This came in via email:
As the weather gets warmer, the rental market seems to be cooling down for a change, as detailed in our April Rent Report, which now covers 250 cities. Yes, the average US rent has gained $2 M-o-M reaching $1,314, according to Yardi Matrix, but we’re also looking at a 2% increase Y-o-Y — the slowest annual rent growth rate in more than three years!
Now that we got that out of the way, let’s dive into more city-specific data:
- San Francisco, the king of California rents and runner-up for the highest rent in the country after Manhattan, actually saw the biggest Y-o-Y drop in the nation for the third month in a row, decreasing 3.6% over the year.
- And it’s not just Cali that’s seeing warmer months, Texas also comes on strong with 4 cities among the slowest growing rental markets. The first one is (no surprises here) Corpus Christi, already a regular on our list, boasting a 2.1% drop at an average rent of $954. The newcomers are ever so eager to follow in its footsteps: McAllen saw a 1.6% decrease and Pearland and El Paso each posted a 1.1% drop.
- The Lone Star State is a steal for anyone coming from California, New York, or Florida, with local rental prices in April as low as $698 in Killeen and $701 in Brownsville, which rank as the 4th and 5th most affordable cities in the US, after Wichita, Toledo, and Tulsa.
“ We expect rent growth to moderate in the coming months but it’s not so much a weakening of the apartment sector; it’s more a stabilization and shifting of focus from primary to secondary and tertiary markets, mostly due to a combination of factors, including modest economic growth, ongoing political uncertainty, and a record number of new apartments entering the nation’s tightest markets”, says Yardi Matrix senior analyst Doug Ressler when discussing the slowdown in national rent growth.
You can find out many more interesting facts from our full report and eye-grabbing infographics here:
Do you think this is something that your readers would like to know more about?
Looking forward to hearing your thoughts on this.
RENTCafé is a nationwide apartment search website and a part of Yardi. Our original research, insights, and in-depth analysis of the real estate market have been featured in major media publications across the U.S. Are you in search of ideas for your next story? Feel free to drop me a line.