- The U.S. average rent increased by 3.2% ($45) year over year reaching $1,465 in June 2019, up by 0.8% ($12) month over month, according to Yardi Matrix data.
- Gulf Shores, AL renters saw the highest annual rent increase in June, reaching $1,063 per month.
- Among the state’s largest cities, Auburn apartments are the most expensive, while apartments in Decatur have the cheapest rents.
Mid-year the national average rent sees a spike as peak rental season is in full effect
In true seasonality fashion, June brings rent increases consistent with the end of the second quarter. Nationally, average rent prices reached $1,465 following a 3.2% annual increase and up 0.8% since last month — the highest monthly jump since May 2018. Compared to last June, renters pay $45 more on average according to the latest rent survey from Yardi Matrix.
Since the beginning of the year, apartment rents have increased by 2.6% – that’s an extra $37 added to the average monthly rent in six months. Rent increases during the first half of the year are typically more accelerated, whereas during the second half of the year they’re expected to slow down, a typical pattern confirmed by rent evolution in the past years.
Renting in Alabama’s larger cities in June 2019
The average rent in Alabama’s larger cities is generally lower than the national average rent. Among the larger cities analyzed, Huntsville had the highest annual rental growth (7.6%). Notably, although nearby Madison has a population 4 times smaller than Huntsville, it had a higher increase since June last year (7.7%) over the year and 0.5% month-over-month, while Hunstville apartments jumped by 7.6%, $59 more expensive than the same month last year, quickly followed by Auburn with 7.5% y-o-y. The slowest rising rents were in Hoover, where prices grew by 2.6%.
Of the larger cities analyzed, Auburn apartments are the state’s most expensive for renters, with an average rent of $1,221, followed by apartments in Tuscaloosa, where the average monthly rent is $1,112. On the other hand, the cheapest city to rent an apartment in is Decatur, with an average of $562/month.
Among the state’s mid-size and small cities, Gulf Shores displayed the highest annual rent increase: 12.7%, reaching $1,063 per month in June.
Mid-year rent changes in Alabama
Since the beginning of the year, there has been an increase in average rent in almost all of the cities in Alabama. The highest increase in rent can be seen in Gulf Shores, where average rent went up by 13.6%, or $127. Following closely behind is Tuscaloosa with a 6.3% or $66 increase since the beginning of 2019. At the other end of the spectrum, the slowest increase in average rent in the first half of the year can be seen in Auburn, where rent went down by 0.4%, or $5.
To compare the rental market in Alabama with other cities in the U.S., you can also check our national rent report.
RENTCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.
The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company 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. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.
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