Posted on 09/13/2022 8:51:20 PM PDT by SeekAndFind
While New York, California, and Boston continue to be the most expensive rental markets in the country, some unexpected locales have actually experienced the largest increases in one-bedroom apartment prices year-over-year.
Greensboro, North Carolina, sits atop the list with rent increases of 74.2 percent, followed by Newport News, Virginia, at 60.7 percent, and Tulsa, Oklahoma, at 59.8 percent, according to Rent.com’s August report. Jon Leckie, a researcher with Rent.com, told The Epoch Times that such increases aren’t unusual, given the amount of people who have been flocking to these areas.
“We’re seeing a pattern where the markets around the larger metro areas are attracting more people because they’re less expensive, but still within an hour’s commute to a city,” he said. “People want to get out of the crowded, expensive core metros, and the trend toward more remote working means they may not have to commute every day.”
With one-bedroom apartment monthly rentals averaging $1,289, Greensboro’s rental market falls far below the national average of $1,770.
“Currently, Charlotte [North Carolina] has the most outbound migration than any other city in the county,” Leckie said. “People are leaving the bigger cities, and we’ve found that much of inbound traffic to Greensboro and the other smaller markets is from New York City, Philadelphia, Chicago, Raleigh, Atlanta, Nashville, and [Washington] D.C.”
Little Rock, Arkansas; Oklahoma City; Lexington, Kentucky; Rochester, New York; and other communities with populations below 300,000 people are also experiencing rental booms.
On the other hand, St. Louis; Fort Lauderdale, Florida; and Baltimore are the top three locations that have seen the biggest decrease in one-bedroom apartment rents. St. Louis leads with a 39.4 percent decline, followed by Fort Lauderdale at 34.9 percent and Baltimore at 26.9 percent. Miami, Cleveland, and Reno, Nevada, also made the list of rent reductions.
“St. Louis saw a huge decline, especially when downtown prices are so high for small spaces,” Leckie said. “The general trends we see, as the big coastal cities continue blowing up with high prices, are that renters will seek out cheaper areas in the Midwest and South. The Northeast and the West are still losing people.”
Not surprisingly, the report lists New York as the most expensive rental area, with the average one-bedroom rental at $5,760 per month. In the cities of Glendale and Oakland, California, monthly rents average $4,014 and $3,916, respectively. Boston apartment renters pay an average of $3,080, while San Francisco’s average is $3,701 per month.
Some of the nation’s most affordable one-bedroom rentals can be found in Oklahoma City, at an average of $945; Wichita, Kansas, at $840; and Sioux Falls, South Dakota, with the lowest average of just $796.
For two-bedroom rentals, the report lists Seattle, Little Rock, and Durham, North Carolina, as the top three cities experiencing the biggest rent increases. Seattle’s rent is up by almost 60 percent, followed by 54.7 percent for Little Rock and 54.2 percent for Durham.
Conversely, the largest two-bedroom rental decreases were found in Fort Lauderdale, down by almost 43 percent, and St. Louis and Des Moines, Iowa, down by 28.2 percent and 20.6 percent, respectively.
As with one-bedroom apartments, New York leads the way with the priciest options; the average two-bedroom apartment in the city rents for $8,346 per month. Boston, at $5,795 per month, is the second-most expensive two-bedroom rental market, followed by Oakland, San Francisco, and Los Angeles.
Read more here...
Do these numbers include all utilities?
Dang. My daughter’s lease is up on a place in Fairbanks the end of this month. She can renew if for a 25% increase. I thought that was bad.
She’s moving.
Rent has increased about 100% in my area in 10 years, Lebanon TN, a suburb east of Nashville.
I’ve resisted raising rents on our properties, because in the long-run, it’s cheaper to keep a good tenant.
The housing shortage is going to be with us for a while.
The housing shortage is going to be with us for a while.
You will own nothing and be happy.
https://www.realtor.com/realestateandhomes-detail/1013-4th-St_Braddock_PA_15104_M45758-80292
$3,000
Est.
4
bed
1.5
bath
2,308sqft
2,308 square feet
3,302sqft lot
3,302 square foot lot
1013 4th St, Braddock, PA 15104
Property Type
Single Family
Time on realtor.com
88 Days
Price per sqftPrice per square feet
$1
Garage
2 cars
Year Built
1907
Spacious four bedroom home with a two car integral garage. Minutes to I-376. Property is sold via Quit Claim Deed. Buyer to complete due diligence, Buyer is responsible for all liens, judgments, & encumbrances, estimated in excess of $22,000.
https://www.realtor.com/realestateandhomes-detail/1017-4th-St_Braddock_PA_15104_M40671-11125
$39,900
5
bed
1
bath
1,760 square feet
2,749 square foot lot
1017 4th St, Braddock, PA 15104
Property Type
Single Family
Time on realtor.com
167 Days
Price per square feet
$23
Year Built
1917
https://www.realtor.com/realestateandhomes-detail/1176-Grandview-Ave_Braddock_PA_15104_M31622-03062
Pending
$59,995
Est.
2
bed
1
bath
1,754 square feet
4,622 square foot lot
1176 Grandview Ave, Braddock, PA 15104
Single Family
Time on realtor.com
112 Days
Price per square feet
$34
Year Built
1910
Pending
$75,000
Est.
3
bed
1
bath
2,822 square feet
8,712 square foot lot
1542 W Forest Ave, Decatur, IL 62522
Property Type
Single Family
Time on realtor.com
5 Days
Price per square feet
$27
Garage
1 car
Year Built
1926
Brand new kitchen in this west end charmer! All new appliances, cabinetry and luxury vinyl plank flooring. Top part of roof and porch roof were just replaced in 2022. Central air is just a few years old. Don’t miss the large screened porch off of the back!
Everything around NYC seems expensive, even Scranton and Bridgeport.
You vil own nothink! Und zeee grasshoppers are very fat and tasty this time of year. Wunderbar so enjoy!
https://www.youtube.com/watch?v=o7yQOG4Ty-s
At least someone is thinking and is going to make some money. Notice how the refrigerator is outsized compared to the rest of this tiny pre-fab house.
Still have to have land to put it on
Very true. But as appraisals increase, taxes and insurance increase. You have to raise rents sometimes.
What works for me is the following:
I only write 1 year leases. I figure both landlord and tenant need to reevaluate after a year.
After the first year, I have an unwritten rule. If I like the tenant, I will not raise the rent. If I do not like the tenant, I will.
After the second year, I will look at the zillow rent zestimate. I will raise the rent based on the difference between the zestimate and the current rent divided by 2. I figure a good tenant gets a 50% discount on the increase and the place is still below market value.
For new tenants, we start at the zestimate.
Many realtors and brokers here in So California - OC - expect a sharp correction, if not crash in RE market.
We have seen this several times since purchasing our home in 1989.
That's right! It's called "real estate"... and it's the MOST substantially sound investment of all.
What a concept.. Your own, low cost home, on your very OWN property!
Or.. would you rather "rent" the property you put the home on?
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