- According to the Apartment Guide’s Rent Report 2020, the for-sale housing shortage now is seeping into rental markets
- Renters staying/renting in-place longer is driving down vacancy rates and pushing up monthly rent
Newark NJ led the 100 most populated cities in the US in year-over-year rental price increases in 2019, according to the Apartment Guide’s Rent Report 2020. 50% of those 100 most populated cities experienced average rental increases in studio unit prices, 57% saw an increase in one-bedroom prices and 28% experienced an increase in two-bedroom average rental prices.
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Take a look at Newark’s rental price increases in 2019:
- Studio apartments in Newark – +44.8%
- One-bedroom apartments in Newark – +42.8%
- Two-bedroom apartments in Newark – +27.4%
Cities in the Midwest that experienced rental price increases of +10% or more included Detroit, Kansas City, Milwaukee, Cincinnati, Cleveland, St. Louis and Fort Wayne.
Among the 100 most populated cities in the South, 61% of cities experienced an increase in average studio prices, 64% saw rent increases in one-bedroom rental prices and 53% had an increase in two-bedroom average prices. Year-over-year rent increases of +10% or more in studio, one-bedroom and/or two-bedroom apartments touched these Southern cities…
- Oklahoma City
- San Antonio
- Fort Worth
- El Paso
The West’s 100 most populated cities saw year-over- year rental price increases in 56% of studio apartments, 72% in one-bedroom units and 73% in two-bedroom units. Western cities experiencing year-over-year rent increase of +10% or more included…
- Long Beach
Southern cities where rental prices fell the most on a year-to-year basis in 2019 included Virginia Beach, Wichita, New Orleans, Garland, Lubbock and Arlington TX, Madison WI, Boston, Toledo and Tulsa.
The Apartment Guide’s report indicated that 75% of those surveyed reported they want to buy in the future but that only 32% of those surveyed said their next move would be into their own house.
Thanks to ApartmentGuide’s Rental Report 2020 for source data.
Also read: Will Low Mortgage Rates Kick Start June’s Slowing Home Gains?, Single-Family Home Sector Leads the Rental Market, Are Micro-Units the Housing Units of the Future?