{"id":16859,"date":"2019-05-01T12:08:54","date_gmt":"2019-05-01T17:08:54","guid":{"rendered":"https:\/\/www.abodo.com\/blog\/?p=16859"},"modified":"2020-11-20T13:50:43","modified_gmt":"2020-11-20T19:50:43","slug":"may-2019-national-apartment-report","status":"publish","type":"post","link":"https:\/\/www.rentable.co\/blog\/may-2019-national-apartment-report\/","title":{"rendered":"[National Report] One-Bedroom Rents Are Still Steadily Rising"},"content":{"rendered":"

Our predicted modest upward one-bedroom trend is verifying while we see a slight pullback in the previously red hot two-bedroom market.\u00a0Let\u2019s check out the details and trends for rent prices nationwide.<\/strong><\/p><\/blockquote>\n

<\/p>\n

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

One-bedroom units have moved from a January median $1,035 to $1,074 in May, and that\u2019s a yearly increase of 3.77 percent. From April to May, one-bedroom rents rose 1.06 percent<\/strong>, and following are details:<\/p>\n

Winners<\/b><\/span><\/p>\n

Columbia, SC holds the May number one gainer spot with a stellar 10 percent median rent increase from $653 to a still very reasonable $718. Two California cities, Bakersfield and Fresno posted increases of between 8.1 and 8.4 percent with Fresno much more expensive at $1,144. <\/span><\/p>\n

Winston-Salem, NC moved from $619 to $667 reporting a 7.8 percent increase. Another North Carolina community, Durham, rose 7.1 percent to $1,240. Both St. Paul, MN and Cleveland, OH<\/a> gained around 6 percent while Springfield, MO, Detroit, MI and Grand Rapids, MI posted respective increases of 5.4 to 4.8 percent.<\/span><\/p>\n

Note that Springfield, MO<\/a> reported the cheapest one-bedroom rent on the top ten gainer list.<\/span><\/p>\n

\"May<\/p>\n

Losers<\/strong><\/span><\/p>\n

Unlike some previous months where we saw big movement discrepancies between gainers and losers, May\u2019s one-bedroom decliners posted declines similar to the gainers. Las Vegas, NV fell the most from $1,493 to $1,353, a loss of 9.4 percent. Columbus, OH<\/a> was not far behind declining 9.3 percent, and stratospheric Berkeley, CA dropped 7.5 percent to $2,776. Two more California cities followed with Los Angeles<\/a> and Long Beach both showing declines of between 5.7 and 6.6 percent.<\/span><\/p>\n

Reasonable El Paso became even more affordable as it held down decliner spot number six with a 4.4 percent decline to $757. Cambridge, MA was alone in seventh place with a 3.3 percent fall, and rounding out the top ten losers were Eugene, OR, Savannah, GA and trendy Houston, TX<\/a> all falling close to 2.8 percent.<\/span><\/p>\n

El Paso was by far the most inexpensive place to live on the top ten losers list.<\/span><\/p>\n

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

Two-bedroom unit median national rents decreased slightly from $1,239 in April to $1,325 in May, but still showed a yearly increase of 4.08 percent.<\/span><\/p>\n

Winners<\/strong><\/span><\/p>\n

Two-bedroom gaining units showed equal volatility in May as St. Paul, MN increased a full 9 percent to settle at $1,459. Arid Glendale, AZ rose 8.4 percent to pleasantly affordable $986, and cold Buffalo, NY along with Fresno, CA rose from 7.2 to 7.4 percent. <\/span><\/p>\n

All of the rest of the top ten gainers were tightly bunched with increases from 4.5 percent to 4.9 percent. <\/span><\/p>\n

Miami, FL was the most expensive of the bottom six gainers at $2178, and Winston-Salem, NC was the most affordable at $768 even with a 4.5 percent gain.<\/span><\/p>\n

\"May<\/p>\n

Losers<\/strong><\/span><\/p>\n

Berkeley, CA also appeared on May\u2019s top ten one-bedroom losers and actually led the two-bedroom decliners with a big 9.7 percent decrease to a still formidable $3,838. Las Vegas, NV fell 9 percent to $1665, and Los Angeles two-bedrooms lost 8.8 percent to a still very high $4,443. <\/span><\/p>\n

Wichita, KS posted the cheapest two-bedroom rent by far as it lost 5 percent at $782.<\/span><\/p>\n

Another California city \u2014 Long Beach \u2014 lost 7.8 percent to $2571 and the number five loser spot belonged to Nashville, TN as it fell to $2088, down 7.5 percent. El Paso, TX, Cambridge, MA, Houston, TX and Atlanta, GA lost between 4.6 and 4.9 percent. <\/span><\/p>\n

Recap & What’s Next?<\/b><\/h2>\n

We saw more volatility in May as near double-digit rent increases and decreases headlined our report. We contrast this with a steady but upward stock market trend that portends well for a gently expanding economy.<\/span><\/p>\n

While oil prices had posted a torrid gain<\/a> from their lows of around $46 per barrel, crude lost almost 5 percent on April 26<\/span>th<\/span>, taking some forward pressure off gasoline process and in turn putting more disposable dollars in the hands of consumers.<\/span><\/p>\n

Therefore, we just don\u2019t think we are going to see a severe economic downturn appear quickly, so we are cautiously predicting a modest continuing increase in apartment rental prices.<\/span><\/p>\n

Be sure to read the June report to see if this trend verifies.<\/span><\/p>\n

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