The average monthly rent in the U.S. reached an all-time high of $1,405 in June, the RENTCafe Blog reports, citing the latest numbers from commercial real estate data platform Yardi Matrix.
That’s up 0.9 percent, or $12, from just one month earlier — and up 2.9 percent from one year earlier. Still, a handful of cities have bucked the trend of rising rent.
Where rent has fallen fastest
The cities where the average rent actually decreased over the past year are primarily small southern markets concentrated in Texas and surrounding states. The top five are:
- Brownsville, Texas: The average rent for all apartment sizes is down 1.9 percent compared with June 2017
- Norman, Oklahoma: Down 1.8 percent
- Baton Rouge, Louisiana: Down 1.3 percent
- McAllen, Texas: Down 1.2 percent
- Lubbock, Texas: Down 1.1 percent
At the other end of this spectrum are the Texas cities of Midland and Odessa — where the average rent has increased more than three times faster than in any other city over the past year. RENTCafe explains:
“The thriving oil-industry hubs of the Permian Basin, Midland and Odessa have been leading the nation with rents growing at a spectacular rate since the last significant drop in oil prices. The latest data shows a 38.8% increase in Midland compared to June 2017, whereas Odessa rents have increased by 36.6% on average in the same period.”
Where rent is now lowest
The top 10 cities where rent is cheapest overall are:
- Wichita, Kansas: Average rent for all apartment sizes is $639 as of June
- Brownsville, Texas: $675
- Tulsa, Oklahoma: $676
- Killeen, Texas: $699
- Toledo, Ohio: $703
- Amarillo, Texas: $730
- Independence, Missouri: $733
- Dayton, Ohio: $737
- Oklahoma City: $741
- Fort Wayne, Indiana: $750
At the other end of this spectrum is Manhattan. The average rent in the New York City borough reached $4,116 in June. That came after what RENTCafe describes as “a long period of decreasing rents, followed by a couple of months of stagnation or very sluggish growth” in the Big Apple.
What’s your take on this news? Share your thoughts with us by commenting below or over on our Facebook page.
Add a Comment
Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.