October and November now look like a short-lived two-month hiatus from rent increases as December apartment rents for one-bedrooms rose nationally by .57 percent or a modest $6, according to the Abodo National Apartment Rent report.
โTwo-bedroom units rebounded slightly, also close to their January levels with a $13 or .08 percent increase. These minimally meandering prices donโt look like they are trying to break out of the 2018 doldrums, however,โ the report says.
One-bedroom apartment rents recap
โLetโs get specific. Sometimes we see a statistical anomaly like the top ten December increaser, Jacksonville, FL, with a strong move of $102.00 or 12.6 percent. Music City Nashville, TN came in a strong second with a 10.4 percent increase.
โSavannah, GA was not far behind, moving from $810 to $887โa 9.5 percent rise. Batting cleanup was pricey Boulder, CO with a solid 7.3 percent rise to $1,901, perilously close to the magic $2000 mark.
โMore reasonable St. Paul, MN followed with its $1,042 median December rent increasing by 6.5 percent, and St. Petersburg, FL and Long Beach, CA tied for sixth place both reporting 5.6 percent increases.
โBaton, Rouge, LA, Charleston, SC and Colorado Springs, CO called in increases of 5.3, 5.0 and 4.0 percent respectively. Conspicuously missing wasย Milwaukee WI, as WI average state rent declined in December by an average of $16,โ the report says.
โThe top losers were significant asย Columbus, OHย and Rochester NY lost around 9 percent. Dwight Yoakumโs favorite, Bakersfield, CA came in third with a 5.7 percent decrease to $709, and Athens, GA pulled up in fourth place as median two-bedroom rents there decreased by 5.4 percent.
โToledo, OH, Baltimore, MD and Rock nโ Roll Hall of Fame hostย Cleveland OH, showed an average decrease of 4.1 to 4.5 percent, and the bottom three one-bedroom losers were Columbia, SC with a decrease of 3.7 percent,ย Madison, WIย reporting a 3.1 percent slide, and internationally loved Miami, FL posting a 3.0 percent decline to a still stratospheric $1,760 rate per month,โ the report says.
Two-bedroom apartment rents recap
โThere must be something about Nashville because like the cityโs one-bedroom units, two-bedroom Nashville, TN apartments shot up significantly; the two-bedroom units rose by 12.2 percent to $1,715.ย Athens, GAย was hot in the two-bedroom area with an increase of 10.3 percent, and college town Gainesville, FL saw two-bedroom rents rise by 5.8 percent to $1,210.
โMilwaukee two bedrooms bucked the Wisconsin trend as Brew City reported a 5.8 percent gain here.
โThe next four cities were tightly bunched as Tampa, FL, Fargo, ND, Los Angeles, CA and El Paso, TX all reported increases within the 4.0 to 4.4 percent range.
โScottsdale, AZ came in 9thย with a modest 3.9 percent increase, and Colorado Springs rounded out the top ten increasers with a similar 3.8 percent rise.
โThe Saints are doing well, but New Orleans two-bedroom units led the losers with a big 10.3 percent loss.
โHouston, TXย and Buffalo, NY were not even close, though they posted 7.4 and 7.2 percent respective declines. Baltimore, MD, Syracuse, NY and warm Miami, FL all lost between 4.0 and 4.6 percent, although Miamiโs median two-bedroom rent that clocked in at $2,211 per month is still high.
โCleveland OH, and Memphis, TN showed almost identical 3.6 and 3.5 percent decreases, and two Texas townsโFort Worth and Dallasโdecreased by 3.2 and 2.5 percent,โ the report says.
Methodology
Each month, using over 1 millionย ABODOย listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.
