Key Highlights

  • 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.

New Free Webinar Shows You The 12 Secrets Of Real Millionaire Agents. Stop Struggling. You Can FINALLY Laugh At Your Money Worries – If You Follow This Simple Plan. Learn How To Generate 100’s of Motivated Leads Without Coming Off As A Pushy Salesperson and Losing Your Soul. Learn Now How To Become One of the 1000s of Agents Making HUGE Money Who Never Thought They Could.

YES, I Want To Attend The FREE Webinar! <——Click To Register

P.S. Free Webinar, Limited Space. Less Than 300 Spots Still Available.

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…

  • Petersburg
  • Oklahoma City
  • Lexington
  • San Antonio
  • Tampa
  • Fort Worth
  • Miami
  • Orlando
  • Chesapeake
  • El Paso
  • Greensborough

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…

Phoenix

  • Reno
  • Long Beach
  • Anaheim
  • Scottsdale
  • Glendale
  • Riverside

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?