Posted April 07, 2010 by RentJungle
During the first quarter of 2010, the average rent for an apartment in the United States has remained flat at $1,020 according to Rent Jungle, an apartment search and market research website.
"We are seeing some encouraging signs in the overall national rental market," says Rentjungle.com CEO Jon Pastor. "In the first quarter, rent nationwide was flat when compared to the fourth quarter of 2009, which is a reversal in a negative trend. Rent in Q4, 2009 was down by approximately 3% from the prior quarter, so a flattening in Q1, 2010 is an improvement."
Studio apartments saw the largest percentage increase in Q1, up 2% to $758 per month. One bedroom apartments were also in demand, up 1% to $959 per month. Larger apartments were generally flat to slightly decreasing in price.
Across all apartment sizes, Honolulu, Tulsa, Miami, Pittsburgh, Fort Worth, Dallas, and Boston all saw rent increases above 3% in the first quarter. The majority of cities were unchanged. Nashville, Fresno, Memphis, San Francisco, St. Paul, and Minneapolis however, all saw decreases in excess of 2%.
"Trends in the apartment market appear to be following overall trends in consumer confidence," said Rent Jungle co-founder Rick Ferris. "Renters who may have taken on roommates last year appear to be heading out on their own. They are starting with smaller apartments, as evidenced by the rent increase for studios and 1 bedrooms."
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. More rent trend data, including breakdowns by city, is available using the drop-down menu in the upper left of this page.