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June 2017 Rent Report: Rents Lose Steam in Construction-Crazed Cities But Spiral in Others

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 TypeAverage RentChange M-o-MChange Y-o-Y
Studio$1,2420.7%1.9%
1 Bed$1,2120.9%3.0%
2 Beds$1,3961.0%3.1%
3 Beds$1,6290.9%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

#CityStateChange Y-o-YAverage Rent
1Manhattan (New York City)NY-3.4%$4,046
2PearlandTX-2.4%$1,253
3Brooklyn (New York City)NY-2.2%$2,710
4College StationTX-2.1%$1,185
5LubbockTX-2.0%$901
6Tulsa
OK-1.9%$674
7Oklahoma City
OK-1.5%$725
8San Francisco
CA-1.3%$3,441
9NormanOK-1.3%$867
10Broken Arrow
OK-1.1%$805

The Cities with the Fastest Growing Rents – May 2017

#CityStateChange Y-o-YAverage Rent
1MidlandTX15.2%$1,170
2BuffaloNY12.7%$973
3LancasterCA12.5%$1,158
4RenoNV12.1%$1,084
5StocktonCA11.9%$1,050
6OdessaTX10.9%$1,005
7Colorado SpringsCO10.8%$1,066
8TacomaWA10.3%$1,155
9SacramentoCA10.1%$1,256
10KentWA9.4%$1,403

Top 10 Cities with the Highest Rents - June 2017

CityStateAverage Rent
ManhattanNY$4,046
San FranciscoCA$3,441
BostonMA$3,233
San MateoCA$3,085
CambridgeMA$3,042
Jersey CityNJ$2,822
SunnyvaleCA$2,802
Santa ClaraCA$2,726
BrooklynNY$2,710
San JoseCA$2,656

Top 10 Cities with the Lowest Rents - June 2017

CityStateAverage Rent
WichitaKS$639
ToledoOH$666
TulsaOK$674
BrownsvilleTX$696
KilleenTX$704
Fort WayneIN$716
IndependenceMO$719
Oklahoma CityOK$725
DaytonOH$731
AmarilloTX$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:

CityStateAverage RentChange M-o-MChange Y-o-Y
Manhattan (New York City)NY$4,046-0.5%-3.4%
San FranciscoCA$3,4411.7%-1.3%
BostonMA$3,2331.4%0.0%
San MateoCA$3,0851.9%2.6%
CambridgeMA$3,0421.6%1.3%
Jersey CityNJ$2,8220.6%2.3%
SunnyvaleCA$2,8021.7%0.9%
Santa ClaraCA$2,7261.3%0.3%
BrooklynNY$2,7100.2%-2.2%
San JoseCA$2,6561.4%2.3%
Daly CityCA$2,5071.7%4.2%
OaklandCA$2,4791.7%-0.2%
StamfordCT$2,3830.7%0.8%
IrvineCA$2,3540.7%3.8%
FremontCA$2,3470.9%0.5%
PasadenaCA$2,3130.1%0.9%
GlendaleCA$2,272-0.4%1.8%
Los AngelesCA$2,2340.5%4.9%
BellevueWA$2,1550.9%3.7%
CarlsbadCA$2,1481.0%0.4%
BurbankCA$2,1201.6%4.1%
ArlingtonVA$2,0920.7%0.8%
Thousand OaksCA$2,0851.1%5.2%
HaywardCA$2,0491.6%4.5%
WashingtonDC$2,0390.6%0.3%
San DiegoCA$2,0272.0%4.7%
Huntington BeachCA$1,9961.8%4.3%
SeattleWA$1,9931.8%7.7%
Costa MesaCA$1,9740.5%4.4%
OrangeCA$1,943-0.5%3.3%
ConcordCA$1,8780.5%3.8%
YonkersNY$1,8749.4%8.4%
VenturaCA$1,8510.9%4.8%
Simi ValleyCA$1,8482.2%3.0%
Santa ClaritaCA$1,8373.4%5.2%
Long BeachCA$1,837-0.3%3.4%
OxnardCA$1,8241.2%6.4%
ChicagoIL$1,8211.2%2.9%
Santa RosaCA$1,8151.1%8.8%
Santa AnaCA$1,8080.4%4.3%
MiramarFL$1,7961.4%3.6%
FullertonCA$1,7830.8%4.2%
TorranceCA$1,7661.7%7.9%
BoulderCO$1,7500.7%0.0%
Fort LauderdaleFL$1,7480.1%2.5%
DavieFL$1,7372.9%5.8%
Rancho CucamongaCA$1,7180.9%3.3%
VallejoCA$1,7092.6%6.5%
AnaheimCA$1,7000.1%5.6%
West CovinaCA$1,6980.3%6.1%
AlexandriaVA$1,6840.5%1.4%
OceansideCA$1,6820.5%4.5%
VistaCA$1,6621.2%3.1%
Garden GroveCA$1,6610.4%5.6%
Pembroke PinesFL$1,647-1.1%5.4%
FairfieldCA$1,6440.8%8.7%
Chula VistaCA$1,6392.2%6.4%
Coral SpringsFL$1,6330.0%3.0%
RosevilleCA$1,6174.0%8.8%
New HavenCT$1,5980.3%4.4%
MiamiFL$1,5940.5%2.8%
RentonWA$1,5911.9%4.9%
OntarioCA$1,5710.6%5.3%
CoronaCA$1,564-0.1%5.2%
MurrietaCA$1,5630.6%6.4%
SalinasCA$1,5611.5%6.6%
HillsboroOR$1,5292.9%3.9%
TemeculaCA$1,5180.3%4.4%
EdisonNJ$1,5160.7%4.0%
DenverCO$1,5162.3%3.5%
Santa MariaCA$1,5041.1%7.4%
EscondidoCA$1,4891.0%6.8%
PhiladelphiaPA$1,4890.4%1.6%
PortlandOR$1,4590.8%0.8%
NapervilleIL$1,4590.8%4.5%
MinneapolisMN$1,4520.2%4.8%
LakewoodCO$1,4482.0%4.5%
Ann ArborMI$1,4431.0%4.7%
Sandy SpringsGA$1,4161.7%3.9%
El CajonCA$1,4140.7%7.9%
RiversideCA$1,4070.6%5.2%
PomonaCA$1,4060.2%3.8%
KentWA$1,4032.3%9.4%
Fort CollinsCO$1,3922.3%4.1%
Moreno ValleyCA$1,3731.3%7.3%
WestminsterCO$1,3721.1%2.9%
ThorntonCO$1,3622.0%1.9%
EverettWA$1,3552.2%7.0%
AtlantaGA$1,3511.0%3.7%
West Palm BeachFL$1,3351.0%3.7%
FriscoTX$1,3301.0%1.2%
HollywoodFL$1,3220.4%4.7%
AustinTX$1,3131.1%0.7%
RichardsonTX$1,3020.4%2.8%
ScottsdaleAZ$1,2930.3%4.6%
ArvadaCO$1,2800.3%4.2%
AuroraCO$1,2791.9%3.3%
OrlandoFL$1,2731.4%4.9%
AuroraIL$1,270-0.2%3.3%
HialeahFL$1,2670.8%5.8%
NashvilleTN$1,2651.4%3.4%
PlanoTX$1,2610.7%1.0%
SacramentoCA$1,2561.5%10.1%
PearlandTX$1,253-1.3%-2.4%
ManchesterNH$1,2400.8%3.4%
CharlestonSC$1,2370.3%3.0%
EugeneOR$1,2341.0%4.8%
McKinneyTX$1,2321.8%2.4%
Pompano BeachFL$1,228-2.8%1.3%
VancouverWA$1,2171.4%5.6%
TempeAZ$1,2141.3%5.1%
BaltimoreMD$1,2100.6%2.3%
St. PetersburgFL$1,2091.2%5.5%
TampaFL$1,1991.0%5.5%
GreshamOR$1,1960.8%3.3%
College StationTX$1,185-1.1%-2.1%
MadisonWI$1,1840.3%2.8%
FontanaCA$1,176-0.4%6.1%
HartfordCT$1,175-0.2%1.1%
MidlandTX$1,1705.2%15.2%
ChesapeakeVA$1,1610.9%2.3%
RialtoCA$1,1591.0%2.7%
LancasterCA$1,1582.0%12.5%
TacomaWA$1,1552.1%10.3%
ElizabethNJ$1,1541.2%7.4%
CarrolltonTX$1,1511.1%4.7%
CaryNC$1,1491.3%4.0%
PittsburghPA$1,1471.2%2.7%
NewarkNJ$1,1442.0%4.8%
CharlotteNC$1,1401.6%3.6%
DallasTX$1,1361.2%4.3%
Virginia BeachVA$1,1350.9%0.7%
TallahasseeFL$1,1340.2%3.3%
DentonTX$1,1320.9%3.2%
GainesvilleFL$1,1210.6%4.5%
BrandonFL$1,1181.5%3.1%
ChandlerAZ$1,1170.8%3.4%
LewisvilleTX$1,1170.1%1.8%
ClearwaterFL$1,1141.1%4.2%
RaleighNC$1,1141.1%3.1%
Salt Lake CityUT$1,1090.7%6.0%
Round RockTX$1,1080.6%-1.0%
IrvingTX$1,1071.3%5.0%
HendersonNV$1,1061.3%4.3%
GilbertAZ$1,1050.9%5.7%
San BernardinoCA$1,1030.3%4.5%
New OrleansLA$1,098-0.5%0.4%
ModestoCA$1,0960.4%7.8%
MilwaukeeWI$1,0930.6%1.8%
RenoNV$1,0843.2%12.1%
DurhamNC$1,0731.4%3.5%
West JordanUT$1,070-0.1%1.7%
Colorado SpringsCO$1,0661.0%10.8%
GreeleyCO$1,0642.9%6.0%
StocktonCA$1,0500.7%11.9%
MurfreesboroTN$1,0491.9%3.8%
WilmingtonNC$1,0481.9%5.1%
HoustonTX$1,0460.4%-0.7%
Baton RougeLA$1,0421.0%3.3%
West Valley CityUT$1,0410.0%4.5%
Fort WorthTX$1,0361.5%6.0%
Grand PrairieTX$1,0341.8%5.8%
NorfolkVA$1,0311.4%2.3%
SavannahGA$1,0301.0%4.9%
Overland ParkKS$1,0200.8%2.3%
SyracuseNY$1,0171.0%3.2%
OdessaTX$1,0053.6%10.9%
RichmondVA$1,0000.9%2.6%
VictorvilleCA$9980.7%9.2%
HamptonVA$9960.5%2.5%
PeoriaAZ$9930.0%5.5%
ColumbiaSC$9920.9%4.0%
ClevelandOH$9920.5%2.9%
JacksonvilleFL$9901.1%3.4%
ClovisCA$9860.4%4.2%
North CharlestonSC$9850.8%7.1%
BoiseID$9801.4%6.8%
San AntonioTX$9800.4%1.2%
BuffaloNY$9731.8%12.7%
Corpus ChristiTX$9660.1%-0.8%
KnoxvilleTN$9651.0%4.7%
LakelandFL$9641.6%3.1%
ArlingtonTX$9631.4%8.9%
GarlandTX$9631.3%5.6%
DetroitMI$9600.2%6.0%
SalemOR$9591.3%8.2%
RochesterNY$9540.0%3.2%
FresnoCA$9530.6%6.0%
CincinnatiOH$9411.3%3.6%
Las VegasNV$9331.3%5.7%
Grand RapidsMI$9331.0%3.2%
Kansas CityMO$9331.1%2.4%
MesquiteTX$9320.6%5.3%
WacoTX$929-0.3%1.1%
PhoenixAZ$9261.0%5.7%
BirminghamAL$9250.9%2.9%
ChattanoogaTN$9210.2%2.2%
North Las VegasNV$9170.8%2.2%
BakersfieldCA$909-0.3%0.9%
Newport NewsVA$9090.6%2.0%
LubbockTX$901-1.0%-2.0%
LincolnNE$9011.0%1.8%
MesaAZ$8991.5%5.6%
OlatheKS$8931.1%5.2%
LouisvilleKY$8920.3%3.1%
WaterburyCT$8890.1%3.7%
MetairieLA$8871.0%3.3%
St. LouisMO$8771.0%1.6%
LexingtonKY$8750.2%3.3%
SpokaneWA$8720.2%7.3%
ColumbusOH$8710.8%4.3%
NormanOK$867-0.6%-1.3%
OmahaNE$8670.8%2.4%
Des MoinesIA$858-0.2%7.1%
Sterling HeightsMI$8571.2%2.8%
South BendIN$855-0.1%3.4%
GlendaleAZ$8491.1%5.1%
GreensboroNC$8451.7%4.1%
ColumbusGA$832-0.5%0.8%
AlbuquerqueNM$8290.7%3.9%
PasadenaTX$825-0.5%5.0%
IndianapolisIN$8180.5%3.8%
AkronOH$807-0.9%3.2%
Broken ArrowOK$805-0.6%-1.1%
ParadiseNV$7980.8%3.1%
MobileAL$7970.3%1.4%
Winston-SalemNC$7941.7%6.6%
TucsonAZ$7860.8%4.1%
McAllenTX$7750.4%0.8%
Little RockAR$7740.4%0.9%
AugustaGA$7721.0%1.7%
High PointNC$7711.8%2.0%
WarrenMI$767-0.1%2.7%
LansingMI$7650.3%0.4%
MaconGA$7630.5%1.5%
Kansas CityKS$762-0.3%1.1%
Las CrucesNM$7600.7%0.4%
JacksonMS$7560.1%1.5%
MemphisTN$7511.1%3.7%
El PasoTX$7500.8%-0.4%
AmarilloTX$7371.0%0.5%
DaytonOH$7310.4%2.5%
Oklahoma CityOK$7250.8%-1.5%
IndependenceMO$7190.7%2.9%
Fort WayneIN$7161.1%3.9%
KilleenTX$7040.6%1.3%
BrownsvilleTX$6960.3%2.2%
TulsaOK$6740.7%-1.9%
ToledoOH$6660.5%0.9%
WichitaKS$639-0.2%1.6%
About RENTCafé and How We Compiled the Data

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.

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About the author

Ama Otet

Ama Otet is an online content developer and creative writer for RENTCafé. She loves all things real estate and strives to live beautifully, one green step at a time. You can connect with Ama on Twitter or via email.

1 Comment

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  • Coming from someone who works in the Reno market, the rent increases are going to continue for another couple of years. The area wasn’t prepared for the “Tesla Effect” that the developing gigafactory brought. New companies are moving to the area all the time, and the housing shortage is going to continue until the building catches up.