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Average rent prices in January dropped 0.3 percent from the previous month, according to the latest numbers from Apartment List. However, on a year-over-year basis, average rent prices rose 3.3 percent. In comparison, the December 2015 year-over-year uptick was 2.7 percent.
The most expensive rental markets last month were found on either the East or West Coast, with San Francisco topping the list with one-bedroom and two-bedroom rents averaging $3,520 and $4,760, respectively. Rounding out the top 10 for expensive rents were New York City; Jersey City, N.J.; Washington, D.C.; Boston; San Jose; Los Angeles; Stamford, Conn.; Miami; and Seattle.
Vancouver, Wash., recorded the greatest year-over-year increase in rents, with a 12.4 percent spike last month. The average cost for a two-bedroom apartment in Vancouver is now $1,120 per month.