National Average Rent Inches Up by $3 Per Month

via moneymaven:

The increase in national average rents slowed to a crawl in July but year-over-year rates are up 3.4%.

As the peak rental season is nears its end, the Rent Cafe reports Apartment Rent Increases Lose Steam.

Key Takeaways

  • The national average rent reached $1,469 in July, up by 3.4% ($48) year-over-year, and 0.2% ($3) month-over-month, according to data from Yardi Matrix.
  • 64% of the 260 cities included have rents below the national average, while 36% have average rents above.
  • The average rent in the country’s most affordable city, Wichita, KS, reached $660, while the average rent in Manhattan was $4,222.
  • July displayed the slowest month-over-month increase since February, which at 0.2% is a clear signal that peak rental season is nearing its end. The trend is in line with last year’s data – once the busy late spring to early summer period winds down, rents are expected to slow their growth throughout the rest of the year.
  • Only 8 out of the 260 cities in the study saw month-over-month jumps of more than 1%.

Rental Market Report

California and the mid-Atlantic states lead the way in high rental prices.

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CPI OER and Rent

Rent Cafe vs BLS Year-Over-Year

  • Rent Cafe: +3.4%
  • CPI Primary Rent: +3.8%
  • CPI Owners Equivalent Rent OER: +3.4%

The Rent Cafe is inline with the BLS on rental prices.

Mike “Mish” Shedlock