Economy Watch: Apartment Rents Edge Up in Some Markets
November marked the largest month-over-month increase in U.S. median rent for apartments so far this year, according to a recent ABODO report.
By D.C. Stribling, Contributing Editor
U.S. median rent for apartments rose $12 to $1,032 in November, the largest month-over-month increase of the year so far, according to a recent ABODO report. The increase also marks a 1.37 percent rise in rents since the beginning of the year. Aside from August, rents have been on the uptick every month since March.
The city with the highest rental increase was Cleveland, with median one-bedroom rents up 6.5 percent to $817. Indianapolis finds itself in second place, with median one-bedroom rents rising 5.4 percent to $748. Denver came in third, with the median one-bedroom price rising 4.4 percent to $1,393.
Except for Denver, however, the top three are still relatively low-cost markets, and even Denver isn’t a top 10 market when it comes to high rents. San Francisco, unsurprisingly, is the most expensive place to rent an apartment nationwide, with the median for a one bedroom at the end of October at $3,303. Next on the high-rent list are New York, San Jose, Boston,Washington, D.C., Oakland, Los Angeles, Santa Ana, Calif., Honolulu and Miami.
Rents dropped in some markets in October, according to ABODO. Norfolk, Va., was the top of that category, with one-bedroom rents falling 6 percent, to $705. Columbus, Ohio, was close behind with one-bedroom apartment rents hitting $812, down 5.9 percent month-over-month. Newark, N.J., at number three in the falling rent category, saw median rents drop 4.4 percent to $1,036.