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...
And politics will go further into the toilet with these migrations. And the influxes of NIMBYs will regulate housing further into stagnation. Watch for a greater increase of homelessness nationwide, and remember what once happened to some cities around the Dead Sea.
Wilson pop has doubled in 20 years
Lots of new apartments but not enough
I hope they raise The Jo Jo Inflation Celebration poster boy, James Taylor’s rent. Old hippies like Taylor and the Clintoons are so obnoxious.
Well, raise my rent............
Sensible systematic approach that assumes the zEstimate is reasonable. Do you have a way to validate the zEstimate?
My rent has gone to ‘an entire lifetime of earnings’ to rent a 80-square-foot one-room-apartment with no utilities and a mud-thatch roof, for one single day of occupancy.
I’m getting evicted, of course.
A good way to check what the market rents are is to see what section 8 is paying out. Also just look at the “for rent” ads...
I have a number rentals in Greensboro and Charlotte. The numbers cited are bogus. Charlotte rents have gone up significant more in the last 6, 12 and 24 months than Greensboro and demand for rents in Charlotte is unbelievably high due to people moving here, same reason home prices are up over 24% in the last 12 months. Greensboro rent is up nowhere close to 75%.
You can still raise the rent, just keep it $100 to $200 below market. Especially in the current environment they will understand. The only people I’ve had leave after a lease ended recently was to buy something. No one I’ve raised rent on has left.
I had a similar approach until the last two years and have been more aggressive on raising rents because property taxes and insurance are going up so much. I had one of my rental property taxes double this year and most are up 40% in the last two years. I still keep them below market, though.
“... inbound traffic to Greensboro and the other smaller markets is from New York City, Philadelphia, Chicago, Raleigh, Atlanta, Nashville, and Washington D.C...”
Just like cockroaches. They have eaten all they can from the host and are now moving to other cities to devour.
Wee bit bigger than your typical coffin apartment
Been there too. I sold all of mine...and glad I did.
As much as you can, you are correct. I got out of the renting game because of bad renters.
And I only see it getting worse. How do these corporate outfits do their tenant management? Hire corps of gangstas?
By design, the Leftist dream is to control housing and dictate where everyone should live “according to their needs.”
That sounds awfully blue. 😖
Not really. I just do a quick search for houses in my class in the area and verify look at the range but the zestimate is usually pretty good. I like being able to say I go by what Zillow says if I get asked about the price
I have a rental in Smyrna.
If the tenants pay on time and take care of it, their rate will follow the tax rate.
In 10 years I have raised it only $300. Home was built in 2008 with attached 2 car garage.
You are so screwed.
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