Top 10: Market Leaders in Recent Rent Improvement

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.

MarketAvg Effective Rent (Feb 2024)Percent Change (Dec 2023 - Feb 2024)Percent Change (Dec 2022 - Feb 2023)
FL - Tallahassee$1,3752.1%-2.4%
HI - State of Hawaii$2,2511.3%-2.0%
MO - Columbia$1,0486.2%3.1%
GA - Savannah$1,6171.1%-1.4%
LA - Monroe$9190.4%-2.1%
WV - Charleston$1,049-0.1%-2.5%
OK - Tulsa$9771.4%-0.6%
TX - Beaumont$1,0141.7%-0.2%
ID - Boise$1,507-0.8%-2.3%
TX - Laredo$1,1070.4%-1.0%

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MarketAvg 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$2,1490.5%-0.4%
CA - Sacramento$1,8840.2%-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$1,7670.4%-0.1%
IN - Indianapolis$1,2451.1%0.8%
NC - Raleigh-Durham$1,488-0.9%-1.2%
MN - Minneapolis - St. Paul$1,4900.5%0.2%

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