As of July 1st we will have expanded our pricing and amenity coverage nationwide. For conventional properties with 50 units or more we will be updating on a monthly basis.
Including planned communities, we are currently tracking more than 140,000 properties with almost 17,000,000 units. Of those, about 16,000,000 units within 128,000 properties are currently leasing. We have demarcated more than 1500 submarkets within 190 markets in all 50 states. The top two most populous multifamily markets by unit count are both in Texas: Dallas-Fort Worth with about 770,000 units and Houston with almost 670,000 units. Los Angeles is the most populous multifamily market by property count with more than 7300 multifamily properties.
As of July 1st we will have expanded our pricing and amenity coverage nationwide. For conventional properties with 50 units or more we will be updating on a monthly basis.
Including planned communities, we are currently tracking more than 140,000 properties with almost 17,000,000 units. Of those, about 16,000,000 units within 128,000 properties are currently leasing. We have demarcated more than 1500 submarkets within 190 markets in all 50 states. The top two most populous multifamily markets by unit count are both in Texas: Dallas-Fort Worth with about 770,000 units and Houston with almost 670,000 units. Los Angeles is the most populous multifamily market by property count with more than 7300 multifamily properties.
Average rents vary widely by market in the United States. The most expensive rentals are in San Francisco and New York where the average unit will set you back $2572 ($3.08 per sqft ) and $2467 ($2.80 per sqft) respectively. The least expensive rentals on average are in Northwest Arkansas and Wichita, Kansas where they are $637 per month ($0.78 per sq ft).
Top 10 Highest Average Effective Rent per Unit
- CA – San Francisco/Oakland ($2,572, 2.1% annual change)
- NY – New York City ($2,467, 5.0% annual change)
- MA – Boston ($2,198, -1.8% annual change)
- CA – Los Angeles ($2,040, 5.3% annual change)
- HI – Honolulu ($2,036, -3.5% annual change)
- CA – San Diego ($1,772, 5.1% annual change)
- DC – Washington ($1,711, 3.7% annual change)
- WA – Seattle ($1,611, 3.7% annual change)
- FL – Miami/Fort Lauderdale ($1,582, 4.7% annual change)
- FL – Palm Beach ($1,514, 5.0% annual change)
Overall, the average effective rent in the United States is $1228 per unit and $1.37 per square foot. That is a 5.1% increase from this time last year. Markets that saw rents gains of more than 8% include Sacramento, Boise, Albany and Madison. Annual effective rents actually declined in markets like Boston, Honolulu, Wichita and Oklahoma City.
Nationally, more than 177,000 units are currently being rented than at this time last year but with the addition of almost 250,000 new units, average occupancy for the country declined 0.5% to 92.1%. Markets that saw good annual absorption yet could not keep pace with new construction included Nashville (Abs: 2302, Occ: -3.8%), Denver (Abs: 4409, Occ: -2.1%) and Palm Beach (Abs: 1099, Occ :-4.5%). The Alabama markets of Huntsville and Montgomery, on the other hand saw occupancy rise 3.3% and 3.9% respectively.
While nationally absorption is still going strong, it is starting to look like the Tier 1 markets may struggle to fill newly added units quickly enough since we are just now seeing newly added units peak.
Get more information about our markets from the Market Reviews page, and learn about our services to see how ALN can help your business.