Increased demand and slow-moving construction are making national rents higher, according to new data from the RentCafe and Yardi Matrix. The national average rent in August rose 3.3% year over year to $1,472.
However, rents are rising at a slower pace. The August data marks the slowest rise since February, the report notes. Ninety-seven percent of the cities analyzed saw a seasonal slowdown in August with rents either dropping or only rising slightly by 1%.
Overall, Wichita, Kan., remains the most affordable rental market of all cities surveyed, with an average rent of $565. On the other hand, Manhattan is the priciest in the nation, with average rents at $4,272, followed by San Francisco at $3,706.
View the charts below for a breakdown of the highest and lowest rental prices for large, mid-sized, and small cities.
Source: “Peak Rental Season Comes to an End as the National Average Rent Reaches $1,472,” RentCafe Blog (Sept. 15, 2019)
