Rents Rising Nationally At Amazing Pace

4 April 2016

Rents Rising Nationally At Amazing Pace

National Apartment

1 April 2016

According to Apartment List’s April 2016 National Apartment List Rent Report, median rents across the country have taken a sharp rise, after brief decline at the beginning of the year.

Nationwide, average rent prices increased  by 0.4% last month, and have increased by 2.7% between March 2015 and March 2016 overall. The median price for a 2-bedroom apartment in the U.S. is $1,300, while 1-bedrooms average $1,150.



The Ten Cities With The Highest Rents

Cities on the coasts continue to be the nation’s most expensive, as the Eastern Seaboard, California, and the Pacific Northwest all make it into the Top 10 Cities with Highest Rents.

  • San Francisco: Once again, San Francisco takes a commanding lead as the most expensive city in the nation for 2-bedroom rents, averaging $4,780 for the month of March. Rent prices in San Francisco have grown 0.9% over the past year, significantly less in comparison to the nationwide average of 2.7%.
  • Washington, DC: Washington DC is the nation’s 4th most expensive city with 2-bedroom units now averaging $2,990. A 1-bedroom in DC averages $2,180, and rents there have increased by 1.6% over the past year.
  • Seattle, WA: Seattle comes in 8th for most expensive rents with a median 2-bedroom price of $2,390. Rent prices there have increased 1.0% since last month and 5.4% year-over-year.

Notable cities from the interior that barely missed the cut include Chicago (#12), Denver (#15), and Dallas (#22).


The 10 Cities With the Fastest Growing Rents

  • Orlando, FL: Orlando had the second largest increase in rents nationwide with a 8.9% increase over last year. A 2-bedroom apartment in Orlando now costs $1,110.
  • Salt Lake City: Salt Lake City  placed 7th for largest rent growth nationally in March, showing a 7.2% increase over rents in March 2015. A 2-bedroom in Salt Lake averages $940.
  • Austin, TX: Just behind Salt Lake, Austin claims the number 8 spot for fastest growing rents at 6.7% over March 2015. A 2-bedroom in Austin runs $1,500.

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