Graphic: Where is rent increasing and decreasing the most?
Here’s What Happened to Rent Prices from October to November
Nationwide, average rents were up in November compared to October — $1,042 up from $1,028 — but still down from the year’s high of $1,052 in September.
Columbus won the top spot in November for largest rent decrease: 15%. This could reflect market recuperation following another season of high demand driven by Ohio State University students locking down off-campus housing. In October, Columbus dropped 10% after rising 7% in September, 2% in August, and 15% in July.
Seattle is another top dropper, with a 12% decrease in November, from $1,863 down to $1,641. Miami, after two consecutive months with the nation’s largest rent hike — 9% in both September and October — experienced one of the largest decreases in November, with the average one-bedroom rent prices dropping 6%.
Charlotte, El Paso, and Nashville all saw 5% decreases, while Long Beach, Washington D.C, and Denver saw 2% decreases. Charlotte, Denver, and Nashville are all coming of two solid months of increases.
Conversely, San Jose has enjoyed drops for the past two months, while November brought an increase of 13%, from $2,293 to $2,591. San Jose’s drop is far and away the largest rise in the nation for November, with the next closest being Sacramento’s 5% — back on the rise following October’s 10% decrease. Las Vegas and Virginia Beach saw 4% increases, while Omaha, Baltimore, Indianapolis, Albuquerque, Houston, and Raleigh also saw smaller bumps in price.