Rents Stable At Mid-Year New Report Says

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The Editors's picture
Cities where rents rose the most in the first half of 2017 according to Abodo.com

Rents were relatively stable through the first six months of 2017, according to a new report.

While the national median rent fluctuated, but it ended up exactly where it began at $1,016 for a one-bedroom, according to Abodo.com.

Prices fell from January to March, bottoming out at $1,003 before creeping back up in the spring. In all, the national median rent always stayed within 1.3% of its starting value.

"Mid-year rent trends are an important metric to follow when analyzing the rental market across the U.S. And while San Francisco and New York City stand at the top of the most expensive rental market rankings, as usual, it's important to analyze the average monthly change on the coasts and in the Midwest," said Sam Radbil, senior communications manager for Abodo.com

Seattle still an exception

Eight of the top 10 cities for rental hikes were in the Southwest or South. The only geographic outliers were Seattle, WA, which saw rents rise an average of 3.6% over the first half of the year, and Honolulu, HI, at 2.6%.

"On the West Coast, cities like Phoenix, Seattle and Glendale all ranked in the top-ten for the biggest increases in rent price for a 1-bedroom apartment for the first half of 2017. On the other end of the spectrum, San Jose and Colorado Springs ranked in the top-ten for the biggest decreases in rent price," Radbil said.

"When taking a more detailed look at the West Coast, our research shows that San Francisco, San Jose, Los Angeles, Oakland, Seattle, Santa Ana, San Diego, Long Beach, Portland and Denver all appear in the top-20 for the most expensive rental markets in the country," he said.

Topping the list was New Orleans 6.3% and an average rent of $1,167, followed by Glendale, Arizona in the Phoenix metro area at 4.7% and an average rent of $764. Others in the top 10 for rents increases were:

  • Houston, TX
  • Reno, NV
  • Atlanta, GA
  • Miami, FL
  •  Phoenix, AZ
  • Lexington, KY

Rents stable at mid-year report

High rents cities largely unchanged

The cities with the highest rents are largely unchanged since last month’s report.

San Francisco rents dropped $40 to $3,240, but that wasn’t enough to bump the city from its spot atop the rankings.

 As usual, New York City ($2,913) and San Jose ($2,378) rounded out the top three. The only real movement in the list of the country’s highest rents was near the bottom: Chicago ($1,861) superseded Miami ($1,855) for eighth place.

Rents rising in half of the states

Rents are rising in just over half of the nation’s states, and certain cities are seeing sustained increases in rent month to month, according to the Abodo.com mid-year report.

 Cities where rent was already high — New York, D.C., Los Angeles — are still high, but the most notable rental increases are in growing markets in the South and Southwest, “a continuation of a trend we noticed in our 2016 Annual Report,” the report says.

In the next six months, rental prices in those markets will be a good barometer for how well new development is keeping up with what appears to be continued — and rising — demand for rentals.

There has been concern that with new apartment inventory coming onto the market in many cities, that either rents would decline or vacancies would increase.

About Abodo.com

ABODO creates first-of-their-kind, localized rental marketplaces for underserved, tier two U.S. cities   Each month, using over one million ABODO listings across the United States, we calculate the median 1-bedroom rent price by city, state, and nation and track the month-over-month percent change. For this report, we analyzed data for the first six months of 2017 and found the average of the monthly percent changes in list price separately for each state and city. We also calculated the 2017 average list price in each state by taking the average of all monthly median list prices.

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