{"id":17188,"date":"2019-08-01T08:00:24","date_gmt":"2019-08-01T13:00:24","guid":{"rendered":"https:\/\/www.abodo.com\/blog\/?p=17188"},"modified":"2020-11-20T13:50:43","modified_gmt":"2020-11-20T19:50:43","slug":"august-2019-national-apartment-report","status":"publish","type":"post","link":"https:\/\/www.rentable.co\/blog\/august-2019-national-apartment-report\/","title":{"rendered":"[National Report] Rent Divergence Continues as One-Bedroom Units Decrease Again"},"content":{"rendered":"

The July one-bedroom weakness appeared again in August while two-bedroom units reported strength. <\/strong><\/p>\n

The trend we identified last month where decliners were moving more sharply downward than gainers has become less pronounced in both one and two-bedrooms.<\/strong><\/p><\/blockquote>\n

<\/p>\n

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

One-bedroom apartments still showed a 4.06 percent YTD rise, but this was down again from 4.54 percent in July and significantly down from June\u2019s 5.02 percent.\u00a0<\/span><\/p>\n

Upward Movers<\/b><\/h3>\n

August\u2019s top ten gainers chart looked moderate this month with no double-digit increases. Inexpensive Cleveland, OH<\/a> led the list with an 8.1 percent increase from $802 to $867, followed by Fort Worth TX reporting a 6.6 percent gain to median rent of $1,061. Two very affordable cities on opposite sides of the climate spectrum, El Paso, TX and Green Bay, WI both rose 5.2 percent with Green Bay at $611. Similarly priced Fargo, ND came in fifth with a 4.6 percent rise. Richmond, VA and Salt Lake City, UT gained between 4.1 and 4.4 percent while Athens, GA rose from $832 to $861 \u2014 a 3.5 percent gain. Tempe, AZ and Charleston, SC showed median rent increases of 3.0 and 2.9 percent respectively.\u00a0\u00a0<\/span><\/p>\n

Green Bay, WI was the most affordable one-bedroom location and Salt Lake City, UT was the priciest with its $1,205 median rent almost doubling Title Town\u2019s $611.<\/span><\/p>\n

\"August<\/p>\n

August Decliners<\/strong><\/h3>\n

Like the gainers, we saw no double-digit losers in August. Wichita, KS did lead the list with a 9.9 percent decrease to a very reasonable $732 and Syracuse, NY followed with an even 9 percent loss to a median rent of $1015. In third place on the loser\u2019s list we found Fresno, CA with a significant 7.1 percent loss to $1,036. Jacksonville, FL held the fourth spot with a loss of 5 percent. Alone in sixth place was Gainesville, FL, falling 4.4 percent from a median $781 to $747. Buffalo, NY and Lubbock, TX both lost 4.1 percent although Buffalo\u2019s median rent stood at $967 compared to Lubbock\u2019s $637. Finally, Columbus, GA and Irving, TX were the smallest losers with falling rent at rates of 3.8 percent and 3.6 percent respectively.\u00a0<\/span><\/p>\n

Durham, NC was the priciest one-bedroom on the decreaser list at $1,126, while Lubbock, TX was the most affordable at $637.<\/span><\/p>\n

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

In a stark contrast to one-bedroom apartments, two-bedroom units continued their climb seen since May with a YTD increase of 6.83 percent to a median August cost of $1,360 compared to July\u2019s $1,357.<\/span><\/p>\n

Upward Movers<\/strong><\/h3>\n

August individual city top 10 movers reported a narrow range as only 3.6 percentage points separated first place and last place cities. Like its one-bedroom cousin, Cleveland, OH took the top spot with a 5.6 percent increase to $834. Again, we also saw Green Bay, WI<\/a> on the top ten list tied for second place along with Athens, GA, both posting a 4.9 percent increase. Familiar Fort Worth, TX came in fourth with a 4.2 percent increase, and El Paso, TX appeared in fifth place with an increase from $893 to $929\u2014or 4.0 percent. Santa Ana, CA, Charleston, SC and Colorado Springs, CO<\/a> rose between 3.0 and 3.9 percent, and cold Syracuse NY\u2014and colder yet Grand Rapids, MI\u2014lost 2.4 and 2.0 percent respectively.<\/span><\/p>\n

Green Bay, WI again topped our cheapest rent on the gainer\u2019s list as a two-bedroom unit could be had for only $794. Santa Ana, CA almost tripled that as a two-bedroom unit there cost a median $2231.<\/span><\/p>\n

\"August<\/p>\n

August Decliners<\/strong><\/h3>\n

Jacksonville, FL fell 7.6 percent to a median $1005. The second-place loser, Buffalo, NY only lost an even 4 percent and was closely followed by Columbia, MO reporting a 3.7 percent decline to $694. After that, the list was tightly packed with Tulsa, OK, Fort Lauderdale, FL and Chicago, IL<\/a> showing very similar 3.2 to 3.3 percent declines. In fact, the last four cities on our top 10 loser list, Wilmington, NC, Mesa, AZ, Berkeley, CA and Miami, FL<\/a> all fell between 2.8 and 3.0 percent.<\/span><\/p>\n

Renters won\u2019t mind a cheaper Berkeley rent since, as we have mentioned before, its $3381 two-bedroom price tag is steep. Compare that to Columbia, MO with an amazingly low two-bedroom median rent of only $694.<\/span><\/p>\n

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

Last month we said, \u201cwe are comfortable with our feeling that rental prices will stay steady or increase slightly barring any major geo-political events.\u201d Even though one-bedroom units showed us a little continued weakness, that was balanced by the two-bedroom steady gains we saw in August.<\/span><\/p>\n

Inflation is still tame; oil prices, while a little volatile, still sit under $60 per barrel. Yes, we have seen some geo-political instability, but nothing pops out at this point to change our view that a steady or slightly increasing rental market is the norm.<\/span><\/p>\n

Recessions are inevitable, but the next one may wait until after the 2020 election. Until then, again, we are cautiously predicting an unexciting but slightly increasing national rental market. <\/span><\/p>\n

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