Noticing rent prices rising at apartment communities around your city? Within the last year, we identified the 25 small cities (population below 100,000) which saw the most significant rent spikes. For reference, national year-over-year rent growth now stands at 1.0 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 rent rates rising?
Rents are growing fast in the suburbs of booming metros, as the rent prices in city centers get increasingly expensive. Renters that work in Silicon Valley can find more affordable rent opportunities in cities such as Union City, CA, but rents are rising there, too.
Whereas, cities such as Odessa, TX are growing in part thanks to the vast opportunities in the oil industry in the region. Check out what other cities made the top 10 of large cities to have experienced the biggest rent growth within the last year:
|City Name||Price Change YoY||Population|
|Santa Fe, NM||5.50%||67,947|
|Union City, CA||5.40%||69,516|
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.