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
Mass Timber | May 17, 2024
Charlotte's new multifamily mid-rise will feature exposed mass timber
Construction recently kicked off for Oxbow, a multifamily community in Charlotte’s The Mill District. The $97.8 million project, consisting of 389 rental units and 14,300 sf of commercial space, sits on 4.3 acres that formerly housed four commercial buildings. The street-level retail is designed for boutiques, coffee shops, and other neighborhood services.
Adaptive Reuse | May 15, 2024
Modular adaptive reuse of parking structure grants future flexibility
The shift away from excessive parking requirements aligns with a broader movement, encouraging development of more sustainable and affordable housing.
Affordable Housing | May 14, 2024
Brooklyn's colorful new affordable housing project includes retail, public spaces
A new affordable housing development located in the fastest growing section of Brooklyn, N.Y., where over half the population lives below the poverty line, transformed a long vacant lot into a community asset. The Van Sinderen Plaza project consists of a newly constructed pair of seven-story buildings totaling 193,665 sf, including 130 affordable units.
MFPRO+ News | May 13, 2024
Special multifamily report indicates ‘two supply scenarios’
Could we be headed towards a “period of stagflation?” That's the question Andrew Semmes, Senior Research Analyst, poses in the Matrix May 2024 Multifamily Rent Forecast update.
MFPRO+ News | May 10, 2024
HUD strengthens flood protection rules for new and rebuilt residential buildings
The U.S. Department of Housing and Urban Development (HUD) issued more stringent flood protection requirements for new and rebuilt homes that are developed with, or financed with, federal funds. The rule strengthens standards by increasing elevations and flood-proofing requirements of new properties in areas at risk of flooding.
Adaptive Reuse | May 9, 2024
Hotels now account for over one-third of adaptive reuse projects
For the first time ever, hotel to apartment conversion projects have overtaken office-to-residential conversions.
Mass Timber | May 8, 2024
Portland's Timberview VIII mass timber multifamily development will offer more than 100 affordable units
An eight-story, 72,000-sf mass timber apartment building in Portland, Ore., topped out this winter and will soon offer over 100 affordable units. The structure is the tallest affordable housing mass timber building and the first Type IV-C affordable housing building in the city.
MFPRO+ News | May 1, 2024
On the Domino Sugar refinery site, new Brooklyn condominiums offer views of the Manhattan skyline
In Brooklyn, New York’s Williamsburg neighborhood, the new One Domino Square is the first condominium development and the third ground-up residential building on the site of the Domino Sugar refinery. The 700,000-sf project is adjacent to Domino Square and anchors a new 11-acre public park.
MFPRO+ News | Apr 29, 2024
World’s largest 3D printer could create entire neighborhoods
The University of Maine recently unveiled the world’s largest 3D printer said to be able to create entire neighborhoods. The machine is four times larger than a preceding model that was first tested in 2019. The older model was used to create a 600 sf single-family home made of recyclable wood fiber and bio-resin materials.
Senior Living Design | Apr 24, 2024
Nation's largest Passive House senior living facility completed in Portland, Ore.
Construction of Parkview, a high-rise expansion of a Continuing Care Retirement Community (CCRC) in Portland, Ore., completed recently. The senior living facility is touted as the largest Passive House structure on the West Coast, and the largest Passive House senior living building in the country.
