Posted March 15, 2010 by RentJungle
The last few months of 2009 were great for apartment hunters. Rents were down significantly from prior quarters. Will that repeat itself this year? Average rent data through September indicate that it will not for most cities. However, some deals can still be found depending on the geography.
The first chart below shows the average nationwide rent for all apartment sizes is on an upward trend. Which was not the case last year. Q3 2010 was up by ~4% over Q3 2009. You can see, based on the trend, that Q4 is unlikely to show a major discounts for renters.
The second chart below (use the scroll bar on the right of the chart to see more cities), shows how rents have changed year-over-year for major cities. The city-by-city data make the story a bit more nuanced. Many cities, particularly in the Northeast, have seen significant rent increases over the past year. Cities in the South and Midwest that were hit particularly hard by the financial crisis (such as Phoenix and Detroit) are still experiencing declining rents.
If you would like more data on your particular geography, you can:
RentJungle.com calculates these figures by analyzing over 1 million apartment ads a month. We spider the internet, much like Google, to gather apartment listings from where ever they appear. The goal of the site is to help users make more informed decisions. More rent trend data, including breakdowns by city, is available here: Average Rent By US City . Rents are calculated using a 10 mile radius from the center of the city.