The median entry-level rent prices for the nation went up by 1.44 percent in the second quarter of 2014, according to Apartment Guide data.
As of April 1, 2014, the nationwide median entry-level rent price was $765; it had increased to $776 by June 30.
The data reflect a trend in rising rental rates that has been going on for several years. According to the Joint Center for Housing Studies of Harvard University, rent prices went up by 4 percent nationwide between 2011 and 2012. This is well above the national inflation rate, which is 1.5 percent.
Still, given the increased popularity of renting over the past few years, the rise in rent prices is not surprising. What is surprising is the places in which rent is rising the most. According to an Apartment Guide study, Williston, North Dakota, has the most expensive entry-level rent in the country. The oil boom in the region has brought in thousands of workers without enough housing for all of them.
More surprising rental trends, according to Apartment Guide data:
- What’s the Nation’s Median Rent Per Square Foot, and How Much Space Will That Get You?
- Where are Rent Prices Getting Cheaper (and Where are They Rising the Most?)
- Upgrading to a 2BR Apartment? Here’s Where It’ll Cost You the Most
Apartment Guide took the lowest rent price offered by each apartment community that lists on the site for each day of the second quarter of 2014, April 1 through June 30. Data reflect the median of these low rent prices.
Read more on the AG Blog:
- Renter Hotspots: Where are There More Renters than Homeowners?
- Best and Worst Times to Call an Apartment Community
- Hidden Gems: America’s Most Affordable Cities