- The U.S. average rent increased by 3.2% ($45) year over year and reached $1,465 in June 2019, up by 0.8% ($12) month over month, according to Yardi Matrix data.
- The average rent in Des Moines reached $903, $14 more per month than a year ago.
- Council Bluffs, IA renters saw the highest annual rent increase in June, reaching $912 per month.
- Ankeny, IA apartments are the most expensive among the cities analyzed, while apartments in Urbandale, IA 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 Iowa’s cities in June 2019
The average rent in Iowa’s largest cities is generally lower than the national average rent. The average rent in Des Moines reached $903 per month in June, up by 1.6% year-over-year or $14 more per month above what renters were paying a year ago.
The fastest growing rents in June happened in Council Bluffs, where rental apartment prices increased by 8.1% over the year ($68 more expensive than last year). Altoona apartment rent prices saw the second-highest annual increase, jumping by 3% ($28), while Urbandale experienced the third-fastest rent increases, up by 2.4% ($20). Rents decreased over the year in Johnston, down by 1.3% ($14 less expensive than in June 2018).
Of the cities analyzed, Ankeny apartments are the state’s most expensive for renters, with an average rent of $1,119/month, followed by apartments in Johnston, where the average rent is $1,096. On the other hand, the cheapest cities in Iowa to rent an apartment in are Urbandale ($859) and Des Moines ($903).
Mid-year rent changes in Iowa
Since the beginning of the year, there has been an increase in average rent in almost all of the cities in Iowa. The highest increase in rent can be seen in Council Bluffs, where average rent went up by 8.6%, or $72. Next up is Urbandale, with a 4.5% or $37 increase in the first semester. A decrease in average rent in the first half of the year can be seen only in Johnston, down by 0.3%, or $3 less.
To compare the rental market in Iowa with other cities in the U.S., you can also check our national mid-year 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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