Ever higher rents
Rents continued to climb last year, with even small studios recording an average rent of $ 1,065 at the end of December. And according to new data, tenants in Newark, New Jersey have been the hardest hit.
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Where rents have increased the most
According to Annual rent report just released from Apartment Guide, nationwide rents rose 4.2% last year, reaching $ 1,140 by year-end. Two-bedroom apartments ended the year at $ 1,354, while studios landed at $ 1,065, a 5% jump on the year.
At the city level, rents have increased the most in Newark, New Jersey. Renters saw rents increase 17.5% over the year, with average rents hitting $ 1,962 at the end of 2018. Studio rents rose again, jumping 18.7% on the year. year.
Other cities where rents have risen sharply are San Diego (a 17% increase in 2018); Des Moines, Iowa (17%); Anchor (16.1 percent); Boise, Idaho (14.4%); Fort Wayne, Indiana (13.8%); Chandler, Arizona (12.9%); Wichita, Kansas (12.8%); Scottsdale, Arizona (12.7%); Louisville, Kentucky (12.1%).
A silver lining
It wasn’t all bad news for tenants, however. In some cities, rents even fell during the year.
New Orleans saw the biggest rent declines, with an 11.4% drop for one-bedroom properties and a 17.9% drop for two-bedroom rents.
For Newark tenants tired of rising rents, heading to nearby Jersey might be a good option. The city recorded the second largest rent decline in the country last year, with average rents falling 6.1% on the year.
Other cities where rents fell were Madison, Wisconsin (down 5.1%); Corpus Christi, Texas (-4.4%); Portland, Oregon (-4.4%); Houston (-3.7%); Nashville (-3.1%); Virginia Beach, Virginia (2.2%); Fort Worth, Texas (-1.3%); Long Beach, California (-1.2 percent).
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