Key takeaways:
- Average rents on U.S. apartments rose by $12, or 0.9%, in June, hitting $1,349 for the month, according to Yardi Matrix.
- While rising inventory levels may help rent growth cool down to some extent, Manhattan still remains the country’s most expensive market with average rents north of $4,000/mo.
- 85% of the country’s largest cities (212 cities in total) saw rents increase in June, while rents flat-lined in another 28. Rent decreased in just 10 of the 250 cities we surveyed
After six months of deceleration, rents have resumed their upward climb reaching $1,349 in June, up 0.9% month-over-month. On a year-over-year basis, rents were up 2.7% nationwide, according to data from Yardi Matrix.
Average rents saw significant annual gains for all property types, from 1.9% for a studio to 3.1% for a two-bedroom unit.
| Bedroom Type | Average Rent | Change M-o-M | Change Y-o-Y |
|---|---|---|---|
| Studio | $1,242 | 0.7% | 1.9% |
| 1 Bed | $1,212 | 0.9% | 3.0% |
| 2 Beds | $1,396 | 1.0% | 3.1% |
| 3 Beds | $1,629 | 0.9% | 2.7% |
However, renters may still have some sunny days ahead this year as new supply kicks in. In the largest construction boom we’ve seen over the last two decades, approx. 345,000 new apartments in 50+ unit buildings are expected to hit the market in 2017. The good news? This huge wave of new construction is helping rents cool off in overheated markets, including San Francisco, NYC, and Boston.
Average rents dropped in three out of the top 10 priciest rental markets last month, including in Manhattan and SF – two of the country’s most notoriously high-priced places for renters. In another three pricey cities – Boston, Sunnyvale, and Santa Clara – they remained virtually unchanged over the last year.
The Great Rent Divide: Rents Cool Off in Some Cities, But Spiral in Others
Rents may indeed be softening in some of the country’s hottest housing markets, but not all cities are created equal. While renters in NYC, San Francisco, and Oklahoma City may find that this is the best time to rent, with rent growth at minimal levels and even free incentives on the table, other renters are not that lucky this time of the year. Midland, TX saw rents skyrocketing this past year with rent growth at 15.2% on a y-o-y basis. Eight other cities posted double-digit growth in June, including Buffalo where rents are now $973, up an impressive 12.7% y-o-y.
U.S. Cities Where Rents Have Fallen Y-o-Y
| # | City | State | Change Y-o-Y | Average Rent |
|---|---|---|---|---|
| 1 | Manhattan (New York City) | NY | -3.4% | $4,046 |
| 2 | Pearland | TX | -2.4% | $1,253 |
| 3 | Brooklyn (New York City) | NY | -2.2% | $2,710 |
| 4 | College Station | TX | -2.1% | $1,185 |
| 5 | Lubbock | TX | -2.0% | $901 |
| 6 | Tulsa | OK | -1.9% | $674 |
| 7 | Oklahoma City | OK | -1.5% | $725 |
| 8 | San Francisco | CA | -1.3% | $3,441 |
| 9 | Norman | OK | -1.3% | $867 |
| 10 | Broken Arrow | OK | -1.1% | $805 |
The Cities with the Fastest Growing Rents – May 2017
| # | City | State | Change Y-o-Y | Average Rent |
|---|---|---|---|---|
| 1 | Midland | TX | 15.2% | $1,170 |
| 2 | Buffalo | NY | 12.7% | $973 |
| 3 | Lancaster | CA | 12.5% | $1,158 |
| 4 | Reno | NV | 12.1% | $1,084 |
| 5 | Stockton | CA | 11.9% | $1,050 |
| 6 | Odessa | TX | 10.9% | $1,005 |
| 7 | Colorado Springs | CO | 10.8% | $1,066 |
| 8 | Tacoma | WA | 10.3% | $1,155 |
| 9 | Sacramento | CA | 10.1% | $1,256 |
| 10 | Kent | WA | 9.4% | $1,403 |
| City | State | Average Rent |
|---|---|---|
| Manhattan | NY | $4,046 |
| San Francisco | CA | $3,441 |
| Boston | MA | $3,233 |
| San Mateo | CA | $3,085 |
| Cambridge | MA | $3,042 |
| Jersey City | NJ | $2,822 |
| Sunnyvale | CA | $2,802 |
| Santa Clara | CA | $2,726 |
| Brooklyn | NY | $2,710 |
| San Jose | CA | $2,656 |
| City | State | Average Rent |
|---|---|---|
| Wichita | KS | $639 |
| Toledo | OH | $666 |
| Tulsa | OK | $674 |
| Brownsville | TX | $696 |
| Killeen | TX | $704 |
| Fort Wayne | IN | $716 |
| Independence | MO | $719 |
| Oklahoma City | OK | $725 |
| Dayton | OH | $731 |
| Amarillo | TX | $737 |
We’ve expanded our coverage for the monthly rent report to 250 cities – specifically the ones that have populations over 100K and a rental stock of at least 2,800 apartments in 50+ unit buildings.
See where your city stands when it comes to rent growth and average rent prices by checking out this table:
| City | State | Average Rent | Change M-o-M | Change Y-o-Y |
|---|---|---|---|---|
| Manhattan (New York City) | NY | $4,046 | -0.5% | -3.4% |
| San Francisco | CA | $3,441 | 1.7% | -1.3% |
| Boston | MA | $3,233 | 1.4% | 0.0% |
| San Mateo | CA | $3,085 | 1.9% | 2.6% |
| Cambridge | MA | $3,042 | 1.6% | 1.3% |
| Jersey City | NJ | $2,822 | 0.6% | 2.3% |
| Sunnyvale | CA | $2,802 | 1.7% | 0.9% |
| Santa Clara | CA | $2,726 | 1.3% | 0.3% |
| Brooklyn | NY | $2,710 | 0.2% | -2.2% |
| San Jose | CA | $2,656 | 1.4% | 2.3% |
| Daly City | CA | $2,507 | 1.7% | 4.2% |
| Oakland | CA | $2,479 | 1.7% | -0.2% |
| Stamford | CT | $2,383 | 0.7% | 0.8% |
| Irvine | CA | $2,354 | 0.7% | 3.8% |
| Fremont | CA | $2,347 | 0.9% | 0.5% |
| Pasadena | CA | $2,313 | 0.1% | 0.9% |
| Glendale | CA | $2,272 | -0.4% | 1.8% |
| Los Angeles | CA | $2,234 | 0.5% | 4.9% |
| Bellevue | WA | $2,155 | 0.9% | 3.7% |
| Carlsbad | CA | $2,148 | 1.0% | 0.4% |
| Burbank | CA | $2,120 | 1.6% | 4.1% |
| Arlington | VA | $2,092 | 0.7% | 0.8% |
| Thousand Oaks | CA | $2,085 | 1.1% | 5.2% |
| Hayward | CA | $2,049 | 1.6% | 4.5% |
| Washington | DC | $2,039 | 0.6% | 0.3% |
| San Diego | CA | $2,027 | 2.0% | 4.7% |
| Huntington Beach | CA | $1,996 | 1.8% | 4.3% |
| Seattle | WA | $1,993 | 1.8% | 7.7% |
| Costa Mesa | CA | $1,974 | 0.5% | 4.4% |
| Orange | CA | $1,943 | -0.5% | 3.3% |
| Concord | CA | $1,878 | 0.5% | 3.8% |
| Yonkers | NY | $1,874 | 9.4% | 8.4% |
| Ventura | CA | $1,851 | 0.9% | 4.8% |
| Simi Valley | CA | $1,848 | 2.2% | 3.0% |
| Santa Clarita | CA | $1,837 | 3.4% | 5.2% |
| Long Beach | CA | $1,837 | -0.3% | 3.4% |
| Oxnard | CA | $1,824 | 1.2% | 6.4% |
| Chicago | IL | $1,821 | 1.2% | 2.9% |
| Santa Rosa | CA | $1,815 | 1.1% | 8.8% |
| Santa Ana | CA | $1,808 | 0.4% | 4.3% |
| Miramar | FL | $1,796 | 1.4% | 3.6% |
| Fullerton | CA | $1,783 | 0.8% | 4.2% |
| Torrance | CA | $1,766 | 1.7% | 7.9% |
| Boulder | CO | $1,750 | 0.7% | 0.0% |
| Fort Lauderdale | FL | $1,748 | 0.1% | 2.5% |
| Davie | FL | $1,737 | 2.9% | 5.8% |
| Rancho Cucamonga | CA | $1,718 | 0.9% | 3.3% |
| Vallejo | CA | $1,709 | 2.6% | 6.5% |
| Anaheim | CA | $1,700 | 0.1% | 5.6% |
| West Covina | CA | $1,698 | 0.3% | 6.1% |
| Alexandria | VA | $1,684 | 0.5% | 1.4% |
| Oceanside | CA | $1,682 | 0.5% | 4.5% |
| Vista | CA | $1,662 | 1.2% | 3.1% |
| Garden Grove | CA | $1,661 | 0.4% | 5.6% |
| Pembroke Pines | FL | $1,647 | -1.1% | 5.4% |
| Fairfield | CA | $1,644 | 0.8% | 8.7% |
| Chula Vista | CA | $1,639 | 2.2% | 6.4% |
| Coral Springs | FL | $1,633 | 0.0% | 3.0% |
| Roseville | CA | $1,617 | 4.0% | 8.8% |
| New Haven | CT | $1,598 | 0.3% | 4.4% |
| Miami | FL | $1,594 | 0.5% | 2.8% |
| Renton | WA | $1,591 | 1.9% | 4.9% |
| Ontario | CA | $1,571 | 0.6% | 5.3% |
| Corona | CA | $1,564 | -0.1% | 5.2% |
| Murrieta | CA | $1,563 | 0.6% | 6.4% |
| Salinas | CA | $1,561 | 1.5% | 6.6% |
| Hillsboro | OR | $1,529 | 2.9% | 3.9% |
| Temecula | CA | $1,518 | 0.3% | 4.4% |
| Edison | NJ | $1,516 | 0.7% | 4.0% |
| Denver | CO | $1,516 | 2.3% | 3.5% |
| Santa Maria | CA | $1,504 | 1.1% | 7.4% |
| Escondido | CA | $1,489 | 1.0% | 6.8% |
| Philadelphia | PA | $1,489 | 0.4% | 1.6% |
| Portland | OR | $1,459 | 0.8% | 0.8% |
| Naperville | IL | $1,459 | 0.8% | 4.5% |
| Minneapolis | MN | $1,452 | 0.2% | 4.8% |
| Lakewood | CO | $1,448 | 2.0% | 4.5% |
| Ann Arbor | MI | $1,443 | 1.0% | 4.7% |
| Sandy Springs | GA | $1,416 | 1.7% | 3.9% |
| El Cajon | CA | $1,414 | 0.7% | 7.9% |
| Riverside | CA | $1,407 | 0.6% | 5.2% |
| Pomona | CA | $1,406 | 0.2% | 3.8% |
| Kent | WA | $1,403 | 2.3% | 9.4% |
| Fort Collins | CO | $1,392 | 2.3% | 4.1% |
| Moreno Valley | CA | $1,373 | 1.3% | 7.3% |
| Westminster | CO | $1,372 | 1.1% | 2.9% |
| Thornton | CO | $1,362 | 2.0% | 1.9% |
| Everett | WA | $1,355 | 2.2% | 7.0% |
| Atlanta | GA | $1,351 | 1.0% | 3.7% |
| West Palm Beach | FL | $1,335 | 1.0% | 3.7% |
| Frisco | TX | $1,330 | 1.0% | 1.2% |
| Hollywood | FL | $1,322 | 0.4% | 4.7% |
| Austin | TX | $1,313 | 1.1% | 0.7% |
| Richardson | TX | $1,302 | 0.4% | 2.8% |
| Scottsdale | AZ | $1,293 | 0.3% | 4.6% |
| Arvada | CO | $1,280 | 0.3% | 4.2% |
| Aurora | CO | $1,279 | 1.9% | 3.3% |
| Orlando | FL | $1,273 | 1.4% | 4.9% |
| Aurora | IL | $1,270 | -0.2% | 3.3% |
| Hialeah | FL | $1,267 | 0.8% | 5.8% |
| Nashville | TN | $1,265 | 1.4% | 3.4% |
| Plano | TX | $1,261 | 0.7% | 1.0% |
| Sacramento | CA | $1,256 | 1.5% | 10.1% |
| Pearland | TX | $1,253 | -1.3% | -2.4% |
| Manchester | NH | $1,240 | 0.8% | 3.4% |
| Charleston | SC | $1,237 | 0.3% | 3.0% |
| Eugene | OR | $1,234 | 1.0% | 4.8% |
| McKinney | TX | $1,232 | 1.8% | 2.4% |
| Pompano Beach | FL | $1,228 | -2.8% | 1.3% |
| Vancouver | WA | $1,217 | 1.4% | 5.6% |
| Tempe | AZ | $1,214 | 1.3% | 5.1% |
| Baltimore | MD | $1,210 | 0.6% | 2.3% |
| St. Petersburg | FL | $1,209 | 1.2% | 5.5% |
| Tampa | FL | $1,199 | 1.0% | 5.5% |
| Gresham | OR | $1,196 | 0.8% | 3.3% |
| College Station | TX | $1,185 | -1.1% | -2.1% |
| Madison | WI | $1,184 | 0.3% | 2.8% |
| Fontana | CA | $1,176 | -0.4% | 6.1% |
| Hartford | CT | $1,175 | -0.2% | 1.1% |
| Midland | TX | $1,170 | 5.2% | 15.2% |
| Chesapeake | VA | $1,161 | 0.9% | 2.3% |
| Rialto | CA | $1,159 | 1.0% | 2.7% |
| Lancaster | CA | $1,158 | 2.0% | 12.5% |
| Tacoma | WA | $1,155 | 2.1% | 10.3% |
| Elizabeth | NJ | $1,154 | 1.2% | 7.4% |
| Carrollton | TX | $1,151 | 1.1% | 4.7% |
| Cary | NC | $1,149 | 1.3% | 4.0% |
| Pittsburgh | PA | $1,147 | 1.2% | 2.7% |
| Newark | NJ | $1,144 | 2.0% | 4.8% |
| Charlotte | NC | $1,140 | 1.6% | 3.6% |
| Dallas | TX | $1,136 | 1.2% | 4.3% |
| Virginia Beach | VA | $1,135 | 0.9% | 0.7% |
| Tallahassee | FL | $1,134 | 0.2% | 3.3% |
| Denton | TX | $1,132 | 0.9% | 3.2% |
| Gainesville | FL | $1,121 | 0.6% | 4.5% |
| Brandon | FL | $1,118 | 1.5% | 3.1% |
| Chandler | AZ | $1,117 | 0.8% | 3.4% |
| Lewisville | TX | $1,117 | 0.1% | 1.8% |
| Clearwater | FL | $1,114 | 1.1% | 4.2% |
| Raleigh | NC | $1,114 | 1.1% | 3.1% |
| Salt Lake City | UT | $1,109 | 0.7% | 6.0% |
| Round Rock | TX | $1,108 | 0.6% | -1.0% |
| Irving | TX | $1,107 | 1.3% | 5.0% |
| Henderson | NV | $1,106 | 1.3% | 4.3% |
| Gilbert | AZ | $1,105 | 0.9% | 5.7% |
| San Bernardino | CA | $1,103 | 0.3% | 4.5% |
| New Orleans | LA | $1,098 | -0.5% | 0.4% |
| Modesto | CA | $1,096 | 0.4% | 7.8% |
| Milwaukee | WI | $1,093 | 0.6% | 1.8% |
| Reno | NV | $1,084 | 3.2% | 12.1% |
| Durham | NC | $1,073 | 1.4% | 3.5% |
| West Jordan | UT | $1,070 | -0.1% | 1.7% |
| Colorado Springs | CO | $1,066 | 1.0% | 10.8% |
| Greeley | CO | $1,064 | 2.9% | 6.0% |
| Stockton | CA | $1,050 | 0.7% | 11.9% |
| Murfreesboro | TN | $1,049 | 1.9% | 3.8% |
| Wilmington | NC | $1,048 | 1.9% | 5.1% |
| Houston | TX | $1,046 | 0.4% | -0.7% |
| Baton Rouge | LA | $1,042 | 1.0% | 3.3% |
| West Valley City | UT | $1,041 | 0.0% | 4.5% |
| Fort Worth | TX | $1,036 | 1.5% | 6.0% |
| Grand Prairie | TX | $1,034 | 1.8% | 5.8% |
| Norfolk | VA | $1,031 | 1.4% | 2.3% |
| Savannah | GA | $1,030 | 1.0% | 4.9% |
| Overland Park | KS | $1,020 | 0.8% | 2.3% |
| Syracuse | NY | $1,017 | 1.0% | 3.2% |
| Odessa | TX | $1,005 | 3.6% | 10.9% |
| Richmond | VA | $1,000 | 0.9% | 2.6% |
| Victorville | CA | $998 | 0.7% | 9.2% |
| Hampton | VA | $996 | 0.5% | 2.5% |
| Peoria | AZ | $993 | 0.0% | 5.5% |
| Columbia | SC | $992 | 0.9% | 4.0% |
| Cleveland | OH | $992 | 0.5% | 2.9% |
| Jacksonville | FL | $990 | 1.1% | 3.4% |
| Clovis | CA | $986 | 0.4% | 4.2% |
| North Charleston | SC | $985 | 0.8% | 7.1% |
| Boise | ID | $980 | 1.4% | 6.8% |
| San Antonio | TX | $980 | 0.4% | 1.2% |
| Buffalo | NY | $973 | 1.8% | 12.7% |
| Corpus Christi | TX | $966 | 0.1% | -0.8% |
| Knoxville | TN | $965 | 1.0% | 4.7% |
| Lakeland | FL | $964 | 1.6% | 3.1% |
| Arlington | TX | $963 | 1.4% | 8.9% |
| Garland | TX | $963 | 1.3% | 5.6% |
| Detroit | MI | $960 | 0.2% | 6.0% |
| Salem | OR | $959 | 1.3% | 8.2% |
| Rochester | NY | $954 | 0.0% | 3.2% |
| Fresno | CA | $953 | 0.6% | 6.0% |
| Cincinnati | OH | $941 | 1.3% | 3.6% |
| Las Vegas | NV | $933 | 1.3% | 5.7% |
| Grand Rapids | MI | $933 | 1.0% | 3.2% |
| Kansas City | MO | $933 | 1.1% | 2.4% |
| Mesquite | TX | $932 | 0.6% | 5.3% |
| Waco | TX | $929 | -0.3% | 1.1% |
| Phoenix | AZ | $926 | 1.0% | 5.7% |
| Birmingham | AL | $925 | 0.9% | 2.9% |
| Chattanooga | TN | $921 | 0.2% | 2.2% |
| North Las Vegas | NV | $917 | 0.8% | 2.2% |
| Bakersfield | CA | $909 | -0.3% | 0.9% |
| Newport News | VA | $909 | 0.6% | 2.0% |
| Lubbock | TX | $901 | -1.0% | -2.0% |
| Lincoln | NE | $901 | 1.0% | 1.8% |
| Mesa | AZ | $899 | 1.5% | 5.6% |
| Olathe | KS | $893 | 1.1% | 5.2% |
| Louisville | KY | $892 | 0.3% | 3.1% |
| Waterbury | CT | $889 | 0.1% | 3.7% |
| Metairie | LA | $887 | 1.0% | 3.3% |
| St. Louis | MO | $877 | 1.0% | 1.6% |
| Lexington | KY | $875 | 0.2% | 3.3% |
| Spokane | WA | $872 | 0.2% | 7.3% |
| Columbus | OH | $871 | 0.8% | 4.3% |
| Norman | OK | $867 | -0.6% | -1.3% |
| Omaha | NE | $867 | 0.8% | 2.4% |
| Des Moines | IA | $858 | -0.2% | 7.1% |
| Sterling Heights | MI | $857 | 1.2% | 2.8% |
| South Bend | IN | $855 | -0.1% | 3.4% |
| Glendale | AZ | $849 | 1.1% | 5.1% |
| Greensboro | NC | $845 | 1.7% | 4.1% |
| Columbus | GA | $832 | -0.5% | 0.8% |
| Albuquerque | NM | $829 | 0.7% | 3.9% |
| Pasadena | TX | $825 | -0.5% | 5.0% |
| Indianapolis | IN | $818 | 0.5% | 3.8% |
| Akron | OH | $807 | -0.9% | 3.2% |
| Broken Arrow | OK | $805 | -0.6% | -1.1% |
| Paradise | NV | $798 | 0.8% | 3.1% |
| Mobile | AL | $797 | 0.3% | 1.4% |
| Winston-Salem | NC | $794 | 1.7% | 6.6% |
| Tucson | AZ | $786 | 0.8% | 4.1% |
| McAllen | TX | $775 | 0.4% | 0.8% |
| Little Rock | AR | $774 | 0.4% | 0.9% |
| Augusta | GA | $772 | 1.0% | 1.7% |
| High Point | NC | $771 | 1.8% | 2.0% |
| Warren | MI | $767 | -0.1% | 2.7% |
| Lansing | MI | $765 | 0.3% | 0.4% |
| Macon | GA | $763 | 0.5% | 1.5% |
| Kansas City | KS | $762 | -0.3% | 1.1% |
| Las Cruces | NM | $760 | 0.7% | 0.4% |
| Jackson | MS | $756 | 0.1% | 1.5% |
| Memphis | TN | $751 | 1.1% | 3.7% |
| El Paso | TX | $750 | 0.8% | -0.4% |
| Amarillo | TX | $737 | 1.0% | 0.5% |
| Dayton | OH | $731 | 0.4% | 2.5% |
| Oklahoma City | OK | $725 | 0.8% | -1.5% |
| Independence | MO | $719 | 0.7% | 2.9% |
| Fort Wayne | IN | $716 | 1.1% | 3.9% |
| Killeen | TX | $704 | 0.6% | 1.3% |
| Brownsville | TX | $696 | 0.3% | 2.2% |
| Tulsa | OK | $674 | 0.7% | -1.9% |
| Toledo | OH | $666 | 0.5% | 0.9% |
| Wichita | KS | $639 | -0.2% | 1.6% |
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 largest cities in the US. The report is exclusively based on apartment data related to buildings containing 50 or more units.
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 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 124 markets across the US, as reported by Yardi Matrix.