- The national average rent reached $1,436 in April 2019, up by 3% ($42) year over year, and by 0.3% ($5) month over month, according to Yardi Matrix data.
- Madison, AL renters saw the highest annual rent increase in April, reaching $915 per month.
- Auburn apartments are the most expensive among the state’s largest cities, while apartments in Decatur have the cheapest rents.
Rents see a 3% annual increase in April, the lowest annual increase in 11 months
Nationally, average rent prices rose by 3% year-over-year, according to the latest Yardi Matrix data on apartment market trends. Rents averaged $1,436 this April — the second month in a row to witness a 0.3% m-o-m growth. Compared to last April, renters pay $42 more on average per month following relatively flat m-o-m rent increases during the off-season.
Renting in Alabama’s cities in April 2019
The average rent in Alabama’s largest cities is generally lower than the national average rent. The fastest growing rents in April were in Madison, where rental apartment prices increased by 10.5% over the year, $3 per month. Auburn apartments saw the second highest annual increase, jumping by 7.9%, but are $3 less expensive than the same month last year. The slowest rising rents were in Homewood, where prices grew only by 2.6%.
Of the cities analyzed, Auburn apartments are the state’s most expensive for renters, with an average rent of $1,223, followed by apartments in Tuscaloosa, where the average monthly rent is $1,085. On the other hand, the cheapest city to rent an apartment in is Decatur, with an average apartment rent of $560/month.
RENTCafe is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.
To prepare the state rent report, we analyzed only cities with a rental stock of at least 2,000 apartments in 50+ unit buildings. To compile the national rent report, RENTCafe’s research team analyzed rent data across the 253 largest cities in the U.S., in large-scale apartment buildings with 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.
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