Apartment List has released its October 2016 National Rent Report, revealing that the country’s expensive cities to live in are still very expensive, while rents look flat elsewhere. Nationwide, according to Apartment List’s data, rent growth was flat from August to September, with some cities experiencing a slight decrease in rent prices, and others continuing to experience steady growth. National median rent prices came in at $1,120 for a one bedroom and $1,280 for a two bedroom, 2.1 percent higher than in September of last year.
Nobody will be shocked to hear that New York and San Francisco take the top two spots as the country’s priciest cities. Rent prices decreased by 0.1% in New York over the past month, but that doesn’t mean it’s lost its top position: two bedrooms have a median rent of $4,820, with one bedrooms at $3,370. In San Francisco, a two bedroom is only slightly lower, at $4,770, with one bedrooms at $3,500. Boston has moved up to the third spot, with rent prices over 2.3 percent from last year. Two bedrooms have a median rent of $3,200, one bedrooms run $2,800. And over the past month, San Jose rent prices decreased by 1.4 percent but still remain the sixth highest in the country. Rent prices there are $2,110 for a one bedroom and $2,640 for a two bedroom.
A few cities away from the coast made the top 25. Minneapolis has the 16th highest rent in the country, with a one bedroom median price at $1,430. Atlanta, where a one bedroom is $1,370, has the 19th highest rents. Austin finishes off the list at 25th place and a median one bedroom rent of $1,180.
Now it’s on to cities with the fastest growing rent. Taking top place is Colorado Springs, Colorado, where rent prices here are 9.1 percent higher than in September, 2015. Median rents in Colorado Springs are now $800 for a one bedroom and $980 for a two bedroom. Reno, Nevada comes in second place, showing a 7.9 percent growth over the past year. Two bedrooms have a median rent of $900, with one bedrooms going for $700. Finally, Mesa, Arizona comes is as another southwestern city with steady rent growth. Rents are 6.4 percent higher than last year; one and two bedrooms came in at $730 and $900.
- Apartment List National Rent Report [Apartment List]