According to RentCafe, seasonal demand and increased activity are offsetting the wave of new apartments opened this year so far, translating into an even, but moderately strong yearly growth across all apartment sizes. Studio apartments cost on average $1,242 in July, 2.7 percent more than last July, one-bedroom apartments go for an average price of $1,274, up 2.8 percent over the year, two-bedroom units charge on average $1,493 per month, also up 2.8 percent over the year, and three-bedroom apartments go for $1,719 per month on the average, a 2.7 percent increase from July 2017.
The average rent in the United States was of $1,409 in July, a 2.8 percent increase year over year in the midst of the busiest renting time of the year. The national average monthly rent was $39 higher this July than it was a year ago. Month-over-month, national rents grew by a slow 0.2 percent, bringing the monthly rates up another $3 compared to June.
The nation’s largest rental hubs remain active this renting season, with some exceptions. Apartment rents in San Antonio, Texas (1.6 percent year-over-year), Manhattan (1.7 percent year-over-year), and Washington, D.C. (two percent year-over-year) were the slowest growing this month, with increases below the national average rate. The largest percentage increases in the nation’s most in-demand cities for renters were in Orlando, where apartments cost 7.7 percent more this summer than in 2017. Las Vegas apartment rents have had a big rally this year, posting a 6.4 percent increase July 2018 over July 2017, while rents in Phoenix also saw a big boost this year, with a 6.2 percent year-over-year increase.
Renters in Los Angeles, Orlando, Tampa and Seattle took the biggest hits to their pocketbooks this year, with the largest net amount increases. The average price of an apartment in L.A. has gone up $106 in one year, now at $2,389 per month, and $99 for an apartment in Orlando, reaching an average rent of $1,387 per month. Chicago apartments cost on average $1,889 per month, up $54 from July last year, Denver apartments cost $1,599 per month, up $67 in one year, and Atlanta apartments cost on average $1,392 per month, up $38 since the same time last year.
Both the slowest and fastest rent changes in July 2018 were clustered in a handful of regions in the South. The Permian Basin towns of Midland and Odessa in Texas continue to see the most spectacular year-over-year rent increases in the nation. As of July, rents were up 36.1 percent in Midland and 34.3 percent in Odessa compared to the same time last year. Florida is another hotbed of activity this year, ranking with both one of the highest rent increases in the country (Hollywood, Fla. rents are up 9.9 percent) and the slowest (Davie, Fla. rents are down -0.5 percent). Maricopa County, Ariz. stands out as well, with apartment rents in Phoenix and its suburbs consistently making the top of the list every month this year. Peoria, Ariz. apartments are at 10.3 percent above last year’s prices, the third biggest annual jump of all 252 U.S. cities surveyed.
