Attention property managers: this year has seen a steady decline in month-to-month rent prices – until now.
Millennials currently hold the top spot for largest rental group, with “Gen Z” bringing up the rear. This is huge for the college rental and student housing market, because it means these stats have the biggest impact on young adults across the country.*
Here’s what we know:
- The national median price for 1-bedrooms rose $3 ($1,005 to $1,008) from June to July.
- The national median price for 2-bedrooms rose $10 ($1220 to $1230) from June to July.
- The biggest increases in rent for 1-bedrooms were found in Baltimore, MD (6.4%), Orlando, FL (6%), Los Angeles, CA (5.7%), Syracuse, NY (5.5%), Bakersfield, CA (5.4%), Norfolk, VA (5.3%), Detroit, MI (5%), Reno, NV (4.9%), Columbus, OH (4.8%), and Lexington, KY (4.5%)
- The biggest increases in rent for 2-bedrooms were found in Syracuse, NY (6.8%), Lexington, KY (6.6%), Detroit, MI (6.1%), Baltimore, MD (5.5%), Los Angeles, CA (4.3%), Chicago, IL (3.9%), Cleveland, OH (3.8%), Phoenix, AZ (3.2%), Green Bay, WI (3.1%), and Scottsdale, AZ (3%)
- The biggest decreases in rent for 1-bedrooms were found in Little Rock, AR (-9.8%), Columbus, GA (-4.1%), Virginia Beach, VA (-3.3%), St. Petersburg, FL (-3.3%), Fort Worth, TX (-3.1%), Fargo, ND (-2.9), St. Paul, MN (-2.9%), Jacksonville, FL (-2.9%), Durham, NC (-2.9%), and Cleveland, OH (-2.9)
- The biggest decreases in rent for 2-bedrooms were found in Fort Worth, TX (-4.4%), Fargo, ND (-4.4%), Richardson, TX (-3.2%), Dallas, TX (-2.8%), Jacksonville, FL (-2.6%), St. Paul, MN (-2.5%), Denton, TX (-2.4%), Washington, DC (-2.3%), Little Rock, AR (-2.2%), and Durham, NC (-1.7%)
Though every state has its outliers and cities where prices are yet on the decline, the overall trend for the start of this month is a good sign for property managers who are ready to get the fall season started.