Nationally, rent prices increased slightly in April, with the median one-bedroom rent rising to $1,012 per month. That’s the highest it’s been since January’s figure of $1,016, and represents an overall decline since the beginning of the year of .39%.
When it came to the steepest rent drops, two familiar faces led the way: Lincoln, NE, and Fort Wayne, IN. Each city’s rent dropped 8.2%, to continue a months-long slide. Lincoln’s median rent of $627 represents a 21% decrease from its January rent of $801, and Fort Wayne’s $493 is a 26.4% decline from its year-opening rent of $671 per month.
Those declines might seem steep. One explanation: In order to better approximate what an apartment-seeker would experience when looking for a place to rent, Rentable collects data only on active listings currently on the market, which can vary widely month-to-month, depending on supply.
The rest of the biggest decreases were more minor, between 3% and 5%. A number of cities — Lubbock, TX (-4.6%); Nashville, TN (-4.3%); Cleveland, OH (-3.4%); and Riverside, CA (-3.2%) — reprised their places on the list of greatest decreases for the second month in a row. In fact, this marks the third straight month that Nashville, Cleveland, and Riverside appeared on the list of greatest rental falls.
The nation’s largest rental hike came in Glendale, AZ, where one-bedroom median rents rose 11.5% to $861. That marks the continuation of a months-long trend: Glendale rents have increased every month since January, and currently they’re 26% higher than they were at the beginning of the year. New Orleans (8.1%), Seattle (6.7%), and Phoenix (4.9%) also reprise their places on the list of biggest rent increases.
The list of cities with the nation’s highest rents in April is largely unchanged from our last report. San Francisco’s $3,415 price tag still leads the way, followed by New York City, NY ($2,705), San Jose, CA ($2,459); and Boston, MA ($2,398). The only newcomer is Seattle, whose 6.7% rental jump to $1,680 puts it at the tenth-highest in the country.
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METHODOLOGY
Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom rent price by city, state, and nation and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.
