Apartment rents climbed in 88 percent of the 250 largest U.S. cities, with the national average rent reaching an all-time high in July, RentCafe reports. Seasonal demand and a rise in rental activity has offset a wave of new apartments that have opened up this year, the national rental listing service notes.
The national average rent climbed to a record high of $1,409 in July, up 2.8 percent year over year.
The largest apartment rental increases were in Orlando (7.7 percent year over year); Las Vegas (6.4 percent); and Phoenix (6.2 percent). On the other hand, the slowest growing rents were in San Antonio, Texas (1.6 percent); Manhattan (1.7 percent); and Washington, D.C. (2 percent).
“The apartment industry has experience significant supply growth nationwide in cities with substantial job growth, expanding public transport and changing land use policies,” says Doug Ressler, director of business intelligence at Yardi Matrix. “Demand is split between affordable apartments and luxury class apartments, with an increasing need for workforce housing.”