Apartment rents across the country continue to rise. But the rate at which they are increasing is the slowest the sector has seen in 18 months.
That’s the key finding from the latest RENTCafe report on the rent trends in the 260 largest cities in the United States. This latest report from the company is yet more evidence that the apartment market, despite being strong, is not quite as hot as it was just two years ago.
The report also confirms that the country’s most affordable urban rentals tend to be in the Midwest.
According to RENTCafe, the national average apartment rent hit $1,442 in May, meaning that the average renter is paying $35 more a month. The national average rent is up 2.5 percent from the same month a year earlier. That is growth, yes, but that growth is sluggish compared to past years when average apartment rents increased at a far faster pace.
Rents in 14 of the 20 largest U.S. renter hubs are now below this national average. The Indianapolis area ranks as the most affordable of these large renter hub areas, with the average monthly apartment rent here standing at $863. The Columbus area is the second most affordable large renter hub, with an average rent of $925.
The most affordable individual big city for renters? That remains Wichita, Kansas, where the average monthly apartment rent is $647. Tulsa, Oklahoma, is second at $691 and Toledo, Ohio, is third at $715.
The list of the most expensive renter cities is not a surprising one. Manhattan tops it, with an average monthly rent of $4,200. San Francisco, $3,648, is second, while Boston, with an average monthly rent of $3,342, comes in third.