But annual growth of US median rent has eased
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Saving for a down payment continues to challenge potential first-time buyers as nationwide median rent hit a record high of $2,500.
But while the annual rise in rent was 2.5% year-over-year, the annual pace was down from around 3% a year ago according to the HotPads Rent Report.
Rent rises are slower in 2018 than they were last year in 19 of the 35 largest metro areas. Seattle led the slower pace with a median rent of $2,225 per month, up 4.3% year-over-year but well below the 7.7% annual gain seen a year ago.
Meanwhile, the median rent in Sacramento of $1,940 is 6.5% higher than a year ago, although still off the 7.7% annual gain seen then.
Relief ahead for renters
Although rental affordability continues to weaken, new supply of housing for the sector is helping to ease increases.
"Waves of new construction have transformed Seattle and Portland, the two metros with the biggest decrease in rent appreciation. While market forces haven't changed to the point that rent prices are falling, renters who have been fighting significant rent increases for years are starting to get some relief,” said Joshua Clark, economist at HotPads. “If current trends hold, renters can expect to see rent appreciation stagnate or fall sometime over the next few months to a year, depending on where they are located."
|
All Rentals |
One-Bedroom Rentals |
|||||
|
Metropolitan |
Median |
YoY |
YoY Change, |
Median |
YoY |
YoY Change, |
|
United States |
$1,500 |
2.5% |
3.1% |
$1,280 |
2.2% |
3.0% |
|
New York, NY |
$2,360 |
1.1% |
1.9% |
$2,030 |
0.9% |
1.6% |
|
Los Angeles, CA |
$2,890 |
4.2% |
5.5% |
$2,120 |
4.6% |
7.0% |
|
Chicago, IL |
$1,780 |
1.9% |
2.3% |
$1,550 |
1.4% |
2.5% |
|
Dallas, TX |
$1,655 |
3.1% |
4.0% |
$1,045 |
2.3% |
3.6% |
|
Philadelphia, PA |
$1,665 |
2.2% |
2.3% |
$1,375 |
2.1% |
1.6% |
|
Houston, TX |
$1,585 |
2.7% |
-0.4% |
$965 |
2.8% |
-2.0% |
|
Washington, DC |
$2,170 |
1.4% |
1.9% |
$1,805 |
0.7% |
1.8% |
|
Miami, FL |
$2,005 |
2.3% |
2.3% |
$1,415 |
1.8% |
1.5% |
|
Atlanta, GA |
$1,450 |
5.1% |
5.1% |
$1,355 |
4.8% |
4.9% |
|
Boston, MA |
$2,405 |
3.1% |
3.9% |
$1,905 |
2.1% |
3.4% |
|
San Francisco, CA |
$3,460 |
3.2% |
3.4% |
$2,480 |
2.2% |
2.4% |
|
Detroit, MI |
$1,285 |
3.6% |
3.3% |
$1,090 |
4.0% |
5.2% |
|
Riverside, CA |
$1,930 |
5.7% |
5.2% |
$1,245 |
6.2% |
5.8% |
|
Phoenix, AZ |
$1,470 |
5.7% |
5.1% |
$1,145 |
6.7% |
6.8% |
|
Seattle, WA |
$2,225 |
4.3% |
7.7% |
$1,760 |
3.1% |
7.5% |
|
Minneapolis, MN |
$1,670 |
3.9% |
4.0% |
$1,265 |
3.5% |
3.4% |
|
San Diego, CA |
$2,680 |
4.8% |
5.4% |
$1,835 |
5.7% |
6.3% |
|
St. Louis, MO |
$1,195 |
2.1% |
2.0% |
$880 |
2.2% |
3.0% |
|
Tampa, FL |
$1,460 |
4.6% |
4.3% |
$1,105 |
5.6% |
5.4% |
|
Baltimore, MD |
$1,745 |
1.0% |
0.7% |
$1,390 |
0.5% |
0.2% |
|
Denver, CO |
$2,100 |
3.7% |
3.8% |
$1,365 |
3.0% |
3.5% |
|
Pittsburgh, PA |
$1,095 |
2.0% |
1.3% |
$905 |
2.1% |
1.7% |
|
Portland, OR |
$1,930 |
2.8% |
4.5% |
$1,570 |
2.3% |
3.6% |
|
Charlotte, NC |
$1,370 |
3.8% |
4.3% |
$1,110 |
3.4% |
3.5% |
|
Sacramento, CA |
$1,940 |
6.5% |
7.7% |
$1,420 |
8.1% |
10.4% |
|
San Antonio, TX |
$1,380 |
2.3% |
2.9% |
$860 |
0.9% |
2.6% |
|
Orlando, FL |
$1,505 |
5.5% |
4.5% |
$965 |
6.0% |
4.6% |
|
Cincinnati, OH |
$1,220 |
2.9% |
3.4% |
$885 |
3.0% |
3.9% |
|
Cleveland, OH |
$1,195 |
2.2% |
1.6% |
$940 |
3.3% |
3.7% |
|
Kansas City, MO |
$1,250 |
3.1% |
3.5% |
$885 |
3.3% |
4.1% |
|
Las Vegas, NV |
$1,395 |
6.1% |
4.5% |
$965 |
6.7% |
5.4% |
|
Columbus, OH |
$1,420 |
3.8% |
3.3% |
$980 |
3.8% |
3.2% |
|
Indianapolis, IN |
$1,235 |
3.4% |
2.5% |
$875 |
3.0% |
3.3% |
|
San Jose, CA |
$3,685 |
3.5% |
2.0% |
$2,585 |
3.6% |
2.0% |
|
Austin, TX |
$1,735 |
1.4% |
2.0% |
$1,340 |
1.0% |
1.6% |
