{"id":20984,"date":"2021-09-01T08:57:43","date_gmt":"2021-09-01T13:57:43","guid":{"rendered":"https:\/\/www.rentable.co\/blog\/?p=20984"},"modified":"2021-09-06T08:59:33","modified_gmt":"2021-09-06T13:59:33","slug":"september-2021-national-apartment-report","status":"publish","type":"post","link":"https:\/\/www.rentable.co\/blog\/september-2021-national-apartment-report\/","title":{"rendered":"[Rent Report] September Rents Surge Upward"},"content":{"rendered":"

September one-bedroom rents are up 8.27 percent for the year and moved 2.4 percent higher from August to September. Two-bedrooms have risen 6.87 percent yearly and tacked on 2.09 percent last month. <\/span><\/p>\n

These are big numbers, so let\u2019s analyze our September stats.<\/span><\/p>\n

\"\"<\/p>\n

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

Our top-ten risers were strong as our number one gainer rose by double digits and our last place mover was up over 6 percent. <\/span><\/p>\n

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

Boulder, CO led our one-bedroom gainers list with a substantial 10.77 percent gain to a median $1,852. Savannah, GA followed with an 8.35 percent gain; Santa Ana, CA rose 8.04 percent on top of its 6.11 percent gain in August, and Scottsdale, AZ pushed upward by 7.26 percent to a median $1,758. Charleston, SC rose 7.24 percent to a median rent of $1,599.<\/span><\/p>\n

Price gains on our list following the above five cities were also robust.<\/span><\/p>\n

Tempe, AZ added 7.03 percent, Tampa, FL rose 6.94 percent to a median $1,526, and Phoenix, AZ posted a 6.62 percent jump\u2014this on top of August\u2019s 5.31 percent move.<\/span><\/p>\n

Finally, Chandler, AZ and Orlando, FL reported respective gains of 6.42 and 6.34 percent.<\/span><\/p>\n

The most expensive one-bedroom on our gainers list was Santa Ana, CA–for the third month in a row– at a median $2,325 while the most affordable was Savannah, GA at $1,285. No city on September\u2019s top ten one-bedroom gainers list reported a median rent anywhere near $1000.<\/span><\/p>\n

\"\"<\/p>\n

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

Norfolk, VA saw its one-bedroom median rent fall again with a loss of 10.74 percent on top of the city\u2019s 6.92 percent tumble last month. Bakersfield, CA dropped 6.60 percent. Philadelphia, PA fell 3.59 percent propelling its two-month loss to over 10 percent. Dayton, OH took fourth place with a 3.01 percent loss. Buffalo, NY was next, but with a smaller 2.32 percent drop to $928.<\/span><\/p>\n

After that, losses were muted. Madison, WI fell 2.08 percent to settle at a median $1,179 while Little Rock, AK lost 1.83 percent. Finally, St. Louis, MO, Omaha, NE and Arlington, TX dropped between 1.33 and 1.66 percent\u2014hardly earthshaking numbers.<\/span><\/p>\n

Those looking for pure value should head to Dayton, OH where a median one-bedroom apartment rented for only $677. Philadelphia, PA was the priciest one-bedroom on our losers list at $1,235.<\/span><\/p>\n

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

Again, in September, two-bedroom gainers reported a tiny spread of less than 2 percent between first and worst increasers. Our top ten losers did show a more pronounced difference between first and tenth place \u2014 about 3.5 percent.<\/span><\/p>\n

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

Repeating August\u2019s trend, three of our September top ten two-bedroom gainers were in Arizona.<\/span><\/p>\n

Orlando, FL led the gainers with a big upward move of 6.66 percent to $1,665. Scottsdale, AZ placed second on our list rising 6.49 percent\u2014another city that has added a combined 10 percent over the last two months. Fresno, CA rose a healthy 6.39 percent and Colorado Springs, CO gained 6.28 percent at a median $1,742.<\/span><\/p>\n

Miami, FL reported a rise of 5.95 percent. Boulder, CO moved upward by 5.81 percent and Tempe, AZ, at a median $1,693 gained an even 5.61 percent.<\/span><\/p>\n

Phoenix, AZ was up 5.26 percent to $1,680, and Buffalo, NY was strong again in September reporting a 4.92 percent gain.<\/span><\/p>\n

San Francisco, CA made it onto the top ten two-bedroom gainer\u2019s list as it gained 4.71 percent and continued its comeback after Covid-19 had negatively impacted the city\u2019s rent structure.<\/span><\/p>\n

Buffalo, NY reported the cheapest two-bedroom median rent on our gainers list at $1,429 while San Francisco took the prize for the priciest median rent, crossing the $4,000 again mark at $4,179.<\/span><\/p>\n

\"\"<\/p>\n

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

Columbus GA\u2019s two-bedroom median rent fell 4.85 percent to $864 on top of its August 4.82 percent drop. New Haven, CT lost 3.45 percent to settle at $1,625. St. Louis, MO dropped 2.58 percent, and Tallahassee, FL moved downward to a median $1,064.<\/span><\/p>\n

Madison, WI dropped 2.12 percent, and Syracuse, NY fell 1.99 percent to a median September two-bedroom rent of $1,526. Sacramento, CA and Long Beach, CA lost 1.96 and 1.74 percent respectively; College Station, TX sunk to $812\u2014a fall of 1.48 percent, and Fargo, ND dropped 1.29 percent.<\/span><\/p>\n

Fargo, ND was a great two-bedroom value at only $689, and Long Beach, CA was again–as in August– the most expensive two-bedroom at $2,090.<\/span><\/p>\n

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

The United States currently exists in the strange world of fully open schools and businesses while at the same time burdened with record Covid-19 cases. Previous predictions of a sense of normalcy by the fall of 2021 have gone out the window with experts now claiming that maybe spring of 2022 will bring some pandemic relief.<\/span><\/p>\n

Inflation is a big concern, and there are rumblings about Fed easing and rising interest rates in the future. Evictions may begin in earnest as consumer protections are expiring.\u00a0<\/span><\/p>\n

Meanwhile, rents are skyrocketing. There are fewer rental units available, and landlords stung by eviction restrictions are looking to recoup past lost rent. Add that to the red-hot housing market fueled by low supply and high demand and we have the recipe for continued sharp rent increases.<\/span><\/p>\n

We don\u2019t see rent prices coming down anytime soon, and we certainly don\u2019t see a sustained drop in the near future.<\/span><\/p>\n

Be sure to check in next month.<\/span><\/p>\n