Rents are Heating Up!

RENTS ARE HEATING UP! Sharp increases in rents reflect limited apartment availability, as demand has been outpacing construction levels. An illustrated guide to the nation's hot, hotter, and hottest apartment markets TOP TEN The top 10 and bottom 10 major metros for annual rent growth 1. SAN FRANCISCO 12.6% 2. SAN JOSE 10.3% 3. CHARLOTTE 6.8% 4. OAKLAND 6.3% 5. BOSTON 6.2% 6. AUSTIN 6.1% 10 8. 7. NEW YORK 5.9% 8. DENVER 8. 5.7% 9. RALEIGH 5.4% 10. COLUMBUS 5.1% BOTTOM TEN 10. PHILADELPHIA 2.2% 9. RIVERSIDE 2.1% 8. INDIANAPOLIS 2.0% 7. NEW ORLEANS 2.0% HUGE RENTS IN THE BIG APPLE New York's average monthly rent is $3,126. That's more than a third above the $2,278 typical price in San Francisco, the nation's 6. ST. LOUIS 1.9% Indy Takes the Lead in Affordability 5. ATLANTA 1.8% Indianapolis ranks as the most affordable rental market among America's big metros. The typical monthly price in the Racing Capital of the World is $701. 4. PHOENIX 1.8% 3. SACRAMENTO 1.5% second most expensive market. 2. VIRGINIA BEACH 0.5% 1. LAS VEGAS -0.1% Tight Occupancy Equals Pricing Power 4.0% High occupancy 98.6% 97.8% 97.6% 97.5% 97.5% 92.5% 92.3% 91.8% 91.6% 91.3% generally yields big rent AVERAGE RENT INCREASE FROM MID-2011 TO MID 2012 increases. By that measure the country's real bargains are found in Milwaukee and After declining apartment occupancy drove rents down 6.0% from mid-2008 through late 2009, pricing has been rising steadily for the past two and Minneapolis, where occupancy is extremely high but rents climbed less than 3% during the past half years. The year. The average national occupancy rate is 95.2% OCCUPANCY LEADERS OCCUPANCY LAGGARDS average total increase in apartment rents seen since late 2009 is 9.3% across the country's 50 largest metros. RealPage.com REALPAGE All statistics courtesy of MPF Research, a division of RealPage, Inc. PITTSBURGH MILWAUKEE MINNEAPOLIS HARTFORD NEW YORK NEW ORLEANS MEMPHIS ATLANTA LAS VEGAS JACKSONVILLE