Here’s What Happened to Apartment Prices from November to December
Nationally, the average price of a one-bedroom was relatively stable over the month of November, falling from $1,042 to $1,037 — a decrease of less than one half of one percent.
Miami experienced the nation’s greatest rent decrease, with the price of a one-bedroom falling 11% to $1,569. That marks the second consecutive month of falling rent prices in the 305, after increasing by 9% in both September and October. In October, the average one-bedroom went for $1,891.
Seattle rents decreased sharply for the second month straight. The average one-bedroom now costs $1,492, a 9% decrease from the previous month — and a far cry from September’s $1,890 price tag. Minneapolis also posted a loss of about 9%.
After a relatively stable October, Dallas, Oakland, and Phoenix all showed marked decreases in November, with prices going down by 7%, 6%, and 5%, respectively. The bottom of the list shows some new faces, as well: Philadelphia, Fairfax, and Raleigh all posted small decreases in November, despite having experienced rent increases in November.
The nation’s greatest rental hike over the month of November belongs to Colorado Springs, which saw the average price of a one-bedroom jump almost 8%, to $962. Three California cities — Long Beach, Sacramento, and San Diego — experienced rent hikes of between 4% and 6%. For the second straight month, Sacramento’s rent increased by about 5% and now stands at $1,109 per month.
Memphis, Omaha, Oklahoma City, and Kansas City — mid-sized cities with relatively low rents — all experienced minor increases in rent of between 2% and 3%. Two expensive coastal metropolises, Boston and Washington, D.C. saw small increases as well.