The average U.S. rent ended 2019 at $1,474, which marked a three percent year-over-year increase, or $43 above the December 2018 level, according to data from Yardi Matrix
. On a month-over-month measurement, the average rent in December was only $1 lower than November’s average.
Among the nation’s major metro markets, Phoenix recorded the fastest annual rent increase in 2019 with a 9.6 percent increase–or, $98, for an average $1,123 monthly rent. At the other end of the spectrum, rents in Houston rose at the slowest level with a 1.4 percent uptick–the average rent in that Texas city was $1,109. Wichita, Kan., was considered the most affordable city for renters at $663 per month, while Manhattan’s monthly average of $4,211 made it the least affordable city for renters.
“The U.S. economy remains strong while developers continue to deliver apartments in multiple locations,” said Doug Ressler, manager of business intelligence at Yardi Matrix. “The apartment industry has made great strides since the great recession of 2008 and will remain a strong economic engine as we enter the new decade.”