It’s starting to look like a record-setting year in the rental market, as March marked yet another all-time high for national rents. The average rent across the country jumped 0.5% from February to March – up to $1,181 a month – and a total of 1.5% for the first quarter of 2016. Compared to 2015, March’s average rents were up 5.7%, according to the latest Yardi Matrix Monthly report.
Portland is leading the pack as far as year-over-year rent growth goes, but it looks like San Francisco will likely take the top spot by year-end, expected to climb a whopping 10.5% by the close of 2016. Also forecast to see big jumps in rents? Dallas – a surprising addition to the list that could see rents rise more than 7% just this year due to job growth in the area.
Other highlights of last month’s rental market include:
- Most of the slower rent markets remained on the East Coast and in the Midwest. Chicago, Washington D.C., Philadelphia, Richmond and Kansas City all saw lower-than-average rent growth. Houston also came in just under the average eight-year growth rate.
- While Portland saw the most year-over-year rent growth, Seattle, Sacramento, Phoenix and Atlanta weren’t far behind. Each saw at least an 8% jump in rents since 2015.
- Job growth is on the rise in San Francisco, Dallas, Seattle, Orlando, Austin and Tampa. All five have seen a 3-percent rise in jobs in the last six months.
Though the national average rent hovers just below $1,200 a month, rent prices vary greatly from city to city. Let’s take a look at what $1,181 can get you in some of the country’s hottest metros right now: San Francisco, Dallas and Portland.
Though the average rent in San Francisco is $2,810, there are still many properties not far from the national average. Take the Hayes Valley Apartments, for example. Located in the trendy area of Hayes Valley, this community offers you access to hot nightspots, great restaurants and five-star shopping. Plus, you can get a two-bedroom for just over $1,400. Enjoy countless amenities, like free Wi-Fi, on-site daycare, a community room, private garages and stunning views of downtown San Francisco, too. Then, if you’re willing to dig a little deeper into your pockets, there’s this amazing historic building at 980 Bush St. in Downtown San Francisco offering airy studios, one-, and two-bedroom apartments, perfect for those in search of bustling city life. Studios at 980 Bush Street start at $1,795/mo.
You can find some pretty swanky places for the average national rent in Dallas. According to Yardi Matrix, average rent in the Big D is $1,101. Not cheap, but definitely cheaper than almost any other big city in the country, including San Francisco and Portland where average rents range around $2,810 and $1,252, respectively. Just have a look at Post Uptown Village. Located in Downtown Dallas in the hot Uptown area, this community puts you right in the heart of the city’s best nightlife and dining. It’s also home to a resort-style swimming pool, a sundeck, and a state-of-the-art fitness center, and many units even have built-in fireplaces. One-bedrooms start at $985.
For $1,167 a month, you can secure a cozy 685-square-foot studio at The Wyatt, nestled in Portland’s ever-popular Pearl District. Home to breweries, restaurants, and a youthful exuberance, the Pearl is one of the trendiest neighborhoods in the city, and The Wyatt fits right in. The complex offers on-site management and maintenance, online payment options, resident activities, a plaza garden with an outdoor fireplace and a barbecue, covered parking, and more. Interior finishes include original brickwork coupled with large industrial windows and dramatic cascades of glass and metal for a truly unique tenant experience. It’s also just a few blocks from numerous colleges, museums, galleries, and other hotspots.
Ready to start your apartment search? Check out thousands of homes and apartments for rent on RENTCafe.com.