Where Are America’s Highest and Lowest Rents?

By John Voket

I recently received some light reading in the form of the Apartment List March 2015 Rental Price Monitor.  The report looks at trends in 100 U.S. cities using data from the hundreds of thousands of listings on our site.

forrent

Highlights include:

  • Nationwide, average 1 bedroom and 2 bedroom rents for March were $940 and $1,000, respectively.
  • 1-bedroom and 2-bedroom rents increased 0.3 percent and 0.4 percent between February and March and are up 3.5 percent and 2.5 percent over the last year.
  • Of the 10 most expensive cities in the US, 5 are on the East Coast and 5 are on the West Coast.

According to Data Scientist Max Rosett, Apartment List is the fastest-growing apartment rental marketplace in the United States, and is reinventing the rental market on a foundation of trust and transparency.

Rosett says, San Francisco, Washington, D.C., and Miami which is up 6.0 percent over the last year with its average 2 bedroom unit now costing $2,730, are among American cities with the Highest Rents.

On the other hand, the fastest growing rental markets in the nation include Aurora and Denver, Colorado – continuing to claim top rankings with Aurora coming in first boasting a blistering growth rate of 13.8 percent over the last year while Denver comes in 4th at “only” 7.6 percent growth.

While plenty of attention is given to San Francisco rents, San Jose – its neighbor to the south – is experiencing a boom of its own. According to Rosett, San Jose has experienced rent increases of 9.1 percent over the last year, and now comes in at $2,400 fora 2 bedroom.

Rosett says renters in Nashville have also experienced rent growth of 5.5 over the last year, which is 2.2-times the national average. At the same time, the average Nashville 2 bedroom rent was $920 in March – 8 percent below national averages.

Reprinted with permission from RISMedia. ©2015. All rights reserved.

You can always call me if you’re looking for a rental at the right price! Remember, it is always toasty in Naples and you deserve your piece of Naples sunshine!

Leave a Reply

You must be logged in to post a comment.