Fast Rising Rents In Tacoma, Reno And Phoenix

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The Editors's picture
Fast Rising Rents In Tacoma, Reno And Phoenix

Rising rents are showing up in the national average as rent hit $1,371 in March 2018, up 2.5% year-over-year, following a 14-month growth plateau, according to RentCafe.

No sign of spring yet in the apartment market, as the national average rent continues its sluggish under 3% growth year-over-year for the 14th month straight, according to the release.

 The national average rent increased by 2.5% in March compared to the same time last year, reaching $1,371/month. Month-over-month, national rents showed a more visible 0.3% increase, or $4, compared to the previous month.

Fast rising rents in Phoenix

With a 5.7% jump in apartment rents in March, Phoenix is the third fastest growing rental market among the largest cities in the U.S.

The Arizona State Capital is thriving on demand from incoming older renters in search of sunnier days and more affordable rents, currently at $961/month. This growth is sustained by an improving local economy and low unemployment numbers, in concert with local efforts to revitalize the neglected areas of Phoenix, like its Warehouse District.

Sacramento rising rents along with Colorado Springs

The price of rent in Sacramento is cruising at high-speed, posting once again the highest year over year increase among mid-sized cities, 7.2%. The average rent in Sacramento is just about ready to hit $1,300/month, causing  renters much angst and also exacerbating the city’s homelessness problem.

With all the new apartment construction in Colorado Springs at the high-end, rents have climbed by 6.3% year-over year and 0.8% month-over-month, reaching $1,080 in March.

  • Large citiesLas Vegas sees the fastest increasing rents Y-o-Y (5.9%), followed by Denver (5.8%) and Phoenix (5.7%). On the other hand, rents in Brooklyn and Manhattan are buckling under the pressure of large volumes of new apartments, decreasing by 0.8% and 0.3% respectively. 
  • Mid-size cities: With a 7.2% increase Y-o-Y, Sacramento rents are cruising at high-speed, while New Orleans rents hit the brakes (-2.0%). Colorado Springs (6.3%) and Tampa (5.6%) also witness significant year-over-year growth. 
  • Small cities claim 29 of the top 30 largest rent increases over the past year. Odessa (37.1%) and Midland (29.9%) are still in the lead, followed by Yonkers (10.7%) and Lancaster (10.6%).
  • At a national level, Reno (10.5%), Tacoma (8.3%), and Orlando (7.8%) rents are among the top 10 fastest rising in the US. 

The smaller cities with big rent increases in March are:

  • Fort Collins, CO (8.9%)
  • Tacoma, WA (8.3%)
  • Greeley, CO (8.3%)
  • Phoenix metro area’s Peoria, AZ is also seeing a big rise in rents, 7.5%, the 12th highest in the U.S., and also Gilbert, AZ is in 19th place, with a 7.1% rent increase over the year.

Fast Rising Rents In Tacoma, Reno And Phoenix

Fast Rising Rents In Tacoma, Reno And Phoenix

RENTCafe is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States. Rent data was provided by Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Rental rate coverage is for Market Rate properties only. Fully Affordable properties are not included in the Yardi Matrix rental surveys and are not reported in rental rate averages.

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