Philadelphia saw the greatest rent hike in May, with a 11.7 percent increase. This is the second largest rent hike of the year, slightly below the 11.8 percent spike in New Orleans during April. However, Philadelphia’s rent was down from its January high of $1,316, to $1,202.
San Francisco continued to have the most expensive rents, with the average one-bedroom unit renting for $3,284. New York came in second with a $2,823 average.
As for rent decreases, Buffalo, N.Y., recorded the largest decline, with a four percent drop from $1,054 to $1,012.