Rents may indeed be softening in some of the country’s tightest markets but that’s not the case with Los Angeles. The city came in 5th on the list of cities with the biggest dollar-by-dollar rent increases. Here are a few highlights of the most recent survey of the apartment market which have been compiled from the Yardi Matrix:
- A shocking 209 cities out of the 250 biggest cities in the U.S. saw annual rent growth last month – meaning 84% of the country’s largest cities.
- Midland is the fastest-growing rental market in the nation, both percentage-wise and dollar-wise. The average rent of a Midland apartment is now $1,201, up a worrying 20.9% from the same period in 2016.
- Rents in L.A. rose 6.3% or $136 y-o-y, landing the city a 5th spot on the list of cities with the biggest actual rent gains.
- Thanks to an influx of new units coming online, Manhattan’s rental market is slowing down. However, the borough still has the priciest rents in the nation – now pegged at $4,096 on avg. In fact, renters could spend half a year in Wichita for less than one month’s rent in Manhattan.
You can see the full report here: https://www.rentcafe.com/blog/