Welcome to the Apartment List May 2015 Rental Price Monitor! Average rental price growth accelerated last month as we approach the peak summer months for moving, and a number of cities saw significant jumps in same unit prices. As a reminder, all data comes from the several hundred thousand listings on our site.

National Rental Price Index

NationalRentalPriceIndexJune2015

Nationwide, average rents increased by 3.6% for a 1 bedroom and 2.7% for a 2 bedroom between May 2014 and May 2015. Those numbers reflect month over month increases of 0.5% for both 1 bedrooms and 2 bedrooms, respectively. In May, the average price for an available 1 bedroom ticked up to $980 and the average price for a 2 bedroom was $1020 per month.

The 10 Cities With the Highest Rents

National - Top 10 Expensive Cities

 

Cities on the coasts continue to be the nation’s most expensive, as the Eastern seaboard, California, and the Pacific Northwest all make it into the Top 10 Cities with Highest Rents.

  • San Francisco: May continued to see rapid growth in the city by the Bay, with same unit 2 bedroom prices increasing 1.7% over April and 5.2% over last year. This rate of year over year growth is nearly double the nationwide rental price increase, and the average available 2 bedroom cost a whopping $4,600 in May versus $1020 nationally.
  • Washington, DC: Two bedroom units in Washington DC now average $2,880 after increasing 0.2% between April and May. Despite this month over month change, DC rents continue to trend down on a year over year basis (2 bedrooms down 4.0%) continuing the decline that started in October 2014.
  • Seattle: Seattle has also been firmly entrenched as one of the nation’s most expensive cities, with average rents for 2 bedrooms priced at $2,100. Year over year prices have increased 6.6% and month over month prices increased 2.1%, indicating that prices may continue to surge through the summer.

Notable cities from the interior that barely missed the cut include Chicago (#12), Denver (#13), Minneapolis (#15), and Austin (#16).  See prices and rent growth for 100 cities in the table below.

The 10 Cities With the Fastest Growing Rents
National - Top 10 Rent Growth

  • Aurora and Denver: the Mile High City and surrounding metro area continues to be a scorching hot rental market with both Aurora and Denver ranking in the top 10 for fastest year over year rent growth in the nation at 11.1% and 6.7%, respectively.  Aurora still offers significant savings with the average 2 bedroom priced at $1,150 versus $1,420 for Denver (19% difference).
  • Miami: Miami grew strongly with 2 bedroom rents up 7.7% to $2,700 in May versus the same month last year. However, prices declined moderately by -0.4% month over month indicating that this hot rental market may start cooling off.
  • Minneapolis: After several months of strong rent growth, Minneapolis has entrenched itself solidly as one of the ten cities with the fastest growing rents. Two bedroom prices are up 6.6% over the last year, which means they are growing 2.4x faster than national averages.

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About Apartment List: Apartment List is the fastest-growing apartment rental marketplace in the United States, and is reinventing the rental market on a foundation of trust and transparency. Our Webby-award winning site draws 3 million monthly visits and lists several hundred thousand available rental properties. Headquartered in San Francisco, Apartment List was recently named the #3 fastest growing company in the Bay Area and raised capital from an incredible team of investors led by Matrix Partners.

Methodology: Apartment List RPM data is drawn from several hundred thousand monthly listings on our site. All average prices are calculated as the median for the specified size and time period. For top city rankings, we calculated median 1 bedroom and 2 bedroom rents in 100 top cities and then ranked them by 2 bedroom rents. Price changes are calculated using a “same unit” methodology similar to the Case-Shiller “repeat sales” home prices methodology, and averages are not value weighted. The full data is available below.

Rank City Name Avg Price – 1 Bed MM Change – 1 Bed YY Change – 1 Bed Avg Price – 2 Bed MM Change – 2 Bed YY Change – 2 Bed
1 San Francisco, CA $3,330 1.6% 9.6% $4,600 1.7% 5.2%
2 New York, NY $2,550 0.3% 0.9% $3,300 0.7% 0.9%
3 Washington, DC $1,940 0.8% -3.2% $2,880 0.2% -4.0%
4 Miami, FL $2,050 0.0% 4.8% $2,700 -0.4% 7.7%
5 Boston, MA $2,000 -0.5% -0.2% $2,500 0.2% -1.0%
6 San Jose, CA $2,020 1.2% 12.6% $2,470 0.5% 9.9%
7 Fort Lauderdale, FL $1,270 -1.8% -0.4% $2,300 -0.2% 0.6%
8 Seattle, WA $1,450 1.9% 5.9% $2,100 2.1% 6.6%
9 Los Angeles, CA $1,510 0.6% 7.1% $2,050 0.0% 5.1%
10 San Diego, CA $1,320 2.2% 7.2% $1,850 1.1% 3.8%
11 Portland, OR $1,400 -1.3% 3.9% $1,660 -1.0% 4.7%
12 Chicago, IL $1,320 0.7% 1.0% $1,580 0.8% -0.2%
13 Denver, CO $1,030 0.1% 6.2% $1,420 1.3% 6.7%
14 Aurora, IL $1,000 0.5% 5.8% $1,370 0.1% 3.4%
15 Minneapolis, MN $930 -0.5% 5.6% $1,360 -0.2% 6.6%
16 Austin, TX $1,020 1.3% 4.8% $1,350 0.8% 4.6%
17 Atlanta, GA $1,100 1.4% 7.6% $1,320 1.2% 6.1%
18 Houston, TX $1,020 0.4% 2.9% $1,260 0.5% 2.2%
19 Dallas, TX $1,180 0.3% 3.4% $1,230 0.3% 3.3%
20 Baltimore, MD $900 1.0% 1.2% $1,180 -0.3% 0.9%
21 Anchorage, AK $950 2.4% 3.0% $1,160 1.4% 2.2%
22 Aurora, CO $890 0.5% 12.7% $1,150 0.1% 11.1%
23 Sacramento, CA $800 -0.6% 4.4% $1,150 1.6% 6.4%
24 Manchester, NH $900 0.3% 3.4% $1,150 0.0% 1.3%
25 Providence, RI $1,300 5.5% 10.3% $1,150 0.3% 0.3%
26 Pittsburgh, PA $900 1.1% 1.8% $1,140 0.9% 0.0%
27 Tacoma, WA $820 2.3% 4.3% $1,120 -0.1% 4.6%
28 Virginia Beach, VA $890 1.6% 0.8% $1,100 1.7% 2.3%
29 Riverside, CA $900 -1.2% 6.5% $1,070 -0.1% 4.7%
30 Chesapeake, VA $920 -0.5% 1.0% $1,040 1.0% 0.5%
31 Philadelphia, PA $820 -0.6% 0.6% $1,030 -0.5% 0.0%
32 Vancouver, WA $880 1.3% 8.4% $1,010 4.6% 12.7%
33 Baton Rouge, LA $760 0.3% 1.3% $1,010 0.1% 0.6%
34 St. Petersburg, FL $770 0.1% 7.1% $1,000 1.4% 5.7%
35 New Orleans, LA $900 0.0% 3.0% $1,000 2.1% 4.8%
36 Orlando, FL $850 0.4% 3.2% $1,000 -0.2% 2.6%
37 San Antonio, TX $790 -0.3% 2.0% $1,000 0.7% 2.1%
38 St. Paul, MN $800 0.2% 2.8% $1,000 0.1% 1.1%
39 Corpus Christi, TX $740 2.1% -0.6% $960 1.6% 5.2%
40 Hartford, CT $790 0.0% 0.0% $960 -0.6% -2.6%
41 Nashville, TN $790 1.8% 8.0% $950 2.4% 7.6%
42 Durham, NC $840 0.3% 4.2% $940 0.3% 2.0%
43 Charlotte, NC $850 0.3% 4.7% $930 1.4% 4.8%
44 Richmond, VA $750 0.9% -0.6% $930 1.4% 0.3%
45 Raleigh, NC $790 0.2% 4.4% $920 0.6% 5.0%
46 Madison, WI $760 0.3% 0.4% $910 0.2% -0.3%
47 Colorado Springs, CO $640 0.9% 6.4% $900 0.6% 5.0%
48 Omaha, NE $680 2.0% 1.2% $900 1.4% 2.0%
49 Tampa, FL $790 0.8% 4.2% $880 0.4% 2.3%
50 San Bernardino, CA $700 0.2% 2.2% $880 0.7% 1.9%
51 Salt Lake City, UT $730 -0.1% 1.1% $870 4.2% 4.2%
52 Mesa, AZ $690 0.4% 3.9% $850 1.4% 3.6%
53 Milwaukee, WI $690 -0.2% 1.8% $850 1.8% 3.0%
54 Norfolk, VA $710 -2.2% -1.7% $850 -0.1% 0.5%
55 Jacksonville, FL $740 1.0% 5.3% $830 1.1% 3.6%
56 Grand Rapids, MI $700 0.8% 3.5% $810 1.7% 4.8%
57 Reno, NV $580 0.6% 7.0% $800 4.8% 5.5%
58 Las Vegas, NV $610 -1.3% 4.1% $800 1.0% 4.5%
59 Boise City, ID $660 0.3% 1.7% $800 0.6% 4.0%
60 Fort Worth, TX $660 0.2% 3.0% $800 0.2% 2.5%
61 St. Louis, MO $580 0.1% 0.8% $800 0.2% 0.2%
62 Phoenix, AZ $650 1.2% 4.4% $790 0.8% 4.2%
63 Spokane, WA $620 2.2% 7.7% $790 0.9% 1.8%
64 Fargo, ND $630 -1.0% 4.0% $780 -0.2% 3.1%
65 Bakersfield, CA $600 5.3% 8.3% $780 0.5% 0.7%
66 Lexington-Fayette, KY $640 0.5% 3.5% $770 0.0% 1.5%
67 Albuquerque, NM $620 0.3% 1.5% $770 -0.4% -0.6%
68 Cheyenne, WY $610 0.0% 0.0% $750 2.7% 7.1%
69 Fresno, CA $650 0.6% 3.7% $750 0.9% 3.2%
70 Stockton, CA $500 -1.2% -0.6% $750 0.8% 2.7%
71 Knoxville, TN $620 0.8% 5.4% $750 2.7% 1.8%
72 El Paso, TX $620 0.2% 1.8% $750 -0.2% 0.4%
73 Tallahassee, FL $640 1.0% 1.8% $750 0.1% -0.2%
74 Lincoln, NE $710 -0.1% 1.1% $740 0.2% 1.5%
75 Louisville, KY $650 0.9% 1.9% $730 1.4% 3.3%
76 Des Moines, IA $610 -0.2% 1.1% $730 0.2% 2.4%
77 Rochester, NY $680 0.0% 1.3% $730 -0.1% 0.4%
78 Columbus, OH $610 1.1% 4.5% $710 0.6% 2.2%
79 Greensboro, NC $580 0.5% 4.4% $700 0.7% 2.0%
80 Tulsa, OK $530 0.5% 4.2% $700 -0.3% 1.9%
81 Tucson, AZ $530 -0.2% 1.5% $700 0.5% 1.4%
82 Birmingham, AL $680 -0.5% 2.6% $680 0.4% 2.9%
83 Kansas City, MO $660 -1.0% 5.3% $680 1.2% 2.5%
84 Little Rock, AR $600 0.1% 2.7% $680 0.3% 1.9%
85 Oklahoma City, OK $540 0.1% 2.2% $670 0.4% 1.3%
86 Mobile, AL $550 -0.6% 2.2% $670 -0.3% 1.2%
87 Cincinnati, OH $510 -0.3% 1.0% $650 -0.8% 0.3%
88 Winston-Salem, NC $530 -0.2% 2.0% $650 0.1% 0.2%
89 Montgomery, AL $600 0.0% -0.6% $650 -0.2% -1.6%
90 Fayetteville, NC $560 0.7% -0.4% $650 -0.2% -3.4%
91 Columbus, GA $570 0.6% 0.8% $640 -0.1% 0.2%
92 Akron, OH $600 -4.2% -2.3% $630 0.2% 2.4%
93 Indianapolis, IN $530 0.0% 0.4% $630 0.3% -1.9%
94 Huntsville, AL $480 0.2% -0.9% $620 1.0% -0.9%
95 Cleveland, OH $530 -0.4% 1.0% $610 1.9% 2.0%
96 Detroit, MI $520 0.0% 2.6% $610 -0.5% -1.9%
97 Wichita, KS $450 -0.1% -0.6% $600 -0.5% -0.2%
98 Memphis, TN $470 -0.5% 0.7% $600 -0.1% -0.9%
99 Toledo, OH $450 0.1% 1.2% $550 0.3% -0.4%
100 Fort Wayne, IN $430 0.1% 0.3% $500 -1.0% -6.1%