Alabama Rent Report – May 2019

Marina Andresi-June 15, 2019

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The national average rent reached $1,442 in May 2019, up by 2.5% ($35) year over year, and by 0.3% ($6) month over month, according to Yardi Matrix data.
Vestavia Hills, AL renters saw the highest annual rent increase in May, reaching $1,184 per month.
Auburn, AL apartments are the most expensive among the state’s largest cities, while apartments in Decatur have the cheapest rents.

Apartment rents increase by 2.5% as the prime rental season kicks off

Average rent prices went up by 2.5% year-over-year in May and reached a $1,442 monthly average. Nationally, rents maintain a strong month-over-month growth, but the annual increase is the slowest we’ve seen in 18 months. Residential rents are rising steadily across markets, with the third month in a row sprouting a 0.3% month-over-month jump. Compared to last May, renters pay $35 more on average, according to the latest Yardi Matrix data on apartment market trends.

Renting in Alabama’s large cities in May 2019

The average rent in Alabama’s largest cities is generally lower than the national average rent. The fastest growing rents in May were in Auburn where rental apartment prices increased by 7.9% over the year but flatlined month-over-month. Huntsville apartments saw the second highest annual increase, jumping by 6.9%, $53 more expensive than the same month last year. The slowest rising rents were in Birmingham, where prices grew by 2.5%.

Of the 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 $1,087. On the other hand, the cheapest city to rent an apartment in is Decatur, with an average of $549/month.

Among the state’s mid-sized and small cities, Vestavia Hills displayed the highest annual rent increase in May by 10.8%, reaching $1,184 per month.

To compare the rental market in Alabama with other cities in the U.S., you can also check our national rent report.

Methodology

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.

Fair use and redistribution

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Marina Andresi

Marina is a marketing content developer for RENTCafé.com. She likes to research and write about real estate market trends and their impact on the nation's social scene. She also writes essays about significant films and TV shows. If you want to get in touch you can email her @ marina.rentcafe@yardi.com.