Rents are rising in the US for apartments across the country. According to a new report from RentCafé, apartment rents have risen over the last year, including last month when there was an unusually large jump. RentCafe reported that the average U.S. apartment rent in June was $1,465, up 3.2 percent year-over-year.
Rents are Rising in the US
Translate that to real dollars. American renters are paying $45 more for rent last month than they were a year ago on average. Much of that tracks to an increase in rents by 2.9 percent in the first six months of 2019. Rent increases during the first half of the year are typically more accelerated, whereas during the second half of the year they’re expected to slow down, a typical pattern confirmed by rent evolution in the past years.
Manhattan, unsurprisingly, leads the list with the priciest average rent in the nation, at $4,190/month. San Francisco comes in second with $3,697 while Boston is third with $3,509. San Mateo ($3,349) and Cambridge ($3,210) are the last of the top five. San Mateo not only had the fourth highest apartment rent in the country, but it also also saw a jump of $131 in average rents during the beginning of the year. That is a double ouch!
Where are the Bargains?
Are you looking for a deal? Rent in Wichita, Kansas is still the most affordable in the U.S. at $656 per month, followed by Tusla, Oklahoma with $696 and Toledo, OH with $721. You might head to Texas if you want warmer winters. Check out apartments in Brownsville ($726) and Amarillo ($736).
If you are thinking of renting a home this year, you should know that looking at single family homes will not give you any respite! Single family home rents are increasing too.
Of course, real estate is local – so what does that mean in the DC metro area? The average rental apartment in DC will cost you $2223 a month – a 1.7 percent increase over last year’s rates. Baltimore rentals run $1263 on average, a 0.2 percent increase over its last year’s rates.
What should you do?
If you are thinking of buying an investment property, now is clearly the time to jump in. Look for a long term tenant who will lock in a good rental rate for several years!
If you are a tenant, now is the time to buy your first home! Why pay your landlord’s mortgage when you could pay your own instead? Call the Lise Howe Group at 240-401-5577 to set up a private consultation! We are waiting for you!