The greatest increases were found in the West and South. In fact, these two geographic regions accounted for the top 13 fastest growing metros in the U.S. Although still on the upswing, rental markets in several Texas cities, including Austin, Houston, andSan Antonio, have been slowed down by the recent drop in oil prices.
On the other end of the spectrum, rent increases in the Mid-Atlantic region continue to be low, with Richmond, Washington D.C.,Baltimore, and Philadelphia taking the lowest spots in the ranking.
Rent Spikes Closely Tied to Job Growth
Along with rent advances, the featured 30 metros also show consistent job growth through August with the Inland Empire (4.1%), Orlando (4.0%), San Francisco (3.9%), and Dallas (3.9%) at the forefront. Supported by strong demographics and a healthy job market, construction activity has picked up steam as well, especially in the high-end and mid-range apartment markets, giving renters more options when trying to locate the perfect place to call home.
What Does This Booming Rental Market Mean for the Country’s Renters?
As we’ve previously discussed in this blog post, the limited inventory levels and high demand for city living are making it harder for renters to find affordable, available units. However, recent data from Yardi Matrix points to a mid-summer slowdown in rent growth. So if you’re trying to find out when’s the best time of the year to rent an apartment, here’s your answer: now!
What Will the National Average Rent You?
To give you an idea of what type of rental apartments are available for the national average of $1,162, we’ve looked at some of the country’s top performing markets. Let’s start with Los Angeles.
Want to experience downtown living at its best? The Kipling Apartments in L.A.’s Koreatown is an excellent community for those who want to live in the middle of the action. Built in the 1920’s and formerly known as Kipling Hotel, this charming historic building offers cozy studios with rents starting at $749.
In Atlanta $1,070 will get you a 600 sq. ft. studio apartment at 935M, an upscale complex in an enviable Intown location. Units come with washers and dryers, large closets, patios or balconies, and amazing skyline views. The NAHB Green Silver-certified community features on-site retail and restaurants, a media room, a fitness center, a pool, as well as a recycling program.
In Phoenix the national average goes quite a bit further. Starting at just $1,085 you can move into an 865 sq. ft. 2-bedroom, 1-bathroom unit in Deer Valley Apartments. All units have central air conditioning, modern kitchens, washers and driers, and walk-in closets. The community amenities are impressive and include a 6-hole putting green, two Jacuzzi spas, two business centers, two fitness centers, and an on-site hair and nail salon.