{"id":12534,"date":"2017-10-02T07:30:16","date_gmt":"2017-10-02T12:30:16","guid":{"rendered":"https:\/\/www.abodo.com\/blog\/?p=12534"},"modified":"2021-01-05T09:27:11","modified_gmt":"2021-01-05T15:27:11","slug":"october-2017-national-apartment-report","status":"publish","type":"post","link":"https:\/\/www.rentable.co\/blog\/october-2017-national-apartment-report\/","title":{"rendered":"Fall Rent Hikes Ramp Up for October 2017"},"content":{"rendered":"

Looking at the arc of rent prices in 2016, monthly rent prices started from a year low in January, peaked in September and then slowly jogged their way back down for the remainder of the year.<\/p>\n

Although 2017 is far from over, we\u2019re already significantly deviating from last year\u2019s trends. January marked the year\u2019s highest median rent until July tied it, at $1,016 for a one-bedroom apartment. September rents were higher \u2014 at $1,018 \u2014 but October is higher yet.<\/p>\n

Going into October, renters can expect to pay $1,020 for their one-bedroom, which (thanks to a series of spring and summer decreases) is just a .39% increase year to date.<\/p>\n

\"National<\/p>\n

The top three cities with the largest rent raises are surprisingly identical to our top three from September\u2019s report: Cleveland, OH (9.9%); Santa Ana, CA (8.2%); and Colorado Springs, CO<\/a> (6.4%). Cleveland, after seeing several months of consistent decreases at the start of the year, has lately seen steep increases for an increase of $110 since January.<\/p>\n

The next three cities with the highest increases, interestingly, are also in Ohio, California, and Colorado: Fresno (4.3%), Denver<\/a> (4%), and Cincinnati (3.8%).<\/p>\n

\"Greatest<\/p>\n

Decreases going into October are not as large as the increases, but are still fairly significant. Newark, NJ, saw rents go down 6%, while Norfolk, VA, was closely trailing at -5.9%. Houston holds its #3 spot from September, with rents there decreasing another 5.1% for the start of October.<\/p>\n

Renters in the Twin Cities area beware: The cities\u2019 rents are far from parallel. St. Paul comes in at #6 for October\u2019s largest decreases, down 3.6%, while Minneapolis<\/a> is #7 for largest increases, up 3.4%. The trend is amplified over the course of the year: Minneapolis rents started 2017 at $1,387, and are now $1,555, while St. Paul started out at $1,348 and are now $1,029.<\/p>\n

The highest rents in the country are many of the same suspects: San Francisco, forever undisputed, tops the list with $3,269 \u2014 an increase over our September report.<\/p>\n

\"Top<\/p>\n

The rest of the top five \u2014 New York City, NY<\/a>; San Jose, CA; Boston, MA; and Washington, D.C. \u2014 all maintained their rankings from September and enjoyed some slight decreases. The rest of the top 10 largely juggled around their spots, but Santa Ana, CA, booted Honolulu, HI, from the list and climbed from #11 to #8 with a median one-bedroom rent of $1,965.<\/p>\n

Is October the zenith of 2017\u2019s rents? Or is there nowhere to go but up? As temperatures fall, typically, so do rents. Only time will tell.<\/p>\n

For press inquiries, please contact Sam Radbil<\/a>.<\/p>\n