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
Seismic Design | Feb 27, 2023
Turkey earthquakes provide lessons for California
Two recent deadly earthquakes in Turkey and Syria offer lessons regarding construction practices and codes for California. Lax building standards were blamed for much of the devastation, including well over 35,000 dead and countless building collapses.
Multifamily Housing | Feb 21, 2023
Watch: DBA Architects' Bryan Moore talks micro communities and the benefits of walkable neighborhoods
What is a micro-community? Where are they most prevalent? What’s the future for micro communities? These questions (and more) addressed by Bryan Moore, President and CEO of DBA Architects.
Multifamily Housing | Feb 21, 2023
Multifamily housing investors favoring properties in the Sun Belt
Multifamily housing investors are gravitating toward Sun Belt markets with strong job and population growth, according to new research from Yardi Matrix. Despite a sharp second-half slowdown, last year’s nationwide $187 billion transaction volume was the second-highest annual total ever.
Multifamily Housing | Feb 21, 2023
New multifamily housing and mixed-use buildings in Portland, Ore., must be ready for electric vehicle charging
The Portland, Ore., City Council recently voted unanimously to require all new residential and mixed-use buildings to be ready for electric vehicle charging. The move amends Portland’s zoning laws to require all new multi-dwelling and mixed-use development of five or more units with onsite parking to provide electric vehicle charging infrastructure.
Reconstruction & Renovation | Feb 16, 2023
Insights from over 300 potential office-to-residential conversions
Research from Gensler finds that, surprisingly, the features that result in an unpleasant office often make for a superlative multifamily product.
Multifamily Housing | Feb 16, 2023
Coastal Construction Group establishes an attainable multifamily housing division
Coastal Construction Group, one of the largest privately held construction companies in the Southeast, has announced a new division within their multifamily sector that will focus on the need for attainable housing in South Florida.
High-rise Construction | Feb 15, 2023
Bjarke Ingels' 'leaning towers' concept wins Qianhai Prisma Towers design competition
A pair of sloped high-rises—a 300-meter residential tower and a 250-meter office tower—highlight the Qianhai Prisma Towers development in Qianhai, Shenzhen, China. BIG recently won the design competition for the project.
Senior Living Design | Feb 15, 2023
Passive House affordable senior housing project opens in Boston
Work on Phase Three C of The Anne M. Lynch Homes at Old Colony, a 55-apartment midrise building in Boston that stands out for its use of Passive House design principles, was recently completed. Designed by The Architectural Team (TAT), the four-story structure was informed throughout by Passive House principles and standards.
Multifamily Housing | Feb 11, 2023
8 Gold and Platinum multifamily projects from the NAHB's BALA Awards
This year's top BALA multifamily winners showcase leading design trends, judged by eight industry professionals from across the country.
Multifamily Housing | Feb 10, 2023
Dallas to get a 19-story, 351-unit residential high-rise
In Dallas, work has begun on a new multifamily high-rise called The Oliver. The 19-story, 351-unit apartment building will be located within The Central, a 27-acre mixed-use development near the Knox/Henderson neighborhood north of downtown Dallas.
