National Median Rent Rises - But Only Slightly

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The Editors's picture
National rent rises for september

After falling through the first quarter, the national median rent rises have stabilized in recent months, climbing in September to its highest point of 2017, $1,018, according to a release.

That means that the national median rent has increased .2% over the course of the year from January’s mark of $1,016, according to Abobo.com.

"Typically, rents tend to peak in early fall, and 2017 is following that trend,” said Sam Radbil, Senior Communications Manager for Abodo.com.

“However, it's unusual for September to see the first overall increase for the year. If we look at 2016, for example, the lowest rents of the year were in January, and they climbed fairly steadily throughout the year until a peak around September,” Radbil said.

 “For 2017, nationwide rents have remained remarkably stable, fluctuating only within a narrow margin of about $15," he said.

According to the report, Cleveland, OH, experienced the greatest rent hike in the country over the month of August, with median one-bedroom rents jumping 12.8%, from $619 to $698. This is the second straight month of significant upticks in Cleveland, after July saw rents increase 5%. Santa Ana, CA also rose for the second-straight month, from $1,673 to $1,816 (8.5%), as did Columbus, OH (4.1%); Honolulu, HI (3.5%); and Baltimore, MD (3.4%).

Cites with biggest rent decreases

The list of cities with the biggest rent decreases is also home to some familiar faces.

For the second month in a row, Glendale, AZ, takes the crown, with rents dropping 9.5% to $673. St. Paul, MN, dropped 5.2%, to $1,067. Tulsa, OK (-4.6%), and Buffalo, NY (-3.8%), also reprised their places in the nation’s top five rental decreases.

Cities with the highest rent rises

The list of the nation’s highest rents is identical to last month’s list. San Francisco, CA, still leads the way, with a one-bedroom median rent of $3,240, up $30 from August’s report. New York City, NY, saw rents drop $57 but still comes in at #2 on the list, with a median rent of $2,850. And San Jose, CA, where rents increased to $2,483, retains its place at #3.

 Of the remaining seven cities with the highest rents, four saw increases over the month of August.

Cities with the highest rent rises

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