- The national average rent reached $1,472 in August, up by 3.3% ($47) year-over-year, and 0.1% ($2) month-over-month, according to data from Yardi Matrix.
- Holbrook, NY renters saw the highest monthly rent increase in August, with the average rate reaching $2,136 per month.
- White Plains apartments are the most expensive among the state’s largest cities, while apartments in Cheektowaga have the cheapest rents.
The national average rent ends the peak season at $1,472
Continued interest in rental apartments and slowing construction keeps the national average rent on a strong upward trend, with a yearly increase of 3.3% ($47), having reached $1,472 in August, according to the latest survey from Yardi Matrix. With the peak rental season coming to an end, rent prices dwindled in the past month, displaying the slowest rise since February, 0.1% ($2). Rates rose slower than they did in August last year, exhibiting a shy monthly uptick commonly seen during the sluggish Autumn-Winter season.
Renting in New York State in August 2019
The average rent in New York State cities is just about evenly split between cities with rents higher and lower than the national average. The fastest growing rents in August were in Holbrook, where apartment prices increased by 2.2% month over month, or $45. Cheektowaga apartments saw the second highest monthly increase, jumping by 1.2% and making them $10 more expensive than last month, while in Tonawanda prices decreased by 2.4% ($22) compared to July.
White Plains apartments are the area’s most expensive for renters, with an average rent of $2,819, followed by apartments in Mineola, where the average monthly rent is $2,804. Meanwhile, the most affordable of the cities analyzed is Cheektowaga, with an average apartment rent of $863.
To compare the rental market in New York State with other cities in the U.S., you can also check our national August 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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