Methodology Updates Apartment List is committed to making our rent estimates the best and most accurate available, and as part of our efforts toward that goal, we've recently made some changes to our methodology. Data from private listing sites, including our own, tends to skew towards luxury apartments, introducing sample bias. In order to address these limitations, our estimates now start with reliable median rent statistics from the Census Bureau, which we then extrapolate forward to the current month using a growth rate calculated from our listing data. In calculating that growth rate, we use a same-unit analysis similar to Case-Shiller’s approach,
Why we are changing our rent methodology Apartment List publishes monthly reports on rental trends in U.S. cities and states. Renters and policymakers need good information in order to make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country. Despite this, we recognize that our analysis has limitations. Today, we announce major updates to our methodology, which we believe addresses the shortcomings of other approaches. To provide transparency, this post outlines the limitations in current data sources, and the changes we have made.
In a nationwide survey of about 24,000 renters Apartment List found that the 80 percent of millennial renters, born between 1982 and 2004, want to purchase a house or condo, but face a huge obstacle: affording a home. For some millennials that means a wait of at least two decades before they can afford to buy a home. Despite the overwhelming desire to own, millennials from Los Angeles to New York and everywhere in between, surveyed from October 2016 through April 2017, revealed they are increasingly delaying their plans for homeownership. 16 percent of respondents said they plan on
The share of cost-burdened renter households in the US declined significantly last year, as median incomes increased faster than rents. Metropolitan areas in Texas performed exceptionally well, with low and declining shares of renters facing challenges with affordability. Also, despite skyrocketing rents in tech hubs like Seattle, Denver, and San Jose, the share of cost-burdened renters there remain lower than national averages. Despite these positive trends, housing continues to be unaffordable for more than half of renters nationwide. Metros in Florida and Southern California continue to struggle, with high rates of cost-burdened renters in Miami (63.9%), Los Angeles (58.6%), and
Millennials form the largest generation in the US, numbering more than 75 million nationwide. As this young, mobile group enters the workforce and forms new households, their decisions have a significant impact on the cities they choose to live in. Today, we look at Census data from 2005-2015, to understand where young Americans are moving to and choosing to settle down. How does your city stack up?