Abodo, an apartment search tool and data aggregator on the rental market, recently released their Annual Rent Report, which covers national rental trends in from December 2017 to January 2018.
Abodo, sourcing the Joint Center for Housing Studies at Harvard University, found that while homeownership has recovered from the housing crisis, renting still is the more popular option, with renters making up more than a third of U.S. households.
Drawing on data from their more than 1 million listings across the U.S., ABODO calculated the median one-bedroom and two-bedroom rent price by city, state. This is powerful data for professionals looking to break into the growing single-family investment market.
Unsurprising to those who live in this busting-at-the-seams city, San Francisco came in No. 1 for cities with the highest rents for one-bedroom apartment—beating out even pricey New York City ($3,333 a month vs. $2,811 a month). Filling out the top 10 was San Jose, California ($2,486); Boston, Massachusetts ($2,366); Washington, D.C. ($2,182); Los Angeles ($2,077); Oakland, California ($2,041); Chicago ($1,805); Miami ($1,768); and Santa Ana, California ($1, 722).
In stark contrast, the lowest rent in the nation for a one-bedroom apartment can be found in Fort Wayne, Indiana where residents pay on average $526 a month. Rounding out the 10 cities with the lowest rents in the nation is Detroit ($534); Wichita, Kansas ($536); Toledo, Ohio ($545); Lubbock, Texas ($580); Tucson, Arizona ($593); Oklahoma, City ($638); Albuquerque, New Mexico ($653); Tulsa, Oklahoma ($655); and Cleveland, Ohio ($657).
Many of the cities that made Abodo’s top and bottom list for rents, also popped up when Abodo tracked the greatest average monthly rent changes. Washington, D.C. which was No. 5 in the list of 10 Highest Rents, made No. 9 for biggest monthly change in rent, jumping up 1.5 percent on average.
Fort Wayne, appeared again in the No. 1 spot, but this time for biggest decrease in monthly rent change, dropping 2.8 percent on average.
To view Abodo’s full data set, including info on two-bedroom apartments, click here.