Fewer than expected apartment deliveries this year are increasing competition among existing units, pushing up the national average rent by another 3.1 percent YoY, to $1,412 in August, reports Yardi’s RentCafe.
Mega-Hubs: The largest increases were in Orlando (7.7 percent) and Phoenix (6.8 percent), while Manhattan (1.9 percent) and Washington, D.C. (2.1 percent) saw some of the slowest growing rents in this category. The biggest net changes were felt by renters in Los Angeles, which pay $102 more per month this August compared to 2017.
Large cities: Rents in Queens and Charlotte surge by 8.4 percent and 5.2 percent, respectively, but barely move in Baltimore (0.2 percent) and San Antonio (1.5 percent).
Mid-size cities: Mesa (6.9 percent), Tampa (6.4 percent) and Sacramento (5.5 percent) rents increase at the fastest pace. Rents only ticked up in Virginia Beach (1.4 percent) and Albuquerque (1.7 percent).
Small cities: Lancaster, Calif., and Reno rents soared by 9.7 percent and 11.3 percent respectively. Apartment prices in Midland (31.9 percent) and Odessa (30 percent) are over $300 per month more expensive than in August 2017. Brownsville (-2 percent) and Baton Rouge (-0.7 percent) saw decreases.