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
MFPRO+ News | Jul 22, 2024
6 multifamily WAFX 2024 Prize winners
Over 30 projects tackling global challenges such as climate change, public health, and social inequality have been named winners of the World Architecture Festival’s WAFX Awards.
MFPRO+ News | Jul 15, 2024
More permits for ADUs than single-family homes issued in San Diego
Popularity of granny flats growing in California
Vertical Transportation | Jul 12, 2024
Elevator regulations responsible for some of ballooning multifamily costs
Codes and regulations for elevators in the United States are a key factor in inflating costs of multifamily development, argues a guest columnist in the New York Times.
MFPRO+ New Projects | Jul 2, 2024
Miami residential condo tower provides a deeded office unit for every buyer
A new Miami residential condo office tower sweetens the deal for buyers by providing an individual, deeded and furnished office with each condo unit purchased. One Twenty Brickell Residences, a 34-story, 240-unit tower, also offers more than 60,000 sf of exclusive residential amenities.
Student Housing | Jul 1, 2024
Two-tower luxury senior living community features wellness and biophilic elements
A new, two-building, 27-story senior living community in Tysons, Va., emphasizes wellness and biophilic design elements. The Mather, a luxury community for adults aged 62 and older, is situated on a small site surrounded by high-rises.
MFPRO+ New Projects | Jun 27, 2024
Chicago’s long-vacant Spire site will be home to a two-tower residential development
In downtown Chicago, the site of the planned Chicago Spire, at the confluence of Lake Michigan and the Chicago River, has sat vacant since construction ceased in the wake of the Great Recession. In the next few years, the site will be home to a new two-tower residential development, 400 Lake Shore.
MFPRO+ News | Jun 25, 2024
New York mayor releases multi-year plan to address affordable housing crisis
The plan seeks to create and preserve affordable housing. It will incentivize the inclusion of permanently affordable and rent stabilized housing in new, multi-family construction projects.
Student Housing | Jun 25, 2024
P3 student housing project with 176 units slated for Purdue University Fort Wayne
A public/private partnership will fund a four-story, 213,000 sf apartment complex on Purdue University Fort Wayne’s (PFW’s) North Campus in Fort Wayne, Indiana. The P3 entity was formed exclusively for this property.
Apartments | Jun 25, 2024
10 hardest places to find an apartment in 2024
The challenge of finding an available rental continues to increase for Americans nation-wide. On average, there are eight prospective tenants vying for the same vacant apartment.
MFPRO+ News | Jun 24, 2024
‘Yes in God’s Backyard’ movement could create more affordable housing
The so-called “Yes in God’s Backyard” (YIGBY) movement, where houses of worship convert their properties to housing, could help alleviate the serious housing crisis affecting many communities around the country.
