It's consistent across the country, rents are on the rise. Even looking at the month-to-month rent prices between April and May 2021, rents went up. More so for a one-bedroom, up by almost three percent, than a two-bedroom, up by almost two percent. These numbers are in line with year-over-year increases as well.
Even back in March, data from the U.S. Census Bureau showed a median monthly rent of $185 more than in the previous year.
While rent increases are happening everywhere, significant changes are visible in both the South and West. It may feel like this is a response to the pandemic, but data shows otherwise. The number of moves in the country rose by just three percent between March 2020 and February 2021.
We may not all be moving, but up go rent prices. Is your city feeling the burn?
Two popular states for one-bedroom apartment dwellers, rent increases in both Texas and California are leading the way.
Individual cities in both states have cities with abnormally high increases. However, both states are seeing higher one-bedroom costs across the board. In Texas, the month-over-month increase from April to May 2021 was 8.5 percent. While in California, for the same time period, one-bedroom rents rose by 4.2 percent.
In Texas, it's the area around Dallas seeing the largest number of cities with increasing rents. Many if of these areas get labeled suburbs, but recent development makes them robust enough to stand on their own as well.
In California, it's the L.A./Orange County area that seems most affected by rising rents.
Many of these cities are also seeing double-digit rent increases, year-over-year, as well.
Although Texas and California dominate this list, other cities west of the Mississippi make their presence known. Both Arizona and New Mexico also represent the West. Outliers include one appearance from Florida and one from Pennsylvania.
Miami is making a splash with its two-bedroom rent increases between April and May 2021. Yet, Florida as a whole is only seeing a minimal jump of 1.5 percent.
The West is still holding down the most cities with rent increases for two-bedroom apartments. California and Nevada have seven of the top 10 spots. Statewide for both, two-bedroom apartment rent increased by four percent and 4.6 percent respectively.
Overall, quite a few cities experiencing rent increases for one-bedroom apartments are also seeing the same pattern with two-bedroom units. The overlap totals four cities.
Where Texas featured big on our previous list, it only shows up once on the list below. Newcomer Nevada makes a big presence and California takes over a lot more top 10 entries. The concentration of cities is still out West, with the only presence in the South coming thanks to Florida.
Rent prices are based on a rolling weighted average from Apartment Guide and Rent.com's multifamily rental property inventory as of May 2021. Our team uses a weighted average formula that more accurately represents price availability for each unit type and reduces the influence of seasonality on rent prices in specific markets.
This report only looked at the 100 most populated cities in the country according to the U.S. Census Bureau's 2019 population estimates. We excluded areas with an insufficient inventory.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.