2017: The Year the Rent Went Up

The national median rent for one-bedrooms rose 2.4 percent during 2017, ending the year at $1,040, according to new data from Abodo. Rents for two-bedroom apartments were $1,252 in December, three percent above their level in January.

 

Rent went up in 28 states and the District of Columbia last year and were down in 21 states, while South Dakota was the lone state where rent levels remained unchanged. Connecticut saw the greatest rent decline among the states, with an average 3.8 percent decline during the year, while neighboring Rhode Island saw the highest average rental increases, up by an average of 7.8 percent. The states with the highest rents were all on the coasts: The District of Columbia topped the nation with an average rent of $2,205, followed by Massachusetts ($1,945), Hawaii ($1,673), California ($1,631), and New York ($1,565).

 

Among metro markets, San Francisco had the most expensive one-bedroom rent with an average of $3,333, followed by New York City at $2,811. Fort Wayne, Ind., had the lowest average rent at $526, followed by Detroit at $534.

---