A deeper look at rents across America
By looking at the rent data information as charted below, apartment rents are on their way up in the ten largest American cities by population (in order below starting with the largest), but not at skyrocketing rates as some analysts have inferred. Although there have been spikes over the last year, most (but not all) cities are seeing a slow rise in rental rates.
Interestingly, the volume of number of rentals in these cities is drastically higher in the two Texas cities than all others, with Houston currently showing 16,324 available rental listings and Dallas showing 14,235 whereas the next highest number is in New York City with only 7,335.
Pay close attention to the differences in unit types and how each varies in these cities, and note that despite spikes, there is a slow increase.
Average rental rates in New York City over the last 12 months
| All Beds | 1 Bed | 2 Beds | 3+ Beds | |
|---|---|---|---|---|
Median: | $3311 | $3250 | $4495 | $5000 |
Average: | $3629 | $3236 | $4499 | $5871 |
# of Listings: | 7335 | 3928 | 1760 | 580 |
Average rental rates in Los Angeles over the last 12 months
| All Beds | 1 Bed | 2 Beds | 3+ Beds | |
|---|---|---|---|---|
Median: | $2045 | $1716 | $2700 | $3350 |
Average: | $2109 | $1773 | $2577 | $3494 |
# of Listings: | 2749 | 1174 | 1026 | 159 |
Average rental rates in Chicago over the last 12 months
| All Beds | 1 Bed | 2 Beds | 3+ Beds | |
|---|---|---|---|---|
Median: | $1438 | $1450 | $1877 | $1593 |
Average: | $1626 | $1544 | $1952 | $1984 |
# of Listings: | 4369 | 1955 | 1304 | 469 |
Average rental rates in Houston over the last 12 months
| All Beds | 1 Bed | 2 Beds | 3+ Beds | |
|---|---|---|---|---|
Median: | $1190 | $1043 | $1363 | $1327 |
Average: | $1111 | $919 | $1241 | $1494 |
# of Listings: | 16324 | 7580 | 7064 | 1538 |
Average rental rates in Philadelphia over the last 12 months
| All Beds | 1 Bed | 2 Beds | 3+ Beds | |
|---|---|---|---|---|
Median: | $1280 | $1102 | $1400 | $2100 |
Average: | $1381 | $1241 | $1511 | $2119 |
# of Listings: | 1938 | 993 | 554 | 199 |
Avg. rental rates in Phoenix-Scottsdale over the last 12 months
| All Beds | 1 Bed | 2 Beds | 3+ Beds | |
|---|---|---|---|---|
Median: | $837 | $725 | $875 | $1175 |
Average: | $843 | $724 | $929 | $1095 |
# of Listings: | 3199 | 1310 | 1329 | 367 |
Average rental rates in San Antonio over the last 12 months
| All Beds | 1 Bed | 2 Beds | 3+ Beds | |
|---|---|---|---|---|
Median: | $850 | $715 | $899 | $1296 |
Average: | $915 | $760 | $945 | $1297 |
# of Listings: | 4672 | 2016 | 1918 | 692 |
Average rental rates in San Diego over the last 12 months
| All Beds | 1 Bed | 2 Beds | 3+ Beds | |
|---|---|---|---|---|
Median: | $1800 | $1497 | $1912 | $2399 |
Average: | $1765 | $1523 | $1883 | $2330 |
# of Listings: | 2507 | 1010 | 1143 | 279 |
Average rental rates in Dallas over the last 12 months
| All Beds | 1 Bed | 2 Beds | 3+ Beds | |
|---|---|---|---|---|
Median: | $1546 | $1300 | $1795 | $2839 |
Average: | $1228 | $985 | $1394 | $2065 |
# of Listings: | 14235 | 7211 | 5662 | 1118 |
Average rental rates in San Jose over the last 12 months
| All Beds | 1 Bed | 2 Beds | 3+ Beds | |
|---|---|---|---|---|
Median: | $1915 | $1635 | $2245 | $2650 |
Average: | $2012 | $1589 | $2230 | $3130 |
# of Listings: | 1771 | 783 | 723 | 199 |
Next, we will take a look at how housing rents have changed over the last year and compare the two, given how different each sector is from each other.
Data source: RentBits.com.
