Largest Rental Markets Flat at the End of the 2017 Peak Rental Season
- Nov 30, 2017
by Nadia Balint
RENTCafé reports the national average rent in September at $1,354, up only 2.2 percent from a year prior, the slowest annual growth since 2011, according to Yardi Matrix data. Although over 80 percent of the nation’s local markets have recorded year-over-year rent growth in September, stagnating or decreasing prices have been noticed in the largest and most expensive cities in the U.S., where renters have long been waiting for some relief.
Manhattan, N.Y. apartments command the highest rents in the country, averaging $4,093 as of September 2017, but they’ve slowed down significantly over the last year, having decreased by 1.9 percent since September 2016. Rent prices in Brooklyn, N.Y. have also slipped by 0.9 percent year-over-year, reaching an average monthly price of $2,724 at the end of the 2017 peak rental season.
Rents in Boston have managed to stay flat over a one year period, at $3,232 per month, but renters in this tight market are yet to see a much-awaited downturn in prices.
The nation’s capital has not seen much fluctuation in terms of rent prices either, keeping its average rent at $2,072 per month, significantly lower than the priciest east coast markets.
Finally, the second most expensive in the U.S., San Francisco rentals, with an average price of $3,440 per month, have only slightly changed upward since the same time last year, reports RENTCafé.