Average US Rent Cost Rises 3% to All-Time High of $1,405
The average apartment rental cost in the United States reached an all-time high in June. rising nearly 3% year over year to $1,405.
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For the first time, the average U.S. rental unit costs more than $1,400, setting a new record for rent at $1,405. As with all averages, rents can cost a lot more in some U.S. cities and a lot less in others.
In the country’s largest cities (population of at least 600,000), the average rent rose the most in Las Vegas (7%) and the least in Baltimore (0.6%). New York City’s Manhattan saw the second-lowest growth of 1.5%, and Phoenix was ranked second for most growth with an increase of 6.4%.
The data were reported Friday by RENTCafé, a national apartment search website. The report is based exclusively on apartment data related to buildings containing 50 or more units and includes cities with populations over 100,000 and a rental stock of at least 2,900 apartments in 50+ unit buildings.
The largest year-over-year increases among cities of all sizes were 38.8% in Midland and 36.6% in Odessa, both in Texas, and the hubs of the oil- and gas-rich Permian Basin, where the number of oil rigs put to work in the past year skyrocketed as oil prices rose.
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In addition to Midland and Odessa, rents rose fastest in Lancaster, Californina (10.2%); Reno, Nevada (9.9%); and Peoria, Arizona (9.6%). Rent fell the most in Lubbock, Texas (down 1.1%); McAllen, Texas (down 1.2%); Baton Rouge, Louisiana (down 1.3%); Norman, Oklahoma (down 1.8%); and Brownsville, Texas (down 1.9%).
Half of the 10 U.S. cities where average rent was highest in June are located in or near the Silicon Valley of northern California. Here’s the list:
- Manhattan, New York: $4,116
- San Francisco, California: $3,561
- Boston, Massachusetts: $3,374
- San Mateo, California: $3,269
- Cambridge, Massachusetts: $3,111
- Sunnyvale, California: $2,945
- Santa Clara, California: $2,902
- Jersey City, New Jersey: $2,880
- Brooklyn, New York: $2,801
- San Jose, California: $2,744
Half of the cities where rent was lowest in June are located in Texas and Oklahoma. Here’s the list:
- Wichita, Kansas: $639
- Brownsville, Texas: $675
- Tulsa, Oklahoma: $676
- Killeen, Texas: $699
- Toledo, Ohio: $703
- Amarillo, Texas: $730
- Independence, Missouri: $733
- Dayton, Ohio: $737
- Oklahoma City, Oklahoma: $741
- Fort Wayne, Indiana: $750
Visit the RENTCafé website for more details and an interactive list of rental prices by unit sizes in 250 U.S. cities.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
