{"id":43859,"date":"2016-06-03T00:16:21","date_gmt":"2016-06-03T07:16:21","guid":{"rendered":"http:\/\/www.rentcafe.com\/blog\/?p=43859"},"modified":"2017-03-28T05:29:54","modified_gmt":"2017-03-28T12:29:54","slug":"apartment-rents-hit-all-time-high-again-in-may-2016","status":"publish","type":"post","link":"https:\/\/www.rentcafe.com\/blog\/rental-market\/apartment-rents-hit-all-time-high-again-in-may-2016\/","title":{"rendered":"May Rents Hit All-time High Again, but Some Markets See Deceleration"},"content":{"rendered":"<p>For the fifth-straight month, the national average rent has reached an all-time high, this time reaching a whopping <strong>$1,204 per month<\/strong> &#8211; $10 more than the <a title=\"US Rent Growth April Report\" href=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/apartment-rents-spike-fourth-month-row-employment-growth-plays-big-role\/\" target=\"_blank\">April average<\/a>. According to the <a href=\"http:\/\/www.yardimatrix.com\/Institutional-Research\" target=\"_blank\">Yardi Matrix Monthly Report<\/a>, this marks a 0.9% jump for May and a 6% jump from just one year earlier.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-43970\" src=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/US-Average-Rents-May-2016.jpg\" alt=\"US Average Rents May 2016\" width=\"1229\" height=\"480\" srcset=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/US-Average-Rents-May-2016.jpg 1229w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/US-Average-Rents-May-2016.jpg?resize=500,195 500w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/US-Average-Rents-May-2016.jpg?resize=768,300 768w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/US-Average-Rents-May-2016.jpg?resize=150,59 150w\" sizes=\"auto, (max-width: 1229px) 100vw, 1229px\" \/><\/p>\n<p>Here are some other highlights from the report:<\/p>\n<ul>\n<ul>\n<li>The cities that generated\u00a0the most significant rent growth year-over-year were\u00a0<strong><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/seattle-wa\/\" target=\"_blank\">Seattle<\/a>, <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/sacramento-ca\/\" target=\"_blank\">Sacramento<\/a>, <\/strong>and<a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/portland-or\/\" target=\"_blank\"><strong> Portland<\/strong><\/a>, with each seeing jumps of 11%\u00a0or more. <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/phoenix-az\/\" target=\"_blank\">Phoenix<\/a> and <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/atlanta-ga\/\" target=\"_blank\">Atlanta<\/a> weren\u2019t far behind, with 8% increases.<\/li>\n<li><strong>A few markets are softening, <\/strong>with <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/san-francisco-ca\/\" target=\"_blank\">San Francisco<\/a>, <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/denver-co\/\" target=\"_blank\">Denver<\/a>, and <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/houston-tx\/\" target=\"_blank\">Houston<\/a> seeing rental rates decelerating.<\/li>\n<li><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/baltimore-city-md\/\" target=\"_blank\"><strong>Baltimore <\/strong><\/a>and<strong><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/washington2c-dc-dc\/\" target=\"_blank\"> Washington, DC<\/a> posted some of the smallest rent gains in 2015<\/strong>. In DC\u2019s case, the relative stability of the rental market has much to do with the rapid pace of new construction. The high number of new apartments coming online gives renters room to breathe as where there\u2019s availability there\u2019s choice. This effect is especially felt at the <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/washington2c-dc-dc\/luxury\/\" target=\"_blank\">higher-end of the market<\/a>, where <a href=\"http:\/\/dcinno.streetwise.co\/channels\/dc-renters-show-a-taste-for-luxury-84-of-last-years-new-apartment-buildings-were-high-end\/\" target=\"_blank\">new supply has been concentrated<\/a>. When it comes to Baltimore, the job market is less flourishing (1.6%), putting a damper on rent growth as well.<\/li>\n<\/ul>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-43971\" src=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Y-O-Y-Rent-Growth-May-2016.jpg\" alt=\"Y-O-Y Rent Growth May 2016\" width=\"1229\" height=\"480\" srcset=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Y-O-Y-Rent-Growth-May-2016.jpg 1229w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Y-O-Y-Rent-Growth-May-2016.jpg?resize=500,195 500w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Y-O-Y-Rent-Growth-May-2016.jpg?resize=768,300 768w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Y-O-Y-Rent-Growth-May-2016.jpg?resize=150,59 150w\" sizes=\"auto, (max-width: 1229px) 100vw, 1229px\" \/><\/p>\n<ul>\n<li><strong>Millennials play a large role in the increase of rental averages, <\/strong>as many of them are just now reaching their prime renting years. &#8220;Growth in the prime renter age cohort is expected to support the formation of an estimated one million households annually for the next few years&#8221;, the report notes.<\/li>\n<li><strong>Job growth also factors in, <\/strong>as May marked the 74<sup>th<\/sup> consecutive month of employment growth for the nation. Many markets that have seen high job growth have also seen rents rising in tandem. <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/austin-tx\/\" target=\"_blank\">Austin<\/a>, for example, has seen a 4.6% jump in employment over the past year. As such, rents are expected to rise 5.8% by year\u2019s end.<\/li>\n<\/ul>\n<p>Though $1,204 may be the average rent for the country, that doesn\u2019t mean all markets are created equal. The average rent can cover a wide variety of locations, sizes and apartment styles, and it truly varies from city to city. Let\u2019s take a look at <strong>what $1,204 can get you in a few select markets right now<\/strong>.<\/p>\n<h2><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/seattle-wa\/\" target=\"_blank\"><strong>Seattle<\/strong><\/a><\/h2>\n<p>Though $1,200 is on the <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/seattle-wa\/cheap\/\" target=\"_blank\">low side for Seattle rents<\/a>, there are still a number of quality properties in that price range. Take the brand-new\u00a0<a href=\"https:\/\/www.rentcafe.com\/apartments\/wa\/seattle\/alder-flats\/default.aspx\" target=\"_blank\">Adler Flats<\/a>\u00a0in <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/yesler-terrace-seattle-wa\/\" target=\"_blank\">Yesler Terrace<\/a> for example. For just $900, you can get a studio apartment\u00a0in a great location. Just minutes from dining, shopping, entertainment and even local colleges, it\u2019s a top choice for any renter. Designed and built with eco-friendly principles in mind, the community includes a great rooftop deck with views of Downtown Seattle, Elliott Bay, the Sports Stadiums, and Mt. Rainier. Loft-style micro flats rent for $1,275.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-43979\" src=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Apartments-at-Alder-Flats-in-Seattle-WA.jpg\" alt=\"Apartments at Alder Flats in Seattle WA\" width=\"900\" height=\"600\" srcset=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Apartments-at-Alder-Flats-in-Seattle-WA.jpg 900w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Apartments-at-Alder-Flats-in-Seattle-WA.jpg?resize=500,333 500w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Apartments-at-Alder-Flats-in-Seattle-WA.jpg?resize=768,512 768w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Apartments-at-Alder-Flats-in-Seattle-WA.jpg?resize=150,100 150w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/p>\n<h2><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/phoenix-az\/\" target=\"_blank\"><strong>Phoenix<\/strong><\/a><\/h2>\n<p>The average rent can get you quite a bit of space in Phoenix, Arizona. Check out the <a href=\"https:\/\/www.rentcafe.com\/apartments\/az\/phoenix\/villas-at-cave-creek\/default.aspx\" target=\"_blank\">Villas at Cave Creek<\/a> for example. For just $1,050, you can get a 3 bedroom, 2 bath apartment with over 1,200 square feet! Units even boast breakfast nooks, premium lighting packages, wood-burning fireplaces and faux stone flooring. Plus, you can\u2019t beat the community amenities, which include a coffee bar, fitness center, four pools, a sundeck a sports court and more.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-43981\" src=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Villas-at-Cave-Creek-Apartments-in-Phoenix-AZ.jpg\" alt=\"Villas at Cave Creek Apartments in Phoenix AZ\" width=\"900\" height=\"600\" srcset=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Villas-at-Cave-Creek-Apartments-in-Phoenix-AZ.jpg 900w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Villas-at-Cave-Creek-Apartments-in-Phoenix-AZ.jpg?resize=500,333 500w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Villas-at-Cave-Creek-Apartments-in-Phoenix-AZ.jpg?resize=768,512 768w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Villas-at-Cave-Creek-Apartments-in-Phoenix-AZ.jpg?resize=150,100 150w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/p>\n<h2><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/atlanta-ga\/\" target=\"_blank\"><strong>Atlanta<\/strong><\/a><\/h2>\n<p>For $1,204, you can get loads of space in Atlanta. Just look at <a href=\"https:\/\/www.rentcafe.com\/apartments\/ga\/atlanta\/peninsula-at-buckhead\/default.aspx\" target=\"_blank\">Peninsula at Buckhead<\/a>\u00a0in Buckhead&#8217;s\u00a0<a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/lindbergh-morosgo-atlanta-ga\/\" target=\"_blank\">Lindbergh &#8211; Morosgo neighborhood<\/a>.\u00a0For $1,193 a month, you can get a one-bedroom, 1 bath apartment with nearly 700 square feet of space. Throw in the community\u2019s sparkling pool, clubhouse, and BBQ\/picnic area, and you have the perfect setting for a new life in Georgia\u2019s capital.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-43980\" src=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Peninsula-at-Buckhead-Apartments-in-Atlanta-GA.jpg\" alt=\"Peninsula at Buckhead Apartments in Atlanta GA\" width=\"900\" height=\"600\" srcset=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Peninsula-at-Buckhead-Apartments-in-Atlanta-GA.jpg 900w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Peninsula-at-Buckhead-Apartments-in-Atlanta-GA.jpg?resize=500,333 500w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Peninsula-at-Buckhead-Apartments-in-Atlanta-GA.jpg?resize=768,512 768w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Peninsula-at-Buckhead-Apartments-in-Atlanta-GA.jpg?resize=150,100 150w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/p>\n<p>Want to learn more about these properties? Visit <a title=\"Rental website Rentcafe\" href=\"https:\/\/www.rentcafe.com\" target=\"_blank\">RentCafe.com<\/a>.<\/p>\n<div class=\"usagerights\">\n<div class=\"fairuse\">\n<h3>Fair use and redistribution<\/h3>\n<p>We encourage you and freely grant you permission to reuse, host, or repost the images in this article. When doing so, we only ask that you kindly attribute the authors by linking to <a href=\"https:\/\/www.rentcafe.com\">RentCafe.com<\/a> or this page, so that your readers can learn more about this project, the research behind it and its methodology.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>For the fifth-straight month, the national average rent has reached an all-time high, this time reaching a whopping $1,204 per month &#8211; $10 more than the April average. According to the Yardi Matrix Monthly Report, this marks a 0.9% jump for May and a 6% jump from just one year earlier. Here are some other&hellip;<\/p>\n","protected":false},"author":39,"featured_media":43969,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3663,3660,3659,3664],"tags":[],"class_list":["post-43859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-apartment-search-2","category-real-estate-news","category-rental-market","category-tips-tricks-renters","gallery-content-unit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Apartment Rents Hit All-time High Again in May, but Some Markets See Deceleration<\/title>\n<meta name=\"description\" content=\"Though $1,204 may be the average rent for the country, that doesn\u2019t mean all markets are created equal. The average rent can cover a wide variety of locations, sizes and apartment styles, and it truly varies from city to city.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/apartment-rents-hit-all-time-high-again-in-may-2016\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"May Rents Hit All-time High Again, but Some Markets See Deceleration\" \/>\n<meta property=\"og:description\" content=\"Though $1,204 may be the average rent for the country, that doesn\u2019t mean all markets are created equal. The average rent can cover a wide variety of locations, sizes and apartment styles, and it truly varies from city to city.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/apartment-rents-hit-all-time-high-again-in-may-2016\/\" \/>\n<meta property=\"og:site_name\" content=\"RentCafe rental blog\" \/>\n<meta property=\"article:published_time\" content=\"2016-06-03T07:16:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-03-28T12:29:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Washington-DC.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"519\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Amalia Otet\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Amalia Otet\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rentcafe.com\/blog\/rental-market\/apartment-rents-hit-all-time-high-again-in-may-2016\/\",\"url\":\"https:\/\/www.rentcafe.com\/blog\/rental-market\/apartment-rents-hit-all-time-high-again-in-may-2016\/\",\"name\":\"Apartment Rents Hit All-time High Again in May, but Some Markets See Deceleration\",\"isPartOf\":{\"@id\":\"https:\/\/www.rentcafe.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.rentcafe.com\/blog\/rental-market\/apartment-rents-hit-all-time-high-again-in-may-2016\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.rentcafe.com\/blog\/rental-market\/apartment-rents-hit-all-time-high-again-in-may-2016\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Washington-DC.jpg\",\"datePublished\":\"2016-06-03T07:16:21+00:00\",\"dateModified\":\"2017-03-28T12:29:54+00:00\",\"author\":{\"@id\":\"https:\/\/www.rentcafe.com\/blog\/#\/schema\/person\/9f6a1043b1429cf8ff129c75614caa73\"},\"description\":\"Though $1,204 may be the average rent for the country, that doesn\u2019t mean all markets are created equal. 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