Nationally, rent prices increased slightly in April, with the median one-bedroom rent rising to $1,012 per month. That’s the highest it’s been since January’s figure of $1,016, and represents an overall decline since the beginning of the year of .39%.
When it came to the steepest rent drops, two familiar faces led the way: Lincoln, Neb., and Fort Wayne, Ind. Each city’s rent dropped 8.2%, to continue a months-long slide. Lincoln’s median rent of $627 represents a 21% decrease from its January rent of $801, and Fort Wayne’s $493 is a 26.4% decline from its year-opening rent of $671 per month.
Those declines might seem steep. One explanation: In order to better approximate what an apartment-seeker would experience when looking for a place to rent, ABODO collects data only on active listings currently on the market, which can vary widely month-to-month, depending on supply.
The rest of the biggest decreases were more minor, between 3% and 5%. A number of cities — Lubbock, Texas (-4.6%); Nashville, Tenn. (-4.3%); Cleveland, Ohio (-3.4%); and Riverside, Calif. (-3.2%) — reprised their places on the list of greatest decreases for the second month in a row. In fact, this marks the third straight month that Nashville, Cleveland, and Riverside appeared on the list of greatest rental falls.
The nation’s largest rental hike came in Glendale, AZ, where one-bedroom median rents rose 11.5% to $861. That marks the continuation of a months-long trend: Glendale rents have increased every month since January, and currently they’re 26% higher than they were at the beginning of the year. New Orleans (8.1%), Seattle (6.7%), and Phoenix (4.9%) also reprise their places on the list of biggest rent increases.
The list of cities with the nation’s highest rents in April is largely unchanged from our last report. San Francisco’s $3,415 price tag still leads the way, followed by New York City, N.Y. ($2,705), San Jose, Calif. ($2,459); and Boston, Mass. ($2,398). The only newcomer is Seattle, whose 6.7% rental jump to $1,680 puts it at the tenth-highest in the country.
For the full report and to view associated infographics and charts, click here.
Related Stories
Multifamily Housing | Apr 20, 2023
A solution for sharing solar energy with multifamily tenants
Allume Energy’s SolShare sees lower-income renters as its primary beneficiaries.
Multifamily Housing | Apr 19, 2023
Austin’s historic Rainey Street welcomes a new neighbor: a 48-story mixed-used residential tower
Austin’s historic Rainey Street is welcoming a new neighbor. The Paseo, a 48-story mixed-used residential tower, will bring 557 apartments and two levels of retail to the popular Austin entertainment district, known for houses that have been converted into bungalow bars and restaurants.
Multifamily Housing | Apr 17, 2023
World's largest multifamily building pursuing ILFI Zero Carbon certification under construction in Washington, D.C.
The Douglass, in Washington, D.C.’s Ward 8, is currently the largest multifamily housing project to pursue Zero Carbon Certification from the International Living Future Institute (ILFI).
Sponsored | Multifamily Housing | Apr 12, 2023
With affordability and innovation for all: Multifamily housing ideas break barriers
With a growing need for multifamily housing solutions at all income levels, the U.S. market is seeing a proliferation of inventive projects. Alongside the creativity is a nascent move toward higher quality, if not always larger unit sizes, with offerings of better amenities both inside and outside today’s latest residential solutions.
Urban Planning | Apr 12, 2023
Watch: Trends in urban design for 2023, with James Corner Field Operations
Isabel Castilla, a Principal Designer with the landscape architecture firm James Corner Field Operations, discusses recent changes in clients' priorities about urban design, with a focus on her firm's recent projects.
Market Data | Apr 11, 2023
Construction crane count reaches all-time high in Q1 2023
Toronto, Seattle, Los Angeles, and Denver top the list of U.S/Canadian cities with the greatest number of fixed cranes on construction sites, according to Rider Levett Bucknall's RLB Crane Index for North America for Q1 2023.
Contractors | Apr 10, 2023
What makes prefabrication work? Factors every construction project should consider
There are many factors requiring careful consideration when determining whether a project is a good fit for prefabrication. JE Dunn’s Brian Burkett breaks down the most important considerations.
Affordable Housing | Apr 7, 2023
Florida’s affordable housing law expected to fuel multifamily residential projects
Florida Gov. Ron DeSantis recently signed into law affordable housing legislation that includes $711 million for housing programs and tax breaks for developers. The new law will supersede local governments’ zoning, density, and height requirements.
Multifamily Housing | Apr 4, 2023
Acing your multifamily housing amenities for the modern renter
Eighty-seven percent of residents consider amenities when signing or renewing a lease. Here are three essential amenity areas to focus on, according to market research and trends.
Resiliency | Apr 4, 2023
New bill would limit housing sprawl in fire- and flood-prone areas of California
A new bill in the California Assembly would limit housing sprawl in fire- and flood-prone areas across the state. For the last several decades, new housing has spread to more remote areas of the Golden State.
