{"id":15582,"date":"2018-11-01T08:00:55","date_gmt":"2018-11-01T13:00:55","guid":{"rendered":"https:\/\/www.abodo.com\/blog\/?p=15582"},"modified":"2020-11-20T13:49:48","modified_gmt":"2020-11-20T19:49:48","slug":"november-2018-national-apartment-report","status":"publish","type":"post","link":"https:\/\/www.rentable.co\/blog\/november-2018-national-apartment-report\/","title":{"rendered":"[NATIONAL REPORT] Are U.S. Rent Prices Officially Stable?"},"content":{"rendered":"

2018 has seen rent prices meander as July<\/a> showed the beginning of a trend toward higher prices, but October<\/a> brought a halt to that. Our November report shows that one-bedroom units were basically flat with a statistically insignificant .08 percent fall \u2014 a median rent decrease of only one dollar from October to November.<\/p>\n

\"National<\/p>\n

Two-bedroom units posted a similar unexciting decline of .24 percent, so we are calling November data stable.<\/p>\n

1-Bedroom Apartments<\/b><\/h2>\n

While October\u2019s top increaser was up by double digits, we see no such activity this month. Boulder, CO took the number one spot with a 7.9 percent increase from $1,641 to $1,771. Music City, a\/k\/a Nashville, TN and Las Vegas, NV rose 5.9 and 5.8 percent respectively.<\/p>\n

Last month\u2019s big winner, Milwaukee, WI<\/a> rose yet another 5.4 percent on top of October\u2019s surprising 12 percent rise. The median Milwaukee, WI rent is now up to $1,244, almost doubling the Kansas average.<\/p>\n

Pittsburg, PA<\/a> was alone with a 4.4 percent increase, While Chicago, IL<\/a>, and Winston-Salem NC were both close to the 3.4 percent mark.<\/p>\n

At $1,107, Tampa FL rose 3.1 percent in November, and Ann Arbor, MI<\/a> at 2.8 percent and Scottsdale, AZ, posting a 2.5 percent rise, rounded out the top ten increasers.<\/p>\n

\"November<\/p>\n

The top 10 one-bedroom losers were led by Columbus, OH<\/a>, with a healthy 7.5 percent decline. Rochester, NY followed and reported a fall from $675 to $634, or 6.1 percent.<\/p>\n

Grand Rapids, MI, Orlando, FL, Tempe, AZ, St. Louis, MO<\/a>, and Baltimore, MD all were bunched together as they lost from 4.2 percent to 4.8 percent in November.<\/p>\n

Bakersfield, CA, Cleveland, OH and Mesa, AZ, lost similar amounts\u2014an average of 3.6 percent.<\/p>\n

Of the top 10 losers, Rochester, NY was the cheapest place to live with a very affordable $634 median rent. Surprisingly, Baltimore, MD was the most expensive on the decliner list with a median rent of $1,241.<\/p>\n

2-Bedroom Apartments<\/b><\/h2>\n

Scottsdale, AZ two-bedroom units rose a solid 6.2 percent as the Arizona city easily led the top 10 increasers<\/a> with a median rent of $2676. Chicago, IL did better than the Cubs with a 6 percent increase, and Nashville, TN posted a 5.2 percent increase, similar to the city\u2019s one-bedroom rise.<\/p>\n

Dayton OH<\/a>, Tampa, FL and Las Vegas NV, reported median rent increases of 4.8, 4.4 and 4.1 percent respectively.<\/p>\n

Bunched in the 3.5 to 3.0 percent range were Louisville, KY<\/a>, Boulder, CO, Athens, GA<\/a> and Tallahassee, FL.<\/p>\n

Athens, GA proved to be the most economical two-bedroom median unit price on the top 10 increaser list at an affordable $836.<\/p>\n

\"November<\/p>\n

November\u2019s top 10 declines were more pronounced, with Cleveland, OH posting a significant 11.8 percent November loss to $751 from an already affordable $851 October median two-bedroom price.<\/p>\n

New Orleans, LA, was not far behind with a 10.8 percent decline, but the losses were less pronounced in the number three spot as Tempe, AZ declined a more modest 5.2 percent.<\/p>\n

St. Louis, MO was alone in the number four ranking with a 4.4 percent decline, and warm-weather paradise Miami, FL was not that far behind with a reported 3.9 percent decline from a noteworthy $2,395 to $2,302 for a two-bedroom unit. Four municipalities reported similar decreases of 3.1 to 3.4 percent, and these were Baltimore, MD, Fort Worth, TX, Eugene, OR<\/a> and Syracuse, NY.<\/p>\n

Taking a cue from the Cowboys, Dallas, TX finished the top ten losers with a decrease of 2.7 percent to $1,453.<\/p>\n

November Recap: What This Means<\/b><\/h2>\n

As we had mentioned last month, we thought that rents, though they might fall, would not drop dramatically in November and this has verified. While a few cities showed significant swings, November was basically flat, and we see that trend continuing into December.<\/p>\n

We are concerned that higher interest rates may negatively affect home sales<\/a> and therefore strengthen the rental market. On the other hand, we have begun to see stock market volatility, and historically a stock market decline predicts a future recession. With competing factors at work, however, we still feel that December will not show broad national average median rent changes.<\/p>\n

Be sure to check with us next month.<\/p>\n

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