The national average rent decreased for the first time since February 2017, dipping by 0.1 percent ($1) from last month to $1,471, according to Yardi Matrix’s September rent trends survey of the 260 largest U.S. cities.
Coupled with the slowest year-over-year (YoY) growth in the past 13 months (3.2 percent), the month-over-month (MoM) decrease points to a slight wind-down in rent prices in the context of a more volatile financial climate, according to the report.
America’s hottest housing markets show contrasting trends: While rents in the Bay Area waned, by 0.1 percent in San Francisco ($3,703) and 1.1 percent in San Jose ($2,762), the average rents in Manhattan ($4,336) and Brooklyn ($2,956) shot up by 1.5 percent and 0.5 percent MoM, respectively.
In both the priciest and the cheapest mid-sized cities, rents showed more stability than in any other category, fluctuating by less than 1 percent since last month. Still, Oakland ($2,953), the most expensive mid-sized city, is inching closer to the $3,000 mark, due to a 0.5 percent monthly increase.
The priciest small markets for renters saw rents drop slightly. Apartment prices in San Mateo ($3,323) dipped by 0.5 percent in September. Runner-up Cambridge, Mass.’s average ($3,224) also decreased by 0.6 percent, but the most significant MoM decline was recorded in Santa Clara ($2,931), where rents fell by 1.3 percent in September.