The national average apartment rent rate in the U.S. was $1,359 per month in 2017, up 2.5% from the previous year and up 24% from a decade ago, according to apartment search source RentCafé, based on data from Yardi Matrix.
The average price for one-bedroom units increased the most, 3.1%, to $1,223/month. Studio apartments increased the least, 2.2%, to $1,256/month.
Las Vegas posted the fastest growth rate of all large cities (6.3%), while Sacramento, Calif. (8.8%) led the mid-sized markets.
Rent growth slowed in the hottest markets, including Manhattan and Brooklyn, which saw a 1.7% rent drop in 2017.
Small cities saw the fastest growth rate of all markets. Renters in Odessa and Midland, Texas, ended up paying $3,400 in extra rent for the year.
The top-five markets for YOY rent growth:
* Odessa: 33.6%
* Midland: 28.2%
* Buffalo, N.Y.: 10.3%
* Lancaster, Calif.: 9.8%
* Reno, Nev.: 9.5%
Related Stories
| Jul 20, 2012
2012 Giants 300 Special Report
Ranking the leading firms in Architecture, Engineering, and Construction.
| Jul 19, 2012
Rental market pushing service, ‘community’
The Top 25 Giants 300 AEC firms in the Multifamily Sector keep four-legged tenants in mind.
| Jul 9, 2012
Modular Construction Delivers Model for New York Housing in Record Time
A 65-unit supportive housing facility in Brooklyn, N.Y., was completed in record time using modular construction with six stories set in just 12 days.
| Jul 9, 2012
Oakdale, Calif., Heritage Oaks Senior Apartments opens
New complex highlights senior preferences for amenities.
| Jun 1, 2012
New BD+C University Course on Insulated Metal Panels available
By completing this course, you earn 1.0 HSW/SD AIA Learning Units.
| May 31, 2012
2011 Reconstruction Awards Profile: Ka Makani Community Center
An abandoned historic structure gains a new life as the focal point of a legendary military district in Hawaii.
| May 29, 2012
Reconstruction Awards Entry Information
Download a PDF of the Entry Information at the bottom of this page.
| May 24, 2012
2012 Reconstruction Awards Entry Form
Download a PDF of the Entry Form at the bottom of this page.
| May 2, 2012
Building Team completes two additions at UCLA
New student housing buildings are part of UCLA’s Northwest Campus Student Housing In-Fill Project.
