Philadelphia Apartment Rent Hikes Lead The Nation In June

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The Editors's picture
Apartment rents in June top 10

Although nationwide one-bedroom apartment rent has nearly returned to the January 2017 mark of $1,016 — after a March low point of $1,003 — in certain cities, rent prices have been more volatile, according to a new release from Abodo.com.

For the first time this year,New Orleans has fallen out of the nation’s top 10 for greatest rent rises. In its stead, Philadelphia, PA, leads the pack with an 11.7% increase — one of the largest rent hikes this year, second only to an 11.8% increase in NOLA for April 2017.

The substantial rise in Philly rents is surprising, since for much of the year, the City of Brotherly Love has seen only decreases in rent prices.

See all the apartment rent charts from Abodo.com here.

Even after the 11.7% hike, Philadelphia’s rent is still down from its January high of $1,316, to $1,202.

"In our June report, we found that Philadelphia, Reno and Rochester experienced the biggest increases in rent price from the previous month. On the other side, Buffalo, St. Paul and Fresno experienced the biggest decreases in rent price from May to June,” Sam Radbil, senior communications manager with Abodo.com said in a release.

“ When it comes to the most expensive markets in the country, the usual suspects make up the top three -- San Francisco, New York City and San Jose,” he said.

Most expensive apartment rent in the West

Apartment rents in June 2017

"It's not a surprise that some of the most expensive rental markets across the country are, once again, in the West,” Radbil said.

 “Specifically, more than half of the top ten most expensive markets are out West, including San Francisco, San Jose, Los Angeles, Oakland, Seattle, Santa Ana, San Diego, Long Beach, Portland, Denver Sacramento and Scottsdale."

Reno, NV (8.8%), makes only its second appearance this year in our top 10 biggest rises, while Greensboro, NC (5%); Rochester, NY (7%); Riverside, CA (6%); Toledo, OH (5.3%); Dallas, TX (5.1%); and Richmond, VA (5%), are all making their 2017 debut.

All of the decreases going into June 2017 were on the smaller side, lead by Buffalo, NY. Rents in Buffalo fell just 4%, from $1,054 to $1,012. Virginia Beach, VA, is continuing its streak of small monthly decreases, down 3.5% this month. Three California cities — Fresno (-3.5%), San Jose (-3.3%), and San Francisco (-2%) — also received well-deserved rent decreases going into June, which brings San Fran’s median one-bedroom rent down to just $3,284.

Nonetheless, San Francisco still boasts the highest rents in the country.

Apartment rent hikes in the West and Northwest:

  • Seattle – One-bedroom apartment average was $1,754, up 4.45%, and two-bedroom was $2,282, up 4.89%
  • Portland – One-bedroom apartment average was $1,331, up 0.15%, and two-bedroom was $1,495 down -0.44%
  • Phoenix – One-bedroom apartment average was $899, up 2.11%, and two-bedroom was $1,066, up 1.74%
  • Denver – One-bedroom apartment average was $1,309, up 0.54%, and two-bedroom was $1,699, up 1.53%
  • Salt Lake City – One-bedroom apartment average was $939, up 1.3%, and two-bedroom was $1.044, up 2.4%

See the full report here.

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