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Are rents really on the rise? A closer look at the national data

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

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Current rental rates for available New York City listings
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

Current rental rates for available Los Angeles listings
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

Current rental rates for available Chicago listings
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

Current rental rates for available Houston listings
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

Current rental rates for available Philadelphia listings
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

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Current rental rates for available Phoenix-Scottsdale listings
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

Current rental rates for available San Antonio listings
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

Current rental rates for available San Diego listings
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

Current rental rates for available Dallas listings
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

Current rental rates for available San Jose listings
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.

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Data source: RentBits.com.

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