The latest YardiMatrix Monthly report published by our colleagues at Pierce Eislen shows that after a slight decline in March, US multifamily rents resumed their upward trend in April. Nationally, the average rent reached $1,105, only $3 below the all-time high recorded earlier this year in February.
Top performing rental markets
On a national level, rents grew by 4.3% Y-o-Y, with the most notable increases concentrated in the Northwest and Southeast markets. As you can see in the table below, the top 5 performing markets are San Francisco, Portland, Denver, Jacksonville, and Seattle. In fact, as we showed in an earlier article, San Francisco rents are expected to increase by 9% in 2015, growth fueled particularly by Lifestyle renters.
Boston and Washington DC move up in rental rankings
- In the last 3 months, the list of metros with the highest rental increases has seen significant changes. Boston rose to 7th position (from 26th) and Washington DC to 10th spot (from 27th) as rents in these 2 cities went up by 1%.
- On the other hand, apartments for rent in Las Vegas, Dallas, San Diego, and Chicago fell in the rankings, losing their spots in the top 10 most expensive rental markets.
What can you rent for $1,105/mo?
If you’d like to see what’s available to rent for the national average price – or, and why not, even less – you can just head over to RENTCafé.com and browse through their extensive rental database.
Here are a few suggestions:
- Jacksonville: you might want to take a look at Ryan Oaks, where rents range from $790 to $911.
- Seattle: rents at Monticello Apartment Homes vary between $955 and $1020
- Atlanta: Oak Knoll would be a good option, with rents ranging between $700 and $884.
Are you renting? If you are, how happy are you with the rental market in your city?