The national median rent jumped $12 to $1,032 in November, the largest month-to-month increase of the year so far. The increase marks a 1.37% hike since the beginning of the year. Aside from an aberration in August, rents have been on the uptick since March.
The city with the highest rental increases should by now be familiar to readers of Rentable’s reports. For the third consecutive month, Cleveland, OH, takes the top spot: One-bedroom rents in The Land rose 6.5%, to $817. Indianapolis, which was seventh last month, finds itself at #2 in November, with rents rising 5.4% to $748. Denver, CO, is a newcomer at #3, with the median one-bedroom price rising 4.4% to $1,393.
Colorado Springs, CO (+3.9%), and Fresno, CA (+3.7%), are the only other newcomers onto the list.
Norfolk, VA, which was #2 for rent drops last month, moves into the top spot in November, with rents falling 6%, to $705. Columbus, OH, is close behind: One-bedroom apartments are going for $812, down 5.9% from October. Newark, NJ, which had the steepest rent declines last month, comes in at #3, with median rents dropping 4.4% to $1,036.
Aside from holdovers Lexington, KY (-3.6%), and Houston, TX (-2.9%), the list of precipitous drops contains a host of new cities: Nashville, TN (-3.5%); Birmingham, AL (-2.7%); Pittsburgh (-2.7%); and Winston-Salem, NC (-2.6%).
Renters in San Jose, CA (-2.8%), are probably relieved to see their famously expensive rental market on our list of rental drops. Still, with a median one-bedroom price of $2,410, the epicenter of Silicon Valley maintains its spot as the third-most expensive rental market in the country. As ever, only San Francisco, CA ($3,303), and New York City, NY ($2,782), best it.
The list of the country’s highest rents is largely unchanged, except for Washington, DC ($2,265), edging Oakland, CA ($2,115), for the #5 spot. And with a median rent of $1,816, Honolulu, HI, makes an appearance at #9, displacing Chicago, IL.
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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.
