Breaking News

Where Did Rents Rise the Most in 2018?

Category: Finance,Real Estate

There’s a good chance the monthly rent checks you write this year will be larger than they were last year, because — no surprise — rents are up.

Nationally, the average monthly rent reached $1,419, about a 3 percent increase over the previous year, according to the 2018 Year-End Rent Report published by RentCafe.

The report looked only at rental apartments in buildings with 50 or more units, in the 252 largest American cities with at least 2,900 rental units. Manhattan (which was considered separately) was found to have the highest rents of all, $4,200 on average, roughly a 4 percent increase over the previous year. It was followed by San Francisco, at $3,609 (a 5 percent hike), and Boston, at $3,292 (up about 1 percent).

But where did rents increase by the greatest percentage? For the most part, in small cities like Odessa, Tex., and neighboring Midland — both of which saw rents rise by about 21 percent.

For the purposes of the study, small cities were defined as those with a population of 100,000 to 300,000; midsize cities as those with 300,000 to 600,000; and large cities as those with more than 600,000.

Source link

No comments