Posted February 25, 2010 by RentJungle

Over the last 6 months, the average rent for an apartment had decreased by $40 to an average of $961 per month, a decrease of ~4%.

Wichita, Indianapolis, Miami all saw rent increases above 2%. The majority of cities, however, are still flat or decreasing. Oklahoma City, New York, Albuquerque, Portland, Louisville, Los Angeles, Dallas, Phoenix, Denver, and Nashville all posted declines from 7% to 9%.

"Despite these decreases, we are seeing some encouraging signs in the rental market," says Rentjungle.com CEO Jon Pastor. "Looking at just January this year, rent nationwide is up 1% over December, which is a reversal in the overall 6 month trend."

The following shows the price changes for the largest cities in the survey:

City Jul-Aug Rent Dec-Jan Rent % Change $ Change
Wichita5485643%16
Indianapolis7267453%19
Miami1,5031,5402%37
Memphis8038081%5
Pittsburgh7777800%3
Cleveland7537550%2
Tulsa5325320%0
San Antonio747736-1%-10
St. Louis805792-2%-13
Tampa930914-2%-16
Houston1,009989-2%-20
Bakersfield716699-2%-17
San Jose1,4941,458-2%-37
Columbus775754-3%-21
Austin921896-3%-25
Boston1,9731,915-3%-58
El Paso557538-3%-19
Honolulu1,5911,534-4%-57
Raleigh845814-4%-31
Baltimore1,1041,064-4%-40
Detroit849817-4%-32
Anaheim1,4541,398-4%-56
Colorado Springs769737-4%-32
Washington1,6471,575-4%-72
Tucson769733-5%-36
Las Vegas958913-5%-45
Atlanta942897-5%-45
Cincinnati779741-5%-37
Chicago1,5331,455-5%-79
Philadelphia1,1481,089-5%-59
Milwaukee848803-5%-44
Jacksonville734695-5%-38
Omaha760719-5%-40
Aurora999944-5%-54
Charlotte900850-6%-50
Kansas City806758-6%-49
Mesa925868-6%-57
Sacramento1,015949-6%-65
Oklahoma City730681-7%-49
New York2,3982,223-7%-175
Albuquerque857795-7%-63
Portland1,028953-7%-76
Louisville729674-8%-56
Los Angeles1,6671,539-8%-128
Dallas1,1761,082-8%-94
Phoenix875804-8%-71
Denver1,033944-9%-89
Nashville987900-9%-88

Rentjungle.com calculates these figures by analyzing over 1 million apartment ads a month. The goal of the site is to help users make more informed decisions.

"Difficulties in the real estate market didn't push as many people into apartments as the industry would have expected," says Rentjungle.com founder Rick Ferris. "Increases in families renting instead of buying were offset by existing renters taking on roommates or moving back with parents."

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