Report: August 2024 Rent Trends
By Lilly Milman
Sep 05, 2024
On Tuesday, September 3, we published our monthly National Rent Report, highlighting national rent trend data as well as rent price data by state and by city. To create this report, we analyze rent trends in 100 major U.S. cities.
Overview
In this month’s report, we explained a few key market trends:
- As peak renting season comes to an end, most cities are seeing rent decreases.
- It’s a good time to be a new grad looking for an apartment in a new city, as rent is down in nearly all our “Best Cities for College Grads.”
- Three key cities are seeing substantial price growth in the Midwest.
National Trends
While rent trends differ from region to region, here’s what you need to know about rent prices on a national level:
The cities where rent is down outnumber the cities where it’s up.
- The national median price of a one-bedroom apartment (now $1,560) decreased by 0.6% from July to August, but is up 1.3% year-over-year. Luckily for renters, most rental markets we track are seeing still relief both MoM and YoY.
- The biggest month-over-month rent drops were spread out across the Southeast and the Midwest — notably in Augusta, GA (-5.5%), Cleveland, OH (-4.7%); Cincinnati, OH (-4.5%); Sioux Falls, SD (-4%); and Wichita, KS (-3.5%).
- With rental prices down in much of the country compared to last month, it’s a good time to be a new grad renting an apartment. We looked back at the places we identified in our Best Cities for College Grads report published earlier this year and found that there were rent declines in nearly all of them.
- Tampa, FL (-3.3%) saw the biggest MoM drop, followed by San Francisco, CA (-1.7%), Washington, DC (-1.2%), Charleston, SC (-0.9%), Madison, WI (-0.7%), Seattle, WA (-0.6%) and Atlanta, GA (-0.1%).
Regional Trends
In this month’s report, we dove deep into trends occurring the following region:
The Midwest
- While some cities in the Midwest are finally experiencing relief, others are continuing to see massive rent growth. Ann Arbor, MI (+8.4%), Cedar Rapids, IA (+8.3%), and Fargo, ND (+4.9%) in particular had sizable rent increases.
- Ann Arbor has taken the place of the No. 10 most expensive city to rent a one-bedroom apartment — knocking Charleston, SC off of the list — with a median rent price of $2,002.
Rent at the State Level
- New York is the most expensive state to rent a one-bedroom apartment, with a median asking rent price of $3,300. This is largely due to the high prices in the New York City metropolitan area.
- Fun fact: For the less than price of a studio apartment in New York ($2,995), you can rent a three-bedroom rental property in Colorado or New Hampshire ($2,500).
Top metro areas
Atlanta Metro Apartments
1,564 apartments starting at $404/month
Austin Metro Apartments
1,846 apartments starting at $474/month
Baltimore Metro Apartments
701 apartments starting at $550/month
Boston Metro Apartments
4,155 apartments starting at $900/month
Charlotte Metro Apartments
1,077 apartments starting at $449/month
Chicago Metro Apartments
2,934 apartments starting at $475/month
Dallas Fort Worth Metro Apartments
3,220 apartments starting at $404/month
Houston Metro Apartments
1,108 apartments starting at $450/month
Las Vegas Metro Apartments
1,654 apartments starting at $500/month
Los Angeles Metro Apartments
5,023 apartments starting at $450/month
Miami Metro Apartments
829 apartments starting at $700/month
Milwaukee Metro Apartments
710 apartments starting at $495/month
New York Metro Apartments
3,942 apartments starting at $400/month
Orlando Metro Apartments
1,310 apartments starting at $545/month
Philadelphia Metro Apartments
1,691 apartments starting at $400/month
Phoenix Metro Apartments
1,881 apartments starting at $695/month
Pittsburgh Metro Apartments
768 apartments starting at $530/month
Portland Metro Apartments
1,997 apartments starting at $500/month
Raleigh Metro Apartments
887 apartments starting at $675/month
Riverside Metro Apartments
518 apartments starting at $499/month
San Antonio Metro Apartments
1,310 apartments starting at $404/month
San Diego Metro Apartments
1,906 apartments starting at $615/month
San Francisco Metro Apartments
1,791 apartments starting at $595/month
San Jose Metro Apartments
607 apartments starting at $900/month
Seattle Metro Apartments
2,053 apartments starting at $465/month
Tampa Metro Apartments
1,198 apartments starting at $500/month
Washington Metro Apartments
879 apartments starting at $800/month