Curve

Rent prices reverse course, rising in 61 of the nation’s 100 largest cities

Aly J. Yale
The Mortgage Reports contributor

Orlando rents soar the highest

Despite a downturn in September, national rent prices have once again jumped, according to new data. More than half of the country’s biggest metros saw an increase in rents last month, with Orlando’s rents rising the most.

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Renting gets more expensive

According to the November 2018 National Apartment List Rent Report, national rents rose last month, despite declining in September. Year over year, rents have risen 1.1 percent across the country.

Though that’s a slower rate of growth than in previous years, with home prices decreasing, mortgage rates slipping and the housing shortage letting up, the uptick could make homeownership more affordable in many markets.

Overall, 61 out of the country’s 100 biggest cities saw rents increase last month, while 83 have seen a year-over-year rent increase. In September, 59 of those cities experienced rent decreases.

Renters pay too much for too little, new studies show

Where rent prices are rising the most

Orlando has seen the most rent growth in the last 12 months, with a 4.4 percent jump since last year. Apartment List’s Orlando Rent Report explains how pervasive the rising rent issue is in the metro.

“Throughout the past year, rent increases have been occurring not just in the city of Orlando, but across the entire metro,” the report reads. “Of the largest 10 cities that we have data for, in the Orlando metro, all of them have seen prices rise.”

Rents keep rising — especially on lower-end properties

Las Vegas rents rose the second-most, jumping 3.6 percent. Other cities to see significant rent growth (3 percent or above) were Knoxville, Tennessee; Corpus Christi, Texas; Phoenix and Mesa, Arizona; and Riverside, California.

By state, Arizona rents rose the most over the last year, jumping 2.6 percent. Massachusetts came in at No. 2 with a 2.1 percent increase in rents.

Only 17 of the country’s 100 biggest cities have seen a decline in rents since last year. At the metro level, Baltimore has experienced the biggest dip (-1.6 percent), and at the state level, Hawaii’s rents have fallen the most (-1.3 percent).

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Verify your new rate (Nov 17th, 2018)