Friday, September 4, 2015

There is No Inflation (But Rents Are Surging by up to 20% in Some Cities)

According to the apartment rental site, Zumper, 14 cities among the 50 largest saw double digit percentage increases in rents over the last 12 months, including, for one bedroom apartments, Oakland, Calif. (up 23% year over year to $2,030), Sacramento, Calif. (up 21% to $970).

Other double digit gainers included,Jacksonville, Fla. (up 16% to $870), Kansas City, Mo. (up 15% to $770), Fresno, Calif. (up nearly 17% to $770), Austin, Texas (up 12% to $1,120) Denver (up 11% to $1,280), Atlanta (up nearly 11% to $1,250) and Charlotte, N.C. (also up 11% to $980 per month).

And rent prices have reached new record highs across a number of major cities. San Francisco continues to experience a meteoric rise, reaching a new record of $3,530 for a one bedroom apartment in August. Rents in the city have increased 13.9% from one year ago.

New York City also reached a new record of $3,160 after remaining flat over the past quarter. Year over year prices are up 5.3%. When broken down into boroughs, prices this August were: Manhattan ($3,250), Brooklyn ($3,050), Queens ($2,420), The Bronx ($1,475), and Staten Island ($1,150).

After a 7% yearly jump in rent prices, Los Angeles reached a new record of $1,830 for a one bedroom. \

Wichita, Kansas was the most affordable city on the list of 50 cities, with a decline of 2.1% to a median one bedroom of $460. Two bedrooms saw a 1.5% dip to $640.


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