August 2024 Rent Trends
On Tuesday, September 3, we published our monthly National Rent Report, highlighting national rent trend data as well as rent price data by state and by city. To create this report, we analyze rent trends in 100 major U.S. cities.
Overview
In this month’s report, we explained a few key trends:
?? As peak renting season comes to an end, most cities are seeing rent decreases. ?
?? It’s a good time to be a new grad looking for an apartment in a new city, as rent is down in nearly all our “Best Cities for College Grads.”
?? Three key cities are seeing substantial price growth in the Midwest..
National Trends
While rent trends differ from region to region, here’s what you need to know about rent prices on a national level:
The cities where rent is down outnumber the cities where it’s up.
?? The national median price of a one-bedroom apartment (now $1,560) decreased by 0.6% from July to August, but is up 1.3% year-over-year. Luckily for renters, most rental markets we track are seeing still relief both MoM and YoY.
?? The biggest month-over-month rent drops were spread out across the Southeast and the Midwest — notably in Augusta, GA? (-5.5%), Cleveland, OH?(-4.7%);?Cincinnati, OH?(-4.5%);?Sioux Falls, SD?(-4%); and?Wichita, KS?(-3.5%).
?? With rental prices down in much of the country compared to last month, it’s a good time to be a new grad renting an apartment. We looked back at the places we identified in our Best Cities for College Grads report published earlier this year and found that there were rent declines in nearly all of them.
?? Tampa, FL?(-3.3%) saw the biggest MoM drop, followed by?San Francisco, CA?(-1.7%),?Washington, DC?(-1.2%),?Charleston, SC (-0.9%),?Madison, WI?(-0.7%),?Seattle, WA?(-0.6%) and?Atlanta, GA?(-0.1%).?
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Regional Trends
In this month’s report, we dove deep into trends occurring the following region:
The Midwest
?? While some cities in the Midwest are finally experiencing relief, others are continuing to see massive rent growth. Ann Arbor, MI?(+8.4%),?Cedar Rapids, IA?(+8.3%), and?Fargo, ND?(+4.9%) in particular had sizable rent increases.
?? Ann Arbor has taken the place of the No. 10 most expensive city to rent a one-bedroom apartment — knocking Charleston, SC off of the list — with a median rent price of $2,002.
Rent at the State Level
?? New York is the most expensive state to rent a one-bedroom apartment, with a median asking rent price of $3,300. This is largely due to the high prices in the New York City metropolitan area.
?? Fun fact: For the less than price of a studio apartment in New York ($2,995), you can rent a three-bedroom rental property in Colorado or New Hampshire ($2,500).