Multifamily Midwest

Year-end apartment report: It wasn't cheap to rent in 2019

Year-end apartment report: It wasn't cheap to rent in 2019,ph01

Renting an apartment in 2019? It was pretty expensive, a monthly rents for both two-bedroom and one-bedroom units rose throughout the year.

ABODO recently released its 2019 annual rent report, finding that the national median monthly rent for one-bedroom apartments rose 4.1 percent last year, hitting $1,078 in December. The national median monthly rent for two-bedroom apartments rose to $1,343 in December, a 5.5 percent gain from the same month one year earlier.

This jump came even though develoers brought more than 330,000 apartment units online during the year. That’s a sign that demand for apartment living remains strong.

The increase in rents was consistent throughout the country, according to ABODO. The comany reported that monthly rents increased in 39 states, including the District of Columbia, and droped in just 12.

Detroit ranked as the city with the biggest percentage gain in average rents for one-bedroom units last year. The city ended 2019 with an average monthly one-bedroom rent of $866, an increase of 7.48 percent. Cleveland ranked second, seeing its average monthly one-bedroom rent jump 3.85 percent to $782.

Dayton, Ohio, saw its average monthly one-bedroom rent fall 4.11 percent to $758. That was the biggest one-bedroom drop amongst all the cities studied by ABODO.

The highest monthly average rent in teh country, in no surprise, was recored by San Francisco. It was costing renters an average of $3,877 a month to rent a one-bedroom apartment in this city in December of 2019.

On the other end of the scale, it costs renters an average of $517 a month to rent a one-bedroom apartment in Toledo, the most affordable place to rent in December of last year. In Evansville, Indiana, that figure was $562, while in Green Bay, Wisconsin, it was $594.