As the peak rental season is nears its end, the Rent Cafe reports Apartment Rent Increases Lose Steam.
- The national average rent reached $1,469 in July, up by 3.4% ($48) year-over-year, and 0.2% ($3) month-over-month, according to data from Yardi Matrix.
- 64% of the 260 cities included have rents below the national average, while 36% have average rents above.
- The average rent in the country’s most affordable city, Wichita, KS, reached $660, while the average rent in Manhattan was $4,222.
- July displayed the slowest month-over-month increase since February, which at 0.2% is a clear signal that peak rental season is nearing its end. The trend is in line with last year’s data – once the busy late spring to early summer period winds down, rents are expected to slow their growth throughout the rest of the year.
- Only 8 out of the 260 cities in the study saw month-over-month jumps of more than 1%.
Rental Market Report
California and the mid-Atlantic states lead the way in high rental prices.
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This material is based upon information that Sitka Pacific Capital Management considers reliable and endeavors to keep current, Sitka Pacific Capital Management does not assure that this material is accurate, current or complete, and it should not be relied upon as such.