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August 19, 2019 | National Average Rent Inches Up by $3 Per Month

Mike 'Mish' Shedlock

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.
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.

MegaHubs

Most Searched For

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

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August 19th, 2019

Posted In: Mish Talk

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