The most recent edition of ALN’s monthly newsletter evaluated average effective rent growth for the first two months of the year within the context of a majority of markets managing to return to positive rent growth in that period. In addition, a recent blog post highlighted those markets that have seen particular improvement in apartment demand in recent months.
As a supplement to those two pieces, here are the markets that have seen the most improvement in average effective rent performance in the last three months relative to the same period a year ago.
| Market | Avg Effective Rent (Feb 2024) | Percent Change (Dec 2023 - Feb 2024) | Percent Change (Dec 2022 - Feb 2023) |
|---|---|---|---|
| FL - Tallahassee | $1,375 | 2.1% | -2.4% |
| HI - State of Hawaii | $2,251 | 1.3% | -2.0% |
| MO - Columbia | $1,048 | 6.2% | 3.1% |
| GA - Savannah | $1,617 | 1.1% | -1.4% |
| LA - Monroe | $919 | 0.4% | -2.1% |
| WV - Charleston | $1,049 | -0.1% | -2.5% |
| OK - Tulsa | $977 | 1.4% | -0.6% |
| TX - Beaumont | $1,014 | 1.7% | -0.2% |
| ID - Boise | $1,507 | -0.8% | -2.3% |
| TX - Laredo | $1,107 | 0.4% | -1.0% |
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| Market | Avg Effective Rent (Feb 2024) | Percent Change (Dec 2023 - Feb 2024) | Percent Change (Dec 2022 - Feb 2023) |
|---|---|---|---|
| WA - Seattle | $2,074 | -0.1% | -1.5% |
| DC - Washington | $2,149 | 0.5% | -0.4% |
| CA - Sacramento | $1,884 | 0.2% | -0.8% |
| CA - San Francisco/Oakland | $2,833 | -0.4% | -1.3% |
| NV - Las Vegas | $1,441 | -0.8% | -1.4% |
| AZ - Phoenix | $1,558 | -1.0% | -1.6% |
| PA - Philadelphia | $1,767 | 0.4% | -0.1% |
| IN - Indianapolis | $1,245 | 1.1% | 0.8% |
| NC - Raleigh-Durham | $1,488 | -0.9% | -1.2% |
| MN - Minneapolis - St. Paul | $1,490 | 0.5% | 0.2% |
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