New Orleans Faces Highest Rent Hike for April 2017

Posted · Add Comment

Rent prices nationwide rose throughout March — but only by about $2, or .2%, up to a median price of $1,005 for a one-bedroom apartment. The slight increase adds a hiccup to the overall year-to-date change, which was trending downward by 1.28% as of March. For April, national rents are down just 1.08% since January.

National Median Rent & YTD Percent Change, April 2017

For New Orleans, LA, this marks the third straight month for having one of the 10 largest rent increases in the country — and for the past two months, the Big Easy has been in the No. 1 spot. In March, median one-bedroom rents rose nearly 12%, up to $1,180. But that’s not the only repeat appearance on the list.

Greatest Rent Changes, April 2017

As the year continues, several other cities have established a consistent pattern of rises. In fact, six of our top 10 risers for April are carry-overs from the March report. In addition to New Orleans, Glendale, AZ (10.7%); Seattle, WA (7.2%); Buffalo, NY (6.5%); Miami, FL (5.2%); and Phoenix, AZ (4.8%), are also in their second or third month of increases.

Lexington, KY (6%); Scottsdale, AZ (4.1%); and Sacramento, CA (4.9%), also saw some of the highest rent hikes.

Meanwhile, the list of top April decreases is also fairly consistent: Philadelphia, PA, is enjoying a three-month downward trend, with a median rent of $1,023, down 8% since the March report. Fort Wayne, IN (-9.8%); Rochester, NY (-4.5%); Nashville, TN (-6.7%); Cleveland, OH (-6.5%); and Richmond, VA (-5.3%) also saw their rents go down.

Top 10 Highest Rents, April 2017

And the continuity… continues. For the cities with the most expensive rents, the list remains unchanged from March to April, save for Miami ($1,747) and Chicago ($1,745)  swapping positions. San Francisco dominates the list, with a median one-bedroom rent of $3,415, which is actually slightly down from its March number of $3,465.

For press inquiries, contact Sam Radbil.

METHODOLOGY

Each month, using over 1 million ABODO listings across the United States, we calculate the median 1-bedroom rent price by city, state, and nation and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.