Photo: Robert Clark
Some of America’s most volatile markets – largely urban centers located in the West and Northeast – could finally be settling down.
But in many of the country’s smaller cities, rents are still rising at a rapid pace, according to a report released today by the listing site RentCafe.
On the national level, the average rent rose 2.5 percent from last year to $1,348 in November. Some 83 percent of the largest cities saw annual increases in rent, 14 percent saw rents remain steady and only 3 percent recorded annual decreases in rent.
“As the nation’s most expensive markets are absorbing the new apartments delivered this year, prices stayed the same for November, though many actually saw rents decrease over the month, if ever so slightly,” says RentCafe in the report.
Meantime, national average rents were down 0.1 percent month-over-month across all unit sizes.
“Stability was the name of the game in November, with not only the national rent staying stable, but also the rents of the nation’s most volatile markets,” says RentCafe.
Manhattan and Brooklyn remained two of the most volatile and pricey US markets for renters in November, but rents slipped slightly from last year in these two popular NYC boroughs.
In Manhattan, rents fell nearly 2 percent from last year to $4,089 in November. Manhattan rents were still high enough for it to remain the most expensive market for renters in the country, a full $700 higher than San Francisco, which ranked second.
And, in Brooklyn rents dropped 2 percent year-over-year to $2,695 — the borough currently ranks 8th on the index of the most expensive rental markets.
At the same time rents rose at one of the fastest rates in the country in the smaller New York city of Yonkers.
The average rent in Yonkers is $1,909 per month, a 10.4 percent year-over-year gain. That was strong enough to firmly place Yonkers 5th overall in the top 10 cities with the fastest growing rents for November — a list dominated heavily by 5 California cities.
“Insufficient rental supply and weak construction activity are the common denominators in these California markets,” says RentCafe.
Click here to read the entire report.