The Rent Is Still Too Damn High
November 1, 2017
The national median rent increased by $12 to $1,032 in November, the largest month-to-month increase of the year, according to new data from ABODO. This uptick marked a 1.37 percent rise in the national median rent since the beginning of the year.
For the third consecutive month, Cleveland recorded the largest month-over-month median rent increases among major metro markets, with one-bedroom rents up 6.5 percent. Indianapolis posted a second-place rent hike ranking, up 5.4 percent to $748, with Denver in third via a 4.4 percent uptick to $1,393. Norfolk, Va., saw the greatest rent decline, down six percent to $705, followed by Columbus, Ohio, where one-bedroom apartments are going for $812, down 5.9 percent from October, followed by Newark, N.J., with a 4.4 percent decline to $1,036.
Once again, the highest rents on one-bedroom units were found in San Francisco and New York City ($2,782), with San Jose in third at $2,410.
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