Rent Growth Slows in September
Digested from “Rents Decline for the First Time in 9 Months in September but Continue to Climb on a Year-Over-Year Basis” in Rent Café (10/11/16) by Otet, Ama
In September, national rents rose 4.7 percent year over year, but decreased by 0.1 percent compared with the previous month, according to data from Yardi Matrix.
Average national rent in September was $1,219. The average luxury apartment rent was $1,415, a 4 percent increase from September 2015 but a 0.2 percent decrease from August 2016.
Some cities are beating the average, and three cities saw year-over-year rent growth of 10 percent or more: Sacramento, Calif. (12.3 percent); Oakland, Calif. (11.9 percent); and Colorado Springs, Colorado (10.0 percent).
Of the 75 largest cities in the nation, only Tulsa, Okla., and Corpus Christi, Texas, had year-over-year rent decreases, with average rent falling by 1.6 percent in Corpus Christi and by 0.3 percent in Tulsa.
In addition, residents in the high-rent cities of Boston; Jersey City, N.J.; and San Jose, Calif., had lower-than-average annual rent gains of 2.2 percent, 1.5 percent and 0.6 percent, respectively.
The highest average rent in September was (no surprise) in Manhattan, New York City, at $4,083, while Wichita, Kan., had the most affordable average rent at $625.