These 10 Cities Experienced Large Apartment Rent Boosts In November
On a national basis, single-bedroom apartment rents rose in November compared to the previous month, according to Abodo's latest apartment report.
As of Nov. 1, average US rents rose to $1,042 from $1,028 in October. San Jose saw the largest rent increase this month, jumping by 13% to an average $2,591/month—a large gain compared to the past two months' declines.
"With prices hovering in the $2,500 range, a clear issue is at hand. The issue of extremely high rent prices has not gone unnoticed," Abodo's Sam Radbil tells Bisnow. "Renters and advocates have been pushing for rent control reform, as cited in numerous reports following the election. People in the Bay Area are taking notice and the issue of rent control is becoming more serious in San Jose and San Francisco."
The apartment listing website released a report earlier this month revealing that half the country's renters are cost-burdened. If renters are spending more than 30% of their income on rent, they’re considered housing-cost-burdened—which usually leads to an array of financial struggles, including difficulty affording food, utilities and other basic necessities.
"San Jose and other Bay Area renters are absolutely cost-burdened. It's clear why 47% of renters in San Jose are spending at least 30% of their income on rent," Sam says.
Below are the top 10 cities that saw the largest rent increases from Nov. 1 to Oct. 1, according to Abodo.
These 10 cities experienced the largest apartment rent boosts this month.
1) San Jose, CA
October Rent: $2,293
November Rent: $2,591
% Increase: 13%
2) Sacramento, CA
October Rent: $1,007
November Rent: $1,060
% Increase: 5%
3) Virginia Beach, VA
October Rent: $1,033
November Rent: $1,077
% Increase: 4%
4) Las Vegas, NV
October Rent: $840
November Rent: $870
% Increase: 4%
5) Omaha, NE
October Rent: $780
November Rent: $804
% Increase: 3%
6) Baltimore, MD
October Rent: $1,154
November Rent: $1,190
% Increase: 3%
7) Indianapolis, IN
October Rent: $588
November Rent: $606
% Increase: 3%
8) Albuquerque, NM
October Rent: $662
November Rent: $682
% Increase: 3%
9) Houston, TX
October Rent: $1,287
November Rent: $1,319
% Increase: 3%
10) Raleigh, NC
October Rent: $1,086
November Rent: $1,111
% Increase: 2%
