Top 10: Average Effective Rent
Rent growth has been harder to come by in most markets this year after two years of historic gains. With complete data not quite in for December, here is a look at the ten most expensive, and least expensive, markets as of the end of November with the corresponding year-to-date rent change for each. Only the 50 largest U.S. markets are included, and average effective rent refers to the average for a new resident.
View the full monthly Markets Stats PDF
| Market | Avg Effective Rent | Percent Change |
|---|---|---|
| OK – Oklahoma City | $970 | 3.7% |
| OH – Cleveland/Akron | $1,146 | 4.7% |
| KY – Louisville | $1,175 | 3.4% |
| AL – Birmingham | $1,185 | 3.0% |
| NE – Omaha | $1,192 | 4.4% |
| AZ – Tucson | $1,196 | 1.2% |
| IN – Indianapolis | $1,233 | 4.6% |
| TX – San Antonio | $1,234 | -2.3% |
| OH – Cincinnati/Dayton | $1,266 | 5.9% |
| MI – Grand Rapids/Kalamazoo | $1,269 | 5.3% |
| Market | Net Absorbed Units (Dec – Feb) | Improvement from Year Ago (units) | Absorption as Share of Existing Stock (%) |
|---|---|---|---|
| NY – New York City | 12,228 | 13,520 | 2.0% |
| CA – Los Angeles/OC | 3,555 | 5,253 | 0.6% |
| TX – Dallas/Ft. Worth | 333 | 3,093 | 0.0% |
| IN – Indianapolis | 1,127 | 2,164 | 0.6% |
| GA – Atlanta | 535 | 1,940 | 0.1% |
| WA – Seattle | 1,234 | 1,663 | 0.4% |
| TX – Houston | 253 | 1,617 | 0.0% |
| CA – Sacramento | 778 | 1,548 | 0.6% |
| FL – Miami/Fort Lauderdale | 2,750 | 1,530 | 1.5% |
| MD – Baltimore | 425 | 1,479 | 0.2% |
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