Rent Growth Slows in September

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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.

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