Apartment rents increased 3.6 percent in the first half of 2017
July 11, 2017
Apartment rents in the Reno market increased by 3.6 percent for a one bedroom apartment in the first half of 2017, according to a national report released today by ABODO. The rate ranks fifth in the U.S. in the six-month rent trend rankings.
For the month of June, Reno, saw its rent rise 6.7 percent, ending the period for a one-bedroom apartment at $832.
ABODO releases a monthly report aimed at taking the pulse of the American rental market: cities experiencing the greatest increase (and decrease) in rent, cities with the highest rent, and how individual markets compare to the national average.
Over the first half of 2017, the national median rent fluctuated, but it ended up where it began: $1,016 for a one-bedroom. Prices fell from January to March, bottoming out at $1,003 before creeping back up in the spring. In all, the national median rent stayed within 1.3 percent of its starting value.
The biggest drop in rent continues to veer west and south. Fort Wayne, Ind., saw the largest rent drop, with an average decline of 4.9 percent per month and an average rent of $562. Lincoln, Neb., where the average rent is $700, experienced an average decline of 4 percent per month. And booming Nashville, TN, where the average one-bedroom rents for $1,373, saw an average drop of 3.1 percent per month.
From June to July, the biggest rental hike was in Newark, N.J., which saw its one-bedroom rent increase 10.2 percent to $1,120. Philadelphia, (8.5 percent; $1,305); and Honolulu (8 percent; $1,654), rounded out the top three.
For the second month in a row, Buffalo, NY, and St. Paul, MN, experienced the largest drops in rent in the country., Glendale Ariz., which over the first six months of 2017 had the second-highest average monthly increase in rent, saw its median one-bedroom decrease 6.8 percent over the month of June, bottoming out at $833.
The cities with the highest rents are largely unchanged since the June report. San Francisco rents dropped $40 to $3,240, but that wasn't enough to bump the city from its spot atop the rankings. As usual, New York City ($2,913) and San Jose ($2,378) rounded out the top three.
Nationally, rental prices were relatively stable through the first six months of 2017. Rent is rising in just over half of the nation's states, and certain cities are seeing sustained increases in rent month to month.
Cities where rent was already high — New York, D.C., Los Angeles — are still high, but the most notable rental increases are in growing markets in the South and Southwest, a continuation of a trend we noticed in our 2016 Annual Report In the next six months, rental prices in those markets will be a good barometer for how well new development is keeping up with what appears to be continued — and rising — demand for rentals.