June brings a 2.9% upswing

We just released our monthly rent report with data compiled from actual rents charged in the 250 largest US cities. June brings a 2.9% upswing of the national average rent, crossing the $1,400 threshold. The national average rent reached the all-time high of $1,405. This means that renters pay on average $40 more per month than they did a year ago.

Starting this month, you can check out the rents broken down by unit type in the interactive table at the end of the report. Here are the main highlights for large, mid-size and small markets:
• Renter Mega-Hubs: None of the rental mega-markets of the country escaped steep rent increases this month. Clocking in at $1,387, rents in Orlando saw a 8.4% Y-o-Y increase, the most significant growth in this category. After a period of sluggish growth, Manhattan rents inched up by 1.5%, marking the highest increase in 12 months.
• Large cities: Las Vegas (7%) and Phoenix (6.4%) rents continued fast ascent, followed by San Diego (5.4%). Baltimore (0.6%) prices remained pretty much the same, while Oklahoma City and San Antonio exhibited a moderate 2.1% Y-o-Y increase.
• Mid-size cities: Steadily catching up with South Florida prices, Tampa sees the highest rent increase over the year - 6.2%. Sacramento and Mesa follow in a 5.9% tie, while prices in Wichita and Tulsa remained virtually flat.
• Small cities: June’s shockers were Midland (38.8%) and Odessa (36.6%), but Lancaster (10.2%), Reno (9.9%), and Peoria (9.6%) saw remarkable rent growth as well. On the flip side, compared to last year, rents in Brownsville and Norman decreased by 1.9% and 1.8% respectively.

Adrian Rosenberg
Communications Specialist | RENTCafé
adrian.rentcafe@yardi.com | www.rentcafe.com