{"id":14753,"date":"2018-05-01T08:00:40","date_gmt":"2018-05-01T13:00:40","guid":{"rendered":"https:\/\/www.abodo.com\/blog\/?p=14753"},"modified":"2020-11-20T13:49:49","modified_gmt":"2020-11-20T19:49:49","slug":"may-2018-national-apartment-report","status":"publish","type":"post","link":"https:\/\/www.rentable.co\/blog\/may-2018-national-apartment-report\/","title":{"rendered":"[New Report] Rent Decreases Accelerate Into Late Spring 2018"},"content":{"rendered":"

While 2017 saw substantial one-bedroom apartment rent increases, the decline that began in February 2018<\/a> has accelerated as the May national median one-bedroom rent price has fallen by just over one percentage point, and is now $1,015, compared to $1,046 in January 2018. This represents the fourth straight month of declining prices. <\/span><\/p>\n

\"National<\/p>\n

Although two-bedroom units saw significant rent hikes in 2017, the May national median two-bedroom price also took its biggest dip in 2018, now at $1,230 \u2014 almost a two percent drop since January 2018.<\/span><\/p>\n

1-Bedroom Apartments<\/h2>\n

Despite the nationwide rent price downturn, some local areas continue to buck the trend. Last month\u2019s winner, Dayton, OH<\/a>, continued its red-hot rental price growth with another 7.6 percent increase.<\/span><\/p>\n

Tempe, AZ saw a 5.7 percent jump, and Fort Worth, TX, Madison WI<\/a>, and New Haven, CT all posted increases in the 4 percent range.<\/span><\/p>\n

Continuing their 2018 upward trends, Denton, TX, Las Vegas, NV, and Columbus, OH<\/a> boasted 3.0 to 3.8 percent increases, and Green Bay, WI<\/a> and Dallas, TX rounded out the top-10 list with more modest 2.5 to 2.8 percent increases.<\/span><\/p>\n

\"Greatest<\/p>\n

As in April, however, Syracuse, NY<\/a> continued to lead the pack in rent decreases as the city logged another 11.2 percent downturn on top of April\u2019s 13.1 percent decline. One-bedroom seekers can now find a Syracuse apartment for just $797.<\/span><\/p>\n

Boulder, CO and St. Paul, MN<\/a> posted at least a 10 percent drop, with Eugene, OR, Columbia MO, Orlando, FL and Oklahoma City, OK all reporting a 5.2 to 5.8 percent median rent decline.<\/span><\/p>\n

Even May\u2019s top-10 bottom third rent decliners showed lower rates in the 4 percent range with Minneapolis, MN<\/a> dropping 4.7 percent, Philadelphia, PA falling 4.3 percent and Washington, DC declining 4.2 percent.<\/span><\/p>\n

2-Bedroom Apartments<\/h2>\n

Significant weakness was still seen in certain two-bedroom markets as the New Orleans, LA<\/a> median two-bedroom rent price deflated another 7.1 percent in May to $1,695. Boulder, CO<\/a> followed closely behind with a 6.6 percent decrease, and rounding out the top three decliners was St. Paul MN, falling 5.4 percent to $1,398.<\/span><\/p>\n

Warm weather Houston saw the largest rent increase to $1,549 with a May gain of 4.1 percent. Texas neighbors Denton and Dallas both became more expensive for two-bedroom renters with rises of 2.8 and 2.3 percent respectively.<\/span><\/p>\n

In all, the top ten increasers showed a relatively tight range of 2.3 to 4.1 percent.<\/span><\/p>\n

\"Greatest<\/p>\n

Tipping the total picture to the downside, New Orleans, LA led the decliners with a large drop of 7.1 percent to a still hefty $1,695. Boulder, CO followed, losing 6.6 percent, and three Florida cities, St Petersburg, Jacksonville and Gainesville all fell from 4.9 to 5.4 percent. Interestingly, Tallahassee, FL still looks like a great value at $959, down 3.5 percent from April.<\/span><\/p>\n

Finally, the top ten average median decliners led the top ten median increasers 5.0 percent to 2.95 percent respectively, showing a still deteriorating 2018 trend. <\/span><\/p>\n

While the traditionally strong summer rental season is quickly approaching, renters may be happier than landlords if the above statistics continue to validate next month.<\/span><\/p>\n

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