensive rents in the country, with an average rent of $4,063 as of April. San Francisco is the second most expensive city for renters, with apartments going for $3,442/month on average. Next comes Boston, where the average apartment rents for $3,255 per month. Rounding up the top 10 priciest cities for renting are San Mateo, CA; Cambridge, MA; Jersey City, NJ; Sunnyvale, CA; Santa Clara, CA; Brooklyn, NY; and San Jose, CA.
Apartments in Wichita are the cheapest of the 250 cities surveyed in April, with an average rent of $633/month, increasing just 1% year over year. The second most affordable is Tulsa, OK, with an average rent of $668, only 0.5% more than the previous year, followed by Brownsville, TX, where apartments cost $685 on average, after a decline of -1.7% year-over-year.
Also among the 10 most affordable cities for renters are Toledo, OH; Killeen, TX; Independence, MO; Amarillo, TX; Dayton, OH; Oklahoma City, OK; and Fort Wayne, IN, all with prices under $750/month.
Doug Ressler, Yardi Matrix Director of Business Intelligence, weighed in on the key drivers in the current rental market:
Housing supply, rent stabilization, and affordable rents are of critical interest nationwide. In California growing financial pressure on tenants is driving a statewide initiative for a November referendum to lift California’s limits on rent control known as Costa Hawkins. Continued rent activity is expected specifically in 22 states and the District of Columbia which have built too little housing to keep up with economic growth in the 15 years since 2000, and have resulted in a total shortage of 7.3 million units, based on research by Up for Growth National Coalition. A key driver in the changing rental markets will be the individual or families’ cost of living and the percentage required for housing.
Check out the average price of rent in your city by using this interactive table:
| City | State | Average Rent | Change M-o-M | Change Y-o-Y |
|---|---|---|---|---|
| Manhattan (New York City) | NY | $4,063 | 0.00% | -0.20% |
| San Francisco | CA | $3,442 | -0.10% | 1.10% |
| Boston | MA | $3,255 | 0.30% | 2.00% |
| San Mateo | CA | $3,160 | 0.40% | 3.00% |
| Cambridge | MA | $3,020 | 0.10% | 1.00% |
| Jersey City | NJ | $2,841 | 0.70% | 1.20% |
| Sunnyvale | CA | $2,805 | 1.10% | 3.00% |
| Santa Clara | CA | $2,782 | 1.10% | 3.50% |
| Brooklyn (New York City) | NY | $2,688 | 0.00% | -1.00% |
| San Jose | CA | $2,669 | 1.30% | 2.70% |
| Oakland | CA | $2,600 | 0.00% | 2.90% |
| Pasadena | CA | $2,444 | 2.90% | 5.30% |
| Glendale | CA | $2,424 | 0.10% | 2.90% |
| Stamford | CT | $2,385 | 1.00% | 0.40% |
| Daly City | CA | $2,379 | 0.30% | 3.80% |
| Irvine | CA | $2,374 | 0.60% | 2.00% |
| Fremont | CA | $2,347 | 0.80% | 1.80% |
| Los Angeles | CA | $2,326 | -0.10% | 4.20% |
| Carlsbad | CA | $2,210 | 0.50% | 4.00% |
| Burbank | CA | $2,144 | 0.10% | 3.20% |
| Bellevue | WA | $2,107 | 0.30% | -0.80% |
| San Diego | CA | $2,082 | 0.60% | 4.60% |
| Arlington | VA | $2,075 | 0.80% | -0.50% |
| Washington | DC | $2,070 | -0.30% | 0.70% |
| Hayward | CA | $2,046 | 0.10% | 3.20% |
| Thousand Oaks | CA | $2,032 | 0.50% | -0.60% |
| Huntington Beach | CA | $2,008 | 0.60% | 2.90% |
| Costa Mesa | CA | $2,007 | 0.60% | 2.70% |
| Seattle | WA | $2,001 | 0.20% | 3.30% |
| Orange | CA | $1,983 | 0.40% | 2.50% |
| Yonkers | NY | $1,922 | 0.90% | 11.50% |
| Santa Rosa | CA | $1,908 | 0.60% | 6.50% |
| Ventura | CA | $1,901 | 0.30% | 4.80% |
| Long Beach | CA | $1,897 | 0.40% | 3.80% |
| Santa Clarita | CA | $1,891 | -0.10% | 4.90% |
| Simi Valley | CA | $1,888 | 0.60% | 4.50% |
| Concord | CA | $1,886 | 0.70% | 2.20% |
| Boulder | CO | $1,869 | 0.90% | 6.70% |
| Santa Ana | CA | $1,862 | 0.50% | 3.70% |
| Fort Lauderdale | FL | $1,849 | -0.50% | 4.20% |
| Oxnard | CA | $1,840 | 0.30% | 2.10% |
| Chicago | IL | $1,834 | 0.90% | 1.70% |
| Torrance | CA | $1,824 | -0.10% | 5.30% |
| Fullerton | CA | $1,817 | 0.50% | 3.30% |
| Miramar | FL | $1,784 | -0.10% | 0.60% |
| Rancho Cucamonga | CA | $1,775 | 0.20% | 3.20% |
| West Covina | CA | $1,762 | 1.30% | 6.40% |
| Anaheim | CA | $1,746 | 0.70% | 4.20% |
| Oceanside | CA | $1,730 | 0.90% | 4.60% |
| Vista | CA | $1,723 | 1.40% | 4.90% |
| Davie | FL | $1,711 | -0.10% | 0.90% |
| Vallejo | CA | $1,703 | 0.30% | 4.00% |
| Fairfield | CA | $1,696 | 0.10% | 5.30% |
| Chula Vista | CA | $1,674 | 0.80% | 4.80% |
| Ontario | CA | $1,671 | -0.10% | 7.10% |
| Garden Grove | CA | $1,666 | 0.20% | 2.60% |
| Coral Springs | FL | $1,666 | 0.10% | 0.70% |
| Alexandria | VA | $1,657 | 0.20% | -1.10% |
| Pembroke Pines | FL | $1,656 | -0.80% | -0.60% |
| New Haven | CT | $1,645 | 0.90% | 3.20% |
| Corona | CA | $1,634 | -1.00% | 5.30% |
| Salinas | CA | $1,632 | 1.00% | 6.50% |
| Miami | FL | $1,616 | 0.00% | 2.10% |
| Murrieta | CA | $1,592 | 0.20% | 4.00% |
| Renton | WA | $1,590 | 0.60% | 2.40% |
| Temecula | CA | $1,574 | 0.10% | 3.30% |
| Edison | NJ | $1,568 | 0.40% | 4.10% |
| Roseville | CA | $1,568 | -0.20% | 1.40% |
| Denver | CO | $1,559 | 0.90% | 5.80% |
| Escondido | CA | $1,554 | 0.80% | 6.90% |
| Santa Maria | CA | $1,527 | 1.00% | 4.20% |
| Philadelphia | PA | $1,522 | -0.50% | 1.50% |
| Minneapolis | MN | $1,509 | -0.10% | 3.10% |
| Fort Collins | CO | $1,494 | 0.70% | 7.70% |
| Ann Arbor | MI | $1,477 | 0.00% | 3.60% |
| Midland | TX | $1,467 | 5.20% | 32.60% |
| Pomona | CA | $1,458 | 0.50% | 2.50% |
| El Cajon | CA | $1,455 | 0.20% | 4.10% |
| Portland | OR | $1,454 | 0.10% | 0.80% |
| Hillsboro | OR | $1,454 | 0.80% | -1.60% |
| Riverside | CA | $1,447 | 0.10% | 3.70% |
| Sandy Springs | GA | $1,446 | 0.70% | 5.30% |
| Lakewood | CO | $1,443 | 1.00% | 2.60% |
| Naperville | IL | $1,443 | 1.50% | 1.00% |
| Kent | WA | $1,427 | 0.10% | 4.80% |
| Hollywood | FL | $1,425 | 0.00% | 10.60% |
| Westminster | CO | $1,411 | 1.10% | 4.80% |
| Moreno Valley | CA | $1,401 | -0.10% | 3.90% |
| West Palm Beach | FL | $1,394 | 1.30% | 5.40% |
| Scottsdale | AZ | $1,371 | 0.10% | 6.10% |
| Atlanta | GA | $1,366 | 0.00% | 2.90% |
| Thornton | CO | $1,353 | 1.30% | 1.90% |
| Everett | WA | $1,352 | 0.40% | 2.30% |
| Pompano Beach | FL | $1,344 | 1.50% | 2.90% |
| Arvada | CO | $1,341 | 1.00% | 3.80% |
| Orlando | FL | $1,340 | 0.10% | 6.80% |
| Frisco | TX | $1,325 | 0.80% | 1.70% |
| Pearland | TX | $1,312 | 0.40% | 3.10% |
| Austin | TX | $1,302 | 0.30% | 0.90% |
| Sacramento | CA | $1,299 | 0.10% | 6.00% |
| Richardson | TX | $1,299 | 0.50% | -0.50% |
| Nashville | TN | $1,289 | 0.30% | 2.50% |
| Aurora | CO | $1,288 | 0.80% | 3.60% |
| Aurora | IL | $1,278 | 0.50% | 0.80% |
| Charleston | SC | $1,275 | 0.50% | 2.90% |
| Odessa | TX | $1,273 | 4.10% | 35.60% |
| Hialeah | FL | $1,272 | 0.00% | 2.50% |
| Plano | TX | $1,270 | 1.30% | 2.30% |
| Tempe | AZ | $1,269 | 0.20% | 5.20% |
| Eugene | OR | $1,262 | 0.90% | 4.00% |
| Manchester | NH | $1,259 | -0.20% | 1.90% |
| St. Petersburg | FL | $1,256 | 0.20% | 6.30% |
| Tampa | FL | $1,254 | 0.60% | 5.70% |
| Vancouver | WA | $1,253 | 0.40% | 4.20% |
| Fontana | CA | $1,241 | -0.20% | 5.60% |
| Lancaster | CA | $1,224 | 0.60% | 9.00% |
| Baltimore | MD | $1,224 | -0.20% | 0.60% |
| McKinney | TX | $1,222 | 1.30% | 1.80% |
| Gresham | OR | $1,216 | 0.70% | 2.60% |
| Elizabeth | NJ | $1,209 | -0.10% | 7.80% |
| Rialto | CA | $1,208 | -0.20% | 7.20% |
| College Station | TX | $1,207 | -0.60% | -0.70% |
| Madison | WI | $1,206 | 0.20% | 0.70% |
| Tacoma | WA | $1,201 | -0.60% | 6.30% |
| Hartford | CT | $1,200 | 1.10% | 1.00% |
| Gainesville | FL | $1,191 | 0.50% | 5.20% |
| Tallahassee | FL | $1,182 | 0.10% | 3.10% |
| Denton | TX | $1,174 | 0.30% | 3.70% |
| Chandler | AZ | $1,171 | -0.10% | 5.80% |
| Modesto | CA | $1,165 | 0.70% | 7.40% |
| Reno | NV | $1,164 | 1.70% | 10.80% |
| Charlotte | NC | $1,162 | 0.30% | 4.40% |
| Henderson | NV | $1,158 | 0.30% | 5.30% |
| Pittsburgh | PA | $1,158 | 0.30% | 2.40% |
| Newark | NJ | $1,157 | -0.50% | 1.90% |
| Chesapeake | VA | $1,157 | -0.30% | 0.70% |
| Carrollton | TX | $1,156 | 0.70% | 2.10% |
| Gilbert | AZ | $1,154 | 0.00% | 5.20% |
| Dallas | TX | $1,154 | 0.70% | 3.30% |
| Brandon | FL | $1,150 | 0.10% | 5.60% |
| Clearwater | FL | $1,141 | 0.40% | 4.80% |
| San Bernardino | CA | $1,141 | 0.20% | 4.70% |
| Virginia Beach | VA | $1,138 | -0.30% | 1.00% |
| Salt Lake City | UT | $1,137 | 1.30% | 4.30% |
| Milwaukee | WI | $1,126 | 0.40% | 2.60% |
| Cary | NC | $1,126 | -0.20% | 0.70% |
| Lewisville | TX | $1,116 | 0.60% | 1.40% |
| Irving | TX | $1,114 | 0.40% | 3.40% |
| Raleigh | NC | $1,112 | 0.00% | 1.10% |
| Round Rock | TX | $1,111 | 0.20% | 2.00% |
| West Jordan | UT | $1,108 | 1.20% | 5.10% |
| Stockton | CA | $1,100 | 0.80% | 5.80% |
| Syracuse | NY | $1,094 | 0.60% | 3.80% |
| Colorado Springs | CO | $1,093 | 1.10% | 5.60% |
| Greeley | CO | $1,092 | 1.10% | 8.40% |
| New Orleans | LA | $1,088 | -0.10% | -2.20% |
| Houston | TX | $1,085 | 0.30% | 4.00% |
| Durham | NC | $1,079 | 0.40% | 3.00% |
| Murfreesboro | TN | $1,074 | 0.10% | 3.80% |
| West Valley City | UT | $1,073 | -0.10% | 3.90% |
| Peoria | AZ | $1,070 | -0.40% | 7.00% |
| Wilmington | NC | $1,064 | 0.90% | 3.60% |
| Boise | ID | $1,056 | 1.20% | 8.30% |
| Baton Rouge | LA | $1,055 | 0.50% | -0.80% |
| Clovis | CA | $1,053 | 0.80% | 6.70% |
| Overland Park | KS | $1,050 | 0.20% | 3.60% |
| Fort Worth | TX | $1,049 | 0.60% | 3.80% |
| Victorville | CA | $1,038 | -0.10% | 6.20% |
| Grand Prairie | TX | $1,035 | 0.50% | 4.10% |
| Norfolk | VA | $1,035 | -0.30% | 2.50% |
| Buffalo | NY | $1,033 | 0.30% | 1.90% |
| Savannah | GA | $1,031 | 1.00% | 4.00% |
| Richmond | VA | $1,027 | -0.30% | 3.70% |
| Detroit | MI | $1,015 | 0.80% | 5.40% |
| Lakeland | FL | $1,013 | 1.00% | 7.30% |
| Cleveland | OH | $1,011 | 0.10% | 1.70% |
| Jackson | FL | $1,008 | -0.10% | 4.50% |
| North Charleston | SC | $1,007 | 2.70% | 3.70% |
| Columbia | SC | $1,003 | 0.80% | 2.80% |
| Fresno | CA | $1,001 | 0.70% | 5.10% |
| Knoxville | TN | $993 | 0.50% | 6.00% |
| San Antonio | TX | $989 | 0.50% | 2.20% |
| Hampton | VA | $989 | -0.30% | -0.70% |
| North Las Vegas | NV | $987 | 0.40% | 7.80% |
| Rochester | NY | $986 | 0.10% | 1.50% |
| Arlington | TX | $981 | 0.60% | 5.00% |
| Garland | TX | $981 | 0.80% | 4.60% |
| Las Vegas | NV | $979 | 0.40% | 6.00% |
| Salem | OR | $970 | 0.20% | 4.00% |
| Kansas City | MO | $965 | 0.30% | 5.00% |
| Phoenix | AZ | $962 | 0.20% | 5.00% |
| Corpus Christi | TX | $962 | 0.10% | 2.60% |
| Grand Rapids | MI | $960 | 0.30% | 3.30% |
| Waco | TX | $956 | -0.20% | 0.40% |
| Mesquite | TX | $953 | 0.40% | 3.70% |
| Bakersfield | CA | $946 | 0.90% | 3.20% |
| Cincinnati | OH | $938 | -0.20% | 1.40% |
| Waterbury | CT | $934 | 0.90% | 3.40% |
| Chattanooga | TN | $932 | 0.90% | 3.90% |
| Birmingham | AL | $930 | 0.50% | 2.30% |
| Olathe | KS | $921 | 0.30% | 3.70% |
| Mesa | AZ | $920 | 0.30% | 4.90% |
| Lincoln | NE | $912 | 0.00% | 1.40% |
| Newport News | VA | $911 | -0.30% | 0.60% |
| Louisville | KY | $908 | 0.70% | 2.70% |
| Lubbock | TX | $905 | -0.30% | -2.50% |
| Spokane | WA | $904 | 0.10% | 3.30% |
| South Bend | IN | $896 | 0.20% | 3.10% |
| Metairie | LA | $893 | 0.10% | 1.20% |
| St. Louis | MO | $892 | 0.10% | 1.70% |
| Sterling Heights | MI | $887 | 0.70% | 4.10% |
| Lexington | KY | $884 | 0.10% | 1.50% |
| Columbus | OH | $883 | 0.20% | 3.80% |
| Des Moines | IA | $880 | 0.80% | 1.30% |
| Glendale | AZ | $875 | 0.20% | 4.40% |
| Omaha | NE | $873 | -0.30% | 2.00% |
| Norman | OK | $861 | 0.00% | -2.50% |
| Pasadena | TX | $860 | 0.50% | 3.60% |
| Greensboro | NC | $848 | 0.40% | 3.80% |
| Albuquerque | NM | $837 | 0.10% | 1.60% |
| Columbus | GA | $837 | 0.40% | 0.80% |
| Paradise | NV | $834 | 0.60% | 5.20% |
| Indianapolis | IN | $823 | 0.20% | 2.60% |
| Akron | OH | $817 | 0.00% | -0.60% |
| Tucson | AZ | $811 | 0.50% | 4.50% |
| Winston-Salem | NC | $799 | 0.50% | 4.30% |
| Las Cruces | NM | $798 | 0.10% | 3.60% |
| Broken Arrow | OK | $798 | -0.30% | 1.30% |
| Macon | GA | $793 | 1.30% | 4.20% |
| Lansing | MI | $787 | 0.10% | 2.50% |
| Augusta | GA | $780 | 0.90% | 3.60% |
| Warren | MI | $780 | 0.50% | 2.90% |
| Mobile | AL | $780 | 0.30% | -0.80% |
| Little Rock | AR | $778 | 0.60% | 1.40% |
| High Point | NC | $776 | 0.50% | 4.20% |
| McAllen | TX | $772 | 0.50% | 1.30% |
| Jackson | MS | $770 | 0.30% | 1.70% |
| Kansas City | KS | $763 | 0.40% | 0.70% |
| Memphis | TN | $743 | 0.10% | 1.60% |
| El Paso | TX | $743 | 0.30% | 1.20% |
| Fort Wayne | IN | $741 | 0.50% | 5.00% |
| Oklahoma City | OK | $729 | -0.30% | 1.40% |
| Dayton | OH | $728 | -0.40% | 2.20% |
| Independence | MO | $723 | 0.30% | 3.00% |
| Amarillo | TX | $723 | -0.70% | -0.40% |
| Killeen | TX | $697 | 0.10% | 1.20% |
| Toledo | OH | $696 | 0.60% | 4.30% |
| Brownsville | TX | $685 | 0.60% | -1.70% |
| Tulsa | OK | $668 | -0.10% | 0.50% |
| Wichita | KS | $633 | 0.00% | 1.00% |
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Correction (May 9, 2018): The national average year-over-year rent growth figure has been updated since the release of this report.
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 250 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 130 markets across the U.S., as reported by Yardi Matrix.
Fair use and redistribution
We encourage you and freely grant you permission to reuse, host, or repost the images in this article. When doing so, we only ask that you kindly attribute the authors by linking to RentCafe.com or this page, so that your readers can learn more about this project, the research behind it and its methodology.