{"id":16971,"date":"2019-06-01T08:00:34","date_gmt":"2019-06-01T13:00:34","guid":{"rendered":"https:\/\/www.abodo.com\/blog\/?p=16971"},"modified":"2020-11-20T13:50:43","modified_gmt":"2020-11-20T19:50:43","slug":"june-2019-national-apartment-report","status":"publish","type":"post","link":"https:\/\/www.rentable.co\/blog\/june-2019-national-apartment-report\/","title":{"rendered":"[National Report] One-Bedroom Rents Are Still Steadily Rising"},"content":{"rendered":"

Both one and two-bedroom units are movin\u2019 on up with two-bedroom units rising by over 2 percent in June. Let\u2019s get into it and discuss this accelerating nationwide trend.<\/b><\/p><\/blockquote>\n

<\/p>\n

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

One-bedroom apartments have increased a full 5.02 percent since January, and the median national one-bedroom rent now stands at $1,087, a one and one-quarter percent increase from May<\/a>.<\/span><\/p>\n

Rent on the Rise<\/b><\/h3>\n

Cleveland, OH<\/a> rocked our world and vaulted to the number one spot on our monthly median gainers list moving from a very affordable $692 to a still comfortable but sharply higher $760\u2014an increase of 9.8 percent. Hot and cheap Tucson, AZ moved up 8.9 percent to $651, and Salt Lake City, UT gained 8.3 percent to sit at $1,108. Norfolk, VA was alone in fourth place at $948\u2014an 8 percent increase. <\/span><\/p>\n

Columbia, SC held the fifth position rising 7.7 percent to $773, and Athens, GA<\/a>, Columbia, MO, Seattle, WA and Mesa, AZ all increased between 7.0 and 7.3 percent with Seattle the priciest at $1,836. Buck Owen\u2019s home, Bakersfield, CA posted an even $700 median June rent price, up 6.5 percent from May, and that\u2019s it for the top ten gainers.<\/span><\/p>\n

\"June<\/p>\n

Rent on the Decline<\/strong><\/h3>\n

As we sometimes see in a hotter market, the losers posted smaller percentage decreases than the gainers as Columbus, OH<\/a> led the losers with a still significant 7.9 percent loss to $1,065. Scottsdale, AZ equaled that loss as it fell from $1,728 to $1,592. Las Vegas showed some volatility as it fell to $1254 from May\u2019s $1,353\u2014a 7.3 percent decline. Syracuse NY and Los Angeles, CA fell 6.8 and 5.8 percent respectively, and very affordable El Paso, TX lost 3.7 percent to settle at $729.<\/span><\/p>\n

The bottom four of our top 10 decliners list all lost from 2.2 to 2.9 percent. Dallas, TX claimed the 10<\/span>th<\/span> spot with Gainesville, FL, Berkeley, CA and Charleston, SC in seventh, eighth and ninth place. <\/span><\/p>\n

The most expensive city on the top ten one-bedroom losers list was Los Angeles, CA<\/a> with a June median one-bedroom rent at a whopping $2,466.<\/span><\/p>\n

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

Two-bedroom apartment median rents soared to a 2019 gain of 6.36 percent rising from $1,325 in May to $1,354 in June. Apartments that cost $1,273 in January<\/a> therefore have moved a full $81 during 2019\u2019s first six months.<\/span><\/p>\n

Rent on the Rise<\/strong><\/h3>\n

Cold, snowy and dreary Buffalo, NY surprised us all with a commanding 13.2 percent increase rising well above the $1,100 mark at $1,156. Glendale, AZ rose a big 12.6 percent reporting a median rent of $1,110. Even moderately priced Indianapolis, IN got in on the party with a 10.8 percent increase to $859. Expensive Seattle<\/a>, WA rose 8.3 percent to $2,308, and rounding out the top five gainers was Salt Lake City, UT showing a 7.9 percent gain to $1363.<\/span><\/p>\n

Tucson, AZ and Cleveland, OH \u2014 even rocking the two-bedroom charts \u2014 gained between 7 and 7.2 percent. Finally, St Louis, MO, St Paul, MN<\/a> and Oklahoma City OK, all reported similar increases of 6.1 or 6.2 percent.<\/span><\/p>\n

The cheapest place to live on our top ten two-bedroom gainers list was Cleveland, OH, and the priciest was of course Seattle, WA.<\/span><\/p>\n

\"June<\/p>\n

Rent on the Decline<\/strong><\/h3>\n

Like its one-bedroom cousin, Los Angeles fell, and led the two-bedroom losers with an eye-opening 13.4 percent decrease. Scottsdale, AZ followed with a hefty 10.1 percent fall from $2,079 to $1,869. Beginning with third place the losers began to report less formidable decreases as Las Vegas, NV lost 6.4 percent, followed by Berkeley, CA with a 5.5 percent loss to a just unreachable-for-some $3,627 monthly median rent. Atlanta, GA held above the $2,100 mark but still fell 4.0 percent.<\/span><\/p>\n

Nashville, TN, Oakland, CA and Cambridge MA all lost between 3.1 and 3.8 percent. At the bottom of the losers list we found Louisville, KY at $1,164 falling 2.9 percent, and Green Bay, WI<\/a> almost out of the playoffs with a median two-bedroom rent of only $736.<\/span><\/p>\n

Los Angeles, CA was the most expensive place to live in two-bedroom land and Green Bay was the most affordable. <\/span><\/p>\n

Rent Report Recap & What’s Next?<\/b><\/h2>\n

June showed serious strength as we saw an accelerating upward national median rent trend. <\/span><\/p>\n

We are concerned about stock market developments like the feared inverted yield curve that surfaced on May 29<\/span>th<\/span> and we witnessed a weakness in oil prices that while it has steadied, is still worrisome. <\/span><\/p>\n

Add that to geopolitical tensions like the Iran situation, mix that with domestic issues like Robert Mueller\u2019s take on his Russian interference report<\/a> and we look to July with some trepidation. On the other hand, we are almost in an election year and most pundits just don\u2019t see a recession occurring until after that election.<\/span><\/p>\n

Frankly, the solid increases we saw in June were on the higher side of your expectations, and although the upward trend may quickly soften if we see a severe economic downturn, that just does not look likely quite yet. Be sure to check with us next month.<\/span><\/p>\n

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