{"id":44970,"date":"2016-07-04T08:57:30","date_gmt":"2016-07-04T15:57:30","guid":{"rendered":"http:\/\/www.rentcafe.com\/blog\/?p=44970"},"modified":"2017-03-28T05:29:31","modified_gmt":"2017-03-28T12:29:31","slug":"rents-hit-historic-high-west-coast-and-south-lead-the-pack","status":"publish","type":"post","link":"https:\/\/www.rentcafe.com\/blog\/rental-market\/rents-hit-historic-high-west-coast-and-south-lead-the-pack\/","title":{"rendered":"Apartment Rents Hit Historic High: $1,213 in June"},"content":{"rendered":"<p>Average apartment rents continued on their 2016 climb in June, hitting an all-time high of $1,213 per month &#8211; <a href=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/apartment-rents-hit-all-time-high-again-in-may-2016\/\" target=\"_blank\">$10 more than May\u2019s numbers<\/a>. This marks the third straight month of double-digit gains, and <strong>the sixth month in a row rents have climbed consecutively<\/strong>, according to the latest Yardi Matrix monthly report.<\/p>\n<p>Supported by high-demand from Millennials as well as vigorous job growth and favorable demographics, U.S. rental prices are up year-to-date by 4.2% \u2013 almost reaching Yardi Matrix\u2019s projected increase for the entire year.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-44973\" src=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/US-Apartment-Rent-Growth-2016.jpg\" alt=\"US Apartment Rent Growth Trends June 2016\" width=\"1229\" height=\"480\" srcset=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/US-Apartment-Rent-Growth-2016.jpg 1229w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/US-Apartment-Rent-Growth-2016.jpg?resize=500,195 500w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/US-Apartment-Rent-Growth-2016.jpg?resize=768,300 768w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/US-Apartment-Rent-Growth-2016.jpg?resize=150,59 150w\" sizes=\"auto, (max-width: 1229px) 100vw, 1229px\" \/><\/p>\n<h2>Fueled by Intense Demand, Sacramento Sees Rents Skyrocketing, Outranks LA, Portland in Rent Growth<\/h2>\n<p><strong>Sacramento has seen the highest year-over-year jump<\/strong> with a rent increase of 11%. Sacto renters have seen their average rent growing by $119 to $1,224 in the past year. Studios go for $903, 1-bedrooms average $1,034, and two-bedrooms clock in at $1,259. The situation isn&#8217;t going to get better anytime soon, unless the city finds a way to bring more housing units to the market. Demand is likely to remain strong for urban living in the area as in-migration continues to boost population numbers. <a href=\"http:\/\/www.calmis.ca.gov\/file\/lfmonth\/sacr$pds.pdf\" target=\"_blank\">The employment picture<\/a> is also getting better, but rental inventory lags behind. In terms of new construction, Sacramento is nowhere near other booming cities like San Francisco, Denver, and Chicago where the huge number of apartment completions is putting a damper on rent growth.<\/p>\n<p>Here are some key takeaways from the <a href=\"http:\/\/www.yardimatrix.com\/Institutional-Research\" target=\"_blank\">June Yardi Matrix Monthly report<\/a>:<\/p>\n<ul>\n<li><strong>The biggest rent gains\u00a0were seen on the West Coast<\/strong>, in cities like <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/seattle-wa\/\" target=\"_blank\">Seattle<\/a>, <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/portland-or\/\" target=\"_blank\">Portland<\/a>, <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/sacramento-ca\/\" target=\"_blank\">Sacramento<\/a>, <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/los-angeles-ca\/\" target=\"_blank\">Los Angeles<\/a>, and <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/san-diego-ca\/\" target=\"_blank\">San Diego<\/a>.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-44980\" src=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Y-O-Y-Rent-Growth-June-2016.jpg\" alt=\"Rent Growth in America's Top Performing Markets in June 2016\" width=\"1229\" height=\"480\" srcset=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Y-O-Y-Rent-Growth-June-2016.jpg 1229w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Y-O-Y-Rent-Growth-June-2016.jpg?resize=500,195 500w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Y-O-Y-Rent-Growth-June-2016.jpg?resize=768,300 768w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/06\/Y-O-Y-Rent-Growth-June-2016.jpg?resize=150,59 150w\" sizes=\"auto, (max-width: 1229px) 100vw, 1229px\" \/><\/p>\n<ul>\n<li>Southern markets like <strong><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/atlanta-ga\/\" target=\"_blank\">Atlanta<\/a>, <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/orlando-fl\/\" target=\"_blank\">Orlando<\/a><\/strong>, and<strong> <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/tampa-fl\/\" target=\"_blank\">Tampa<\/a><\/strong> have also seen big rent increases, with all three making the top 20 metros for biggest rent hikes in June.<\/li>\n<li>One of the few exceptions to the ever-climbing rent race is <strong><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/houston-tx\/\" target=\"_blank\">Houston<\/a>,<\/strong> where rents are finally slowing down. This is likely due to the weakening energy sector \u2013 the city\u2019s main economic industry.<\/li>\n<li>In-demand cities like <strong><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/washington2c-dc-dc\/\" target=\"_blank\">Washington D.C.<\/a>, <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/boston-ma\/\" target=\"_blank\">Boston<\/a>, <\/strong>and<strong> <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/san-francisco-ca\/\" target=\"_blank\">San Francisco<\/a><\/strong> saw smaller rent increases in June thanks to expanding rental inventory in the area.<\/li>\n<li>Occupancy rates have remained strong across the nation, with 96.1% of all units currently occupied. These rates tend to mirror employment growth and are highest in cities with lots of Millennials and new job opportunities, like <strong><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\/austin-tx\/\" target=\"_blank\">Austin<\/a><\/strong>, and<strong> <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/dallas-tx\/\" target=\"_blank\">Dallas<\/a><\/strong>.<\/li>\n<\/ul>\n<p>Though national rents average $1,213 a month, the type, style, and <a href=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/us-average-apartment-size-trends-downward\/\" target=\"_blank\">size of an apartment<\/a> you can get for this amount varies city by city. Let\u2019s take a look at <strong>what you can get in four of the nation\u2019s hottest rental markets with this month\u2019s average rent<\/strong>.<\/p>\n<h3>Sacramento<\/h3>\n<p>An improving economy and limited new supply are fueling rent spikes all across the metro. The good news, however, is that Sacramento is so diverse in both cultural and housing options that there&#8217;s something for everyone here. Plus, local rates are much lower than in San Francisco and Los Angeles from the get-go so you have every chance of finding a reasonably-priced place in a nice area to call home. Take the <a href=\"https:\/\/www.rentcafe.com\/apartments\/ca\/sacramento\/wedgewood-apartments-1\/default.aspx\" target=\"_blank\">Wedgewood apartment community<\/a>, for example! It&#8217;s conveniently located, just off of I-5 and minutes from downtown Sacramento, in <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/greenhaven-sacramento-ca\/\" target=\"_blank\">Greenhaven<\/a>; and it offers spacious apartments with energy efficient appliances, washers and dryers, and large closets. Rents start at $899 for 1-bedroom apartments while 2-bedrooms go for $1,199.<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-44988\" src=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/07\/Wedgewood-Apartments-in-Sacramento-CA.jpg\" alt=\"Wedgewood Apartments in Sacramento CA\" width=\"900\" height=\"600\" srcset=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/07\/Wedgewood-Apartments-in-Sacramento-CA.jpg 900w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/07\/Wedgewood-Apartments-in-Sacramento-CA.jpg?resize=500,333 500w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/07\/Wedgewood-Apartments-in-Sacramento-CA.jpg?resize=768,512 768w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/07\/Wedgewood-Apartments-in-Sacramento-CA.jpg?resize=150,100 150w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/p>\n<h3><strong>Portland<\/strong><\/h3>\n<p>One of the nation\u2019s costlier markets, inventory is limited in Portland if you\u2019re looking for something priced at the national average. There are options, though, including downtown\u2019s <a href=\"https:\/\/www.rentcafe.com\/apartments\/or\/portland\/westfal-apartments\/default.aspx\" target=\"_blank\">Westfal Apartments<\/a>, where you can get a one-bedroom, one-bath apartment with 500 square feet for $1,050 per month. Situated in a beautiful historic building, units offer clawfoot tubs, high ceilings, wood floors and crown molding throughout.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-44990\" src=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/07\/Westfal-Apartments-in-Portland-OR.jpg\" alt=\"Westfal Apartments in Portland OR\" width=\"900\" height=\"600\" srcset=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/07\/Westfal-Apartments-in-Portland-OR.jpg 900w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/07\/Westfal-Apartments-in-Portland-OR.jpg?resize=500,333 500w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/07\/Westfal-Apartments-in-Portland-OR.jpg?resize=768,512 768w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/07\/Westfal-Apartments-in-Portland-OR.jpg?resize=150,100 150w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/p>\n<h3><strong>Houston<\/strong><\/h3>\n<p>Rent growth has actually slowed in Houston, so $1,213 can get you a lot in this bustling city. <a href=\"https:\/\/www.rentcafe.com\/apartments\/tx\/houston\/turtle-pointe\/default.aspx\" target=\"_blank\">Turtle Pointe<\/a>, for example, offers spacious, two-bedroom, two-bath apartments with more than 900 square feet for just $1,095 a month. Located in the Midwest part of town, the community is close to The Galleria Mall and boasts a fitness center, dog park, billiards room, three swimming pools, a sundeck and a basketball court.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-44992\" src=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/07\/Turtle-Pointe-Apartments-in-Houston-TX.jpg\" alt=\"Turtle Pointe Apartments in Houston TX\" width=\"900\" height=\"600\" srcset=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/07\/Turtle-Pointe-Apartments-in-Houston-TX.jpg 900w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/07\/Turtle-Pointe-Apartments-in-Houston-TX.jpg?resize=500,333 500w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/07\/Turtle-Pointe-Apartments-in-Houston-TX.jpg?resize=768,512 768w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/07\/Turtle-Pointe-Apartments-in-Houston-TX.jpg?resize=150,100 150w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/p>\n<h3><strong>Washington, D.C. <\/strong><\/h3>\n<p>Washington, D.C. also has loads of inventory for right around the national average. Southeast D.C.\u2019s <a href=\"https:\/\/www.rentcafe.com\/apartments\/dc\/washington\/matthews-memorial-terrace\/default.aspx\" target=\"_blank\">Matthews Memorial Terrace<\/a> is a great example, offering a spacious 2-bedroom, 2-bath property for $1,088 a month. Located in the historic Anacostia Region, the community also offers underground parking, a playground, easy access to local bus and Metro routes, and more.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-44994\" src=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/07\/Matthews-Memorial-Terrace-Apartments-in-Washington-DC.jpg\" alt=\"Matthews Memorial Terrace Apartments in Washington DC\" width=\"900\" height=\"600\" srcset=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/07\/Matthews-Memorial-Terrace-Apartments-in-Washington-DC.jpg 900w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/07\/Matthews-Memorial-Terrace-Apartments-in-Washington-DC.jpg?resize=500,333 500w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/07\/Matthews-Memorial-Terrace-Apartments-in-Washington-DC.jpg?resize=768,512 768w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2016\/07\/Matthews-Memorial-Terrace-Apartments-in-Washington-DC.jpg?resize=150,100 150w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/p>\n<p>Check out these and more rental properties in your area at <a 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>Average apartment rents continued on their 2016 climb in June, hitting an all-time high of $1,213 per month &#8211; $10 more than May\u2019s numbers. This marks the third straight month of double-digit gains, and the sixth month in a row rents have climbed consecutively, according to the latest Yardi Matrix monthly report. Supported by high-demand&hellip;<\/p>\n","protected":false},"author":39,"featured_media":45004,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3661,3660,3659],"tags":[],"class_list":["post-44970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-snapshots","category-real-estate-news","category-rental-market","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 Historic High: $1,213 in June<\/title>\n<meta name=\"description\" content=\"As Boomers downsize and Millennials struggle with student debt and down payments, demand for rental properties is on the upswing, pushing rents to new highs\" \/>\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\/rents-hit-historic-high-west-coast-and-south-lead-the-pack\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Apartment Rents Hit Historic High: $1,213 in June\" \/>\n<meta property=\"og:description\" content=\"As Boomers downsize and Millennials struggle with student debt and down payments, demand for rental properties is on the upswing, pushing rents to new highs\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/rents-hit-historic-high-west-coast-and-south-lead-the-pack\/\" \/>\n<meta property=\"og:site_name\" content=\"RentCafe rental blog\" \/>\n<meta property=\"article:published_time\" content=\"2016-07-04T15:57:30+00:00\" \/>\n<meta property=\"article:modified_time\" 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