We’ve known that the rent may be too damn high for quite a while now, but a new report shows that rent has never been this high before.
Newly released data from RentCafé and Yardi Matrix shows that nationwide rents just hit an all-time high in June, crossing the $1,400 threshold for the first time ever.
According to the apartment market report, the national average rent for apartments was $1,405 in June, an increase of 2.9% from the same time period last year and an increase of 0.9% from the month of May.
In terms of dollar amount, apartment renters now must fork over $40 more per month than they did one year ago.
According to the report, rent increases occurred in nearly all of the nation’s largest cities. Per the report, rents rose in 88% of the nation’s largest 250 cities in June when compared to last year. Rents remained the same in 10% of the top 250 cities and dropped in just 2% of them.
One area hit hard by a June rent increase was Manhattan, which has long been the most expensive rental market in the country.
According to the report, apartment rents in Manhattan have actually been dropping, stagnating, or very sluggishly growing over the last few months.
But that all changed in June, when rent rose to an average of $4,116, an increase of 1.5% or $60 per month, representing the largest increase in a year.
Additionally, the report showed that the rent increase hit all unit types relatively equally.