Noticing rent prices rising at apartment communities around your city? Although rent growth has been relatively modest nationally, a number of cities have still seen substantial increases in rent prices over the past year. In particular, we identified the 25 medium-sized cities, (population between 100,000 – 250,000) that have experienced the most drastic year-over-year rent growth. For reference, national year-over-year rent growth now stands at 0.9 percent, which is lower than the rates from the two prior years — last year rents grew by 2.3 percent and in February 2017 year-over-year growth came in at 2.1 percent.
So, where are rents growing?
Rents are growing fast in the suburbs of booming metros, as the city centers get increasingly expensive. Renters that work in the cities such as Phoenix, AZ and Denver, CO seem to have started looking outside their core cities into the suburbs, such as Chandler, AZ and Thornton, CO. Not to mention that Denver, CO also ended up on our top cities for dating list. So dazzling dating opportunities await anyone who will be moving to the nearby area.
Santa Clara, CA also made the list. This city is located on the outskirts of California’s tech hubs, with job opportunities that attract a huge number of tech industry professionals creating strong demand for rentals. Midland, TX, on the other hand, is growing due to an upswing in the highly cyclical oil industry. Check out what other cities made our list of the top medium-sized cities to have experienced the biggest rent growth within the last year:
City Name Price Change YoY Population
Midland, TX 11.30% 111,147
Thornton, CO 6.80% 118,772
Chandler, AZ 5.80% 236,123
Thousand Oaks, CA 5.50% 126,683
High Point, NC 5.40% 104,371
Wilmington, NC 5.20% 106,476
Santa Clara, CA 4.80% 116,468
Rancho Cucamonga, CA 4.70% 165,269
Birmingham, AL 4.20% 212,237
Athens, GA 4.00% 115,452
Apartment List Rent Report data is drawn monthly from the millions of listings on our site. 1-bedroom and 2-bedroom rents are calculated as the median for units available in the specified size and time period. Price changes are calculated using a “same unit” methodology similar to the Case-Shiller “repeat sales” home prices methodology, taking the average price change for units available across both time periods. 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.