SANTA BARBARA, CA—Apartment rents held steady in November while decreasing slightly from the previous month for all unit sizes, RentCafe reported Wednesday. On a market level, the fastest year-over-year growth is occurring in small and medium-sized cities, while some of the more volatile metro areas are stabilizing.
November's average monthly rent of $1.358 is just 2.5% higher Y-O-Y, according to Yardi Matrix data cited by RentCafe. Eighty-three percent of the nation's biggest cities saw annual rent increases, with just 3% of metro areas seeing Y-O-Y rent drops.
Among these experiencing declines is the country's most expensive apartment market, Manhattan in New York City, where rents dipped 1.9% from the year-ago period. However, at an average rent of $4,089 per month, Manhattan remains the front-runner by a wide margin, coming in more than $700 per month above second-place San Francisco.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
