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Apartment Rents Rise in 89% of Cities

Continuing a trend established in 2017, most of the fastest-growing asking rents can be found in smaller markets, led by the twin cities of Odessa and Midland, TX.

By Paul Bubny | Updated on February 01, 2018

Skyline of Midland, TX Midland, TX’s year-over-year apartment rent growth was only slightly behind that of its neighboring city in the Petroplex, Odessa.

SANTA BARBARA, CA—There are two ways to look at one of the twin pillars of multifamily fundamentals (the other, of course, is occupancy), and both are correct. One way to view rent growth is that it’s occurring at a slower pace these days than we saw in 2015 and 2016. Another is that it continues to occur in the vast majority of cities, and at a healthy clip.

Citing Yardi Matrix data, RentCafe reported Wednesday that rents grew year over year in 89% of the 250 largest US cities during January. Nine percent registered flat growth for the month, while just 2%, or six cities, experienced a Y-O-Y decline.

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