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MF Rents Advance in Smaller Markets

SEATTLE—The flip side, says Zillow's Stan Humphries, is that “rising and increasingly unaffordable rents make it difficult to save for a down payment on a home.”

By Paul Bubny | Updated on February 20, 2015

SEATTLE—Accelerated mutifamily rent appreciation in the obvious hot spots, such as New York City and the Bay Area, is hardly news by now. But now rents are rising in smaller markets, with some—including Denver, Kansas City, MO and Portland, OR—seeing annual growth at more than twice the national average, according to the Zillow Group.

Data from Zillow show that the usual suspects—including Boston, Los Angeles and Zillow’s hometown of Seattle as well as New York and San Francisco—have continued to see rents increase at a faster pace year-over-year than the national average of 3.3%. Likewise for the Texas boomtowns of Dallas, Houston and Austin. However, markets that saw flat growth or even declines two years ago, such as St. Louis, are now catching up.

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