{"id":14891,"date":"2018-06-01T07:00:04","date_gmt":"2018-06-01T12:00:04","guid":{"rendered":"https:\/\/www.abodo.com\/blog\/?p=14891"},"modified":"2020-11-20T13:49:49","modified_gmt":"2020-11-20T19:49:49","slug":"june-2018-national-apartment-report","status":"publish","type":"post","link":"https:\/\/www.rentable.co\/blog\/june-2018-national-apartment-report\/","title":{"rendered":"2018 Downturn in U.S. Prices Continues for 5th Consecutive Month [National Apartment Report]"},"content":{"rendered":"

Last month it was noted that 2017 saw substantial one-bedroom apartment rent increases, but 2018 has been quite different with the year\u2019s declines showing few signs of abatement. The median price of one-bedroom units continued to fall in 2018 by a significant 3.9 percent year-to-date with January\u2019s median national rent<\/a> of $1,046 dropping to $1,005.<\/span><\/p>\n

\"National<\/p>\n

Also strong in 2017, two-bedroom apartments fell again in June 2018, with a year-to-date decrease of 2.7 percent, continuing the slide that began in January 2018.<\/span><\/p>\n

1-Bedroom Apartments<\/h2>\n

St. Paul, MN<\/a> led the pack on the rent declines with a 8.6 percent decrease followed by Fargo, ND as rents decreased there by a substantial 6.8 percent. Other cities with decreases were Minneapolis, MN<\/a> falling by 5.2 percent and Orlando, FL<\/a> which experienced a 4.5 percent drop.<\/span><\/p>\n

There are some local outliers, however. New York City and Norfolk, VA<\/a> one-bedroom apartments both increased by 5.5 percent followed by New Haven, CT where rents increased by 4.8 percent. Tempe, AZ<\/a> prices showed an also large 3.5 percent uptick. Detroit, MI<\/a> was another city with rents on the rise posting a 2.7 percent increase.<\/span><\/p>\n

\"Greatest<\/p>\n

Massachusetts showed stability with both Boston<\/a> and Cambridge<\/a> showing no price movement in either direction, and San Francisco had an insignificant 0.1 percent drop.<\/span><\/p>\n

In Texas, Dallas<\/a> was down only 0.3 percent, and Houston<\/a> did even better with only a tiny 0.1 percent fall. Perennial favorite Austin<\/a> was dead even.<\/span><\/p>\n

2-Bedroom Apartments<\/h2>\n

Nationally, two-bedroom units posted their biggest month of decreases of the year with the aforementioned 2.71 percent drop. The unit that cost $1,254 in January now can be had for $1,220.<\/span><\/p>\n

Buffalo, NY<\/a> and St. Paul, MN led the decliners with respective decreases of 8.2 and 5.7 percent.<\/span><\/p>\n

New York City again seriously bucked the national trend with a whopping 9.4 percent increase with Tempe, AZ showing a 2.0 percent rise and Houston\u2019s 1.9 percent increase rounding out the top-10.<\/span><\/p>\n

Honolulu, HI<\/a> may have had a reverse volcano effect as two-bedroom rents contracted by 1.6 percent.<\/span><\/p>\n

\"Greatest<\/p>\n

Consistent with its one-bedroom declines, Minneapolis, MN reported a 2.9 percent two-bedroom rent decrease while another noteworthy loser was St. Petersburg, FL<\/a> logging in at minus 2.2 percent.<\/span><\/p>\n

Again, while weakness abounds, the decreases are mostly below 3 percent with, of course, the exceptions noted above.<\/span><\/p>\n

With rising mortgage interest rates, it is possible that rentals will gain in preferability, and next month\u2019s report should let us know if we will begin to see a trend reversal. For now, however, renters are still the winners in most areas.<\/span><\/p>\n

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