{"id":15086,"date":"2018-08-01T08:00:24","date_gmt":"2018-08-01T13:00:24","guid":{"rendered":"https:\/\/www.abodo.com\/blog\/?p=15086"},"modified":"2018-07-30T21:37:24","modified_gmt":"2018-07-31T02:37:24","slug":"august-2018-national-apartment-report","status":"publish","type":"post","link":"https:\/\/www.rentable.co\/blog\/august-2018-national-apartment-report\/","title":{"rendered":"[NATIONAL RENT REPORT] July 2018 Rent Increases Continue into August"},"content":{"rendered":"

In our July report<\/a> we asked if the 2018 rent price increase had finally found the bottom, and according to August stats, both one-bedroom and two-bedroom prices are indeed on the rise.<\/span><\/p>\n

Continuing the new upward trend, median national one-bedroom rents increased slightly by $5 to $1,013 while nudging closer to levels not seen since May. One-bedroom units are still down 3.15 percent YTD, however.<\/span><\/p>\n

\"National<\/p>\n

Two-bedroom apartments posted a large $32 gain to an median of $1,262 while cutting the yearly deficit by almost two-thirds to a mere 0.64 percent. This represents a significant move.<\/p>\n

1-Bedroom Apartments<\/h2>\n

Big changes here as July\u2019s number one increaser wouldn\u2019t even make it onto August\u2019s chart. <\/span><\/p>\n

In August, Columbus, OH<\/a> led the leaders with a hefty 14.2 percent increase, followed by Syracuse, NY<\/a> with an 11.7 percent rise. <\/span><\/p>\n

Orlando, FL<\/a>, Dayton, OH<\/a> and Los Angeles, CA<\/a> were up by 10 to 10.7 percent with Baltimore, MD<\/a> in spot number six with a median August rent of $1232 \u2014 an 8.2 percent increase over July. <\/span><\/p>\n

Four cities were bunched from seven through ten with Las Vegas, NV<\/a>, Milwaukee, WI<\/a>, Athens, GA<\/a> and Bakersfield, CA<\/a> all boasting 6.7 to 7.6 percent increases.<\/span><\/p>\n

\"Greatest<\/p>\n

Interestingly, the August range of decreases mirrored the July stats as the top ten reported decreases of 4.6 percent to 1.6 percent.<\/span><\/p>\n

Fort Worth, TX<\/a> and Little Rock, AK<\/a> saw the biggest drops at -4.6 percent and -4.2 percent respectively.<\/span><\/p>\n

Columbia, SC<\/a>, Ann Arbor, MI<\/a> and Baton Rouge, LA<\/a> all fell by 2.9 percent. Jacksonville, FL<\/a>, Denver, CO<\/a>, Columbus, GA<\/a>, Durham, NC<\/a> and College Station, MD<\/a> rounded out the top ten drops with an average decrease of 2.16 percent.<\/span>d<\/p>\n

2-Bedroom Apartments<\/h2>\n

Rock and Roll Hall of Fame host Cleveland, OH<\/a> showed the biggest two-bedroom increase at 12.9 percent moving from a very affordable $737 to $832. Pricey Scottsdale, AZ<\/a> followed with an massive 11 percent rise to $1,950 from July\u2019s $1,756. Las Vegas, NV, Long Beach, CA<\/a>, and New Orleans, LA<\/a> were not far behind with increases in the 8.0 to 9.6 percent range. <\/span><\/p>\n

The second half of the top 10 increasers all posted monthly gains of over 5 percent with Baltimore, MD leading at 6.3 percent, and San Francisco, CA<\/a>, Orlando, FL, and Los Angeles, CA moving by 5.2 to 6.3 percent.<\/span><\/p>\n

\"Greatest<\/p>\n

Like one-bedroom units, August drops were much tamer than August rises as Richardson, TX led the list with a 4.6 percent decrease to $1,479. Cold Fargo, ND and warm Jacksonville, FL shared decreases of 3.7 to 3.3 percent while Charleston, SC, Portland, OR, mile-high Denver, CO and Pittsburgh, PA all fell by 2.2 to 2.9 percent.<\/span><\/p>\n

Rounding out the top ten two-bedroom declines were Mesa, AZ and Gainesville, FL with less than 2 percent decreases each.<\/span><\/p>\n

Rent Report Recap: Where We Stand<\/h2>\n

July saw an end to consistent 2018 decreases, and August continued the modest up-trend. <\/span><\/p>\n

As the Fed continues to raise interest rates while unemployment remains low, the fires of inflation look to be rekindled, and this will add to upward apartment rent momentum. <\/span><\/p>\n

Locally, as in cities like Austin, TX<\/a> where thousands of new apartment units have recently come online, increases may be muted for a while, but as of now, the national trend is up. Let\u2019s see what September brings.<\/span><\/p>\n

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