West Coast Apartment Rents Saw The Biggest Declines This Past Month
Every month apartment search service Abodo gathers data on fluctuating apartment rents throughout the country, noting cities with the largest rent gains and declines. According to Abodo’s September report Miami and Bakersfield, CA, have seen the highest rent hikes since August.
“Rental rates have continued to rise year-over-year because many people across the nation enjoy the convenience of renting in comparison to owning a home,” report author Sam Radbil tells Bisnow. “While renting is still more affordable than owning a home in certain markets, in some places this may soon not be the case.”
On average, rent for a one-bedroom in Miami shot up from $1,599 to $1,739 within the month, while a one-bedroom apartment in Bakersfield is going for $725, up 9% from $669 the previous month.
Several of California’s key metros enjoyed some of the highest rent declines in the country this past month. San Jose rents on average dropped 12% from $2,790 to $2,455, and Los Angeles followed close behind with an 8% drop, followed by Long Beach’s 7% and San Francisco’s 6% drop in rents. Still, it was Seattle that posted the largest rent declines in the country, with prices dropping 13% to $1,890 from $2,790.
“In areas like these that typically have very high rent prices to begin with, renters who are on the move and more likely to search for new apartments, rather than homeownership options are enjoying having a few extra dollars in their pockets,” Sam says.