Markets & Economy

National rent rising at a breakneck pace

Rents have taken a sharp turn upward since the beginning of the year
  • According to Apartment List's April 2016 National Rent Report, median rents are on a sharp, upward trend.
  • San Francisco boasts the highest rent in the country, with a median rent of $4,780 for a two-bedroom apartment.
  • Orlando, Florida is experiencing the highest increase in rent, with an 8.9 percent increase year-over-year.

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According to Apartment List’s April 2016 National Apartment List Rent Report, median rents across the country¬†have taken a sharp rise, after brief decline at the beginning of the year.

In March, average rent costs rose 0.4 percent and have increased 2.7 percent year-over-year.

On average, renters should expect to spend $1,300 for a two-bedroom apartment and $1,100 for a one-bedroom.

National-Line-Apr-2016

San Francisco, Washington D.C., and Seattle led the pack for the cities with the highest rents.

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The average rent for a two-bedroom apartment in San Francisco is $4,780, which is 0.9 percent higher than last year’s prices. Washingtonians (those in the District, anyway) pay an average of $2,990 for a two-bedroom and $2,180 for a one-bedroom apartment — a 1.6 percent jump from last year. Lastly,¬†a two-bedroom apartment in Seattle will cost an average of $2,390, a 1 percent month-over-month and 5.4 percent year-over-year increase.

National_Median_Apr_2016_bitdko

Orlando, Florida, Salt Lake City and Austin, Texas, have experienced the highest increases in rent, with 8.9 percent, 7.2 percent and 6.7 percent year-over-year increases.

National-Growth-Apr-2016

Read the full report here.

Email Marian McPherson