It may be a new year, but when it comes to the apartment rental market it seems that nothing much has changed.
According to new data from ABODO
, San Francisco leads the nation with the highest rent: an average of $3,526 for a one-bedroom. New York City ranks second with an average rent $2,935, with San Jose and Boston following at $2,508 and $2,423, respectively.
Nonetheless, ABODO determined that 2016 was not such a bad year for rent increases: one-bedroom apartments nationwide experienced, on average, a month-over-month increase of 0.67 percent, which equals about an additional $85 in housing costs for renters. The average price for a one-bedroom apartment nationwide last year was $1,001 per month, with Columbus, Ga. experienced the largest average monthly increase (5.5 percent) in 2016 while San Francisco’s neighboring city Oakland experienced the largest average monthly decrease (-4.1 percent). However, Oakland is now ranked as the sixth most expensive rental market, with an average of $2,038 per month for a one-bedroom unit.