Categories
Apartments Living

How Average Rent Has Changed Since the Last Leap Year

How Average Rent Has Changed Since the Last Leap Year

Every four years, we get an extra day on a leap year.

On February 29, about 4.1 million people worldwide celebrate their birthdays after waiting for a while. But here’s another fun fact: If we didn’t add an extra day to February, we would lose almost six hours every year. After a century, the calendar would be off by 24 days.

A lot can change in four years — including how expensive (or affordable) rent can be in a city. From studios to two-bedroom apartments, here are rent trends across the U.S. since the last leap year.

Studio average rent prices

Studios can offer a great affordable option for a single person or couple when no additional rooms or space is needed. The heat map below shows the 25 cities with the most significant increases and 18 cities with the most significant decreases in studios’ monthly rent.

undefined

Cities with the greatest studio price increases

Rent for studios has changed dramatically in some cities, so we’ve compiled the top five cities with the largest increases. In these markets, couples are probably more likely to try to make a small space work for them.

5. Tucson, AZ

tucson arizona

  • 2020 average rent price: $580.37
  • 2016 average rent price: $460.85
  • 4-year change: 25.93%

With 350 days of sunshine a year, Tucson is perfect for those that love Vitamin D and the heat. Grab a studio apartment today for $580 a month on average in the Arizona city and enjoy inexpensive yoga classes and fun hikes at Saguaro National Park.

It’s no surprise that rents in the area have increased by nearly 26 percent. Just make sure you pack the SPF in your moving boxes — you’ll need it.

4. Harrison, NJ

harrison nj

Photo courtesy of Steel Works Apartments
  • 2020 average rent price: $2,153.80
  • 2016 average rent price: $1,656.47
  • 4-year change: 30.02%

In 2019, the New York Times called Harrison the next Hoboken, thanks to its brand new PATH station and affordable average rent when compared to New York City. Walking trails and open green spaces bring Harrison’s community together and have continued attracting young families.

The suburb is also a hop and a skip from Newark, resulting in a 30 percent jump in rent for a studio to $2,153 a month on average.

3. Omaha, NE

omaha ne

  • 2020 average rent price: $898.20
  • 2016 average rent price: $654.98
  • 4-year change: 37.13%

Omaha‘s music scene has continued to thrive since the last leap year, with many creatives putting out albums and festivals to keep the spotlight on Nebraska’s biggest city. Thanks to its steady job growth, Omaha has also experienced a 37 percent increase in average rent prices for studio apartments to $898 a month on average.

However, if you’re not a fan of snow or rainfall, Omaha may not be for you, as the city experiences higher than average precipitation throughout the year.

2. North Hollywood, CA

north hollywood ca

  • 2020 average rent price: $2,526.04
  • 2016 average rent price: $1,767.02
  • 4-year change: 42.95%

North Hollywood is nestled in the San Fernando Valley, separated from the L.A. metro area by the Hollywood Hills. NoHo, as the locals know it, hosts a diverse group of residents, with more than 50 percent of them Latino, and skews younger

With its prominent arts district, it’s no surprise that average rent prices in the area have increased as residents see the value of living in NoHo. You can find a studio apartment for $2,526 per month on average — a nearly 43 percent increase since last leap year.

1. Hollywood, CA

hollywood ca

  • 2020 average rent price: $2,762.18
  • 2016 average rent price: $1,665.94
  • 4-year change: 65.80%

Hollywood doesn’t need an introduction — it’s the land of film studios, movie stars and glamour. Located right in the middle of Los Angeles, Hollywood celebrates its Tinseltown history, with recognizable landmarks and architectural buildings seemingly everywhere.

The city has experienced a 66 percent increase in studio apartment rents, as more Hollywood hopefuls move into town to chase their dreams. In 2020, you can find a studio apartment for $2,762 per month on average.

Cities with the greatest studio price decreases

While some cities experienced increases, other cities got good news in the form of studio apartment rental decreases. While you may have to make do with a lack of storage and walls, you can save on square footage and monthly rent.

5. Dallas, TX

dallas tx

  • 2020 average rent price: $1,253.42
  • 2016 average rent price: $1,362.63
  • 4-year change: -8.01%

With its five Super Bowl titles and mild four seasons, Dallas can now add affordable studio rents to its list. The Texas city experienced a decrease of 8 percent in rents, despite penthouses like this one. The average rent for a studio is now $1,253 a month. Enjoy the city’s brisket, the many outdoor opportunities for hiking and water sports, and of course, the sports culture.

4. Seattle, WA

seattle

  • 2020 average rent price: $1,737.41
  • 2016 average rent price: $1,900.71
  • 4-year change: -8.59%

It’s hard to believe that Seattle became more affordable since the last leap year, but it’s true. Despite the boom in the city’s tech sector, its thriving seafood scene and misty days are a bit more accessible thanks to its decreased studio apartment average rents to $1,737 a month. Who knows — you may have the Space Needle as part of your apartment view by next leap year.

3. San Jose, CA

san jose ca

  • 2020 average rent price: $2,542.35
  • 2016 average rent price: $2,803.62
  • 4-year change: -9.32%

At the heart of Silicon Valley’s growth, San Jose has become the epicenter of technology, innovation and one of the most expensive housing markets in the U.S. That’s why it’s shocking to find that since 2016, San Jose’s studio rents have decreased by more than 9 percent.

You can now find a studio apartment $2,542 per month on average in the city. Its many neighborhoods, like Japantown, Little Portugal and the Alameda, provide a rich cultural background and amenities for residents.

2. Oklahoma City, OK

oklahoma city

  • 2020 average rent price: $705.16
  • 2016 average rent price: $868.92
  • 4-year change: -18.85%

Oklahoma City, or OKC, was named one of the 50 best places to travel in 2020, and after visiting the city’s growing dining and arts scene, we have an inkling that many will want to stay. They’re in luck as the city has experienced a nearly 19 percent decrease in rent for studio apartments.

You can find a studio apartment with many amenities for around $700 a month on average.

1. Houston, TX

houston tx

  • 2020 average rent price: $1,079.17
  • 2016 average rent price: $1,409.68
  • 4-year change: -23.45%

Some of the country’s largest companies call Houston home. It’s not only oil but also healthcare, manufacturing and technology that draws them. Your paycheck goes far in Houston as rent prices for a studio apartment decreased 23 percent to $1,079 a month on average since the last leap year.

Sign your lease and enjoy the city’s diverse cuisine — from dumplings to barbecue to Viet-Cajun crawfish.

One-bedroom average rent prices

These are the 50 cities with the largest increases in one-bedroom apartments around the country, as well as the 50 cities that saw the largest decreases. If you’ve been thinking of making a move in this new decade, keep on reading.

heat map with 1-BR prices

Cities with the greatest one-bedroom price increases

From the East to the West Coast, these are the top five cities that saw the largest one-bedroom rent price increases.

5. West Palm Beach, FL

west palm beach fl

  • 2020 average rent price: $2,150.11
  • 2016 average rent price: $1,345.07
  • 4-year change: 59.85%

The beautiful Atlantic Ocean coastline of West Palm Beach has attracted more than retirees. The Florida city has plenty of outdoor activities to entertain your family before and after work — from shopping to festivals to the beach, of course. The city also experienced an increase in average rent prices since the last leap year — close to 60 percent to $2,150 a month on average.

4. San Francisco, CA

san francisco ca

  • 2020 average rent price: $6,622.57
  • 2016 average rent price: $4,125.87
  • 4-year change: 60.51%

Due to a deficit of housing, San Francisco rents have skyrocketed as more people make a move to follow their technology jobs. Since the last leap year, the city has seen a 60 percent increase in one-bedroom apartment rents. After viewing this $50,000 per month apartment, the average rent price of $6,622 a month for a one-bedroom unit will seem like a bargain. Make sure that when you make a move to SF, you’re prepared to shell out a hefty price to be near the hustle and bustle of the city.

3. Plano, TX

plano tx

  • 2020 average rent price: $2,029.02
  • 2016 average rent price: $1,208.17
  • 4-year change: 67.94%

Located about 20 miles outside of Dallas, Plano is home to various major corporations, including Capital One, Frito-Lay and JCPenney. While the city attracts a large number of business travelers due to conferences, Plano still offers great amenities to residents. All of this no doubt contributed to a nearly 68 percent increase in rents for one-bedroom apartments to $2,029 a month on average.

Tree-lined open spaces, excellent schools with a 90-plus percent graduation rate and job security have turned a lot of visitors into permanent residents.

2. Midland, TX

midland tx

  • 2020 average rent price: $1,446.48
  • 2016 average rent price: $836.33
  • 4-year change: 72.95%

The childhood home of former president George W. Bush, Midland hosts one of the state’s major oil centers. The city’s population has increased tremendously over the last few years due to job security in the area, thanks to the oil industry. This has led to increases in one-bedroom rent prices. Since the last leap year, monthly rent prices for a one-bedroom have increased close to 73 percent to $1,446 a month on average.

1. St. Louis, MO

st louis

  • 2020 average rent price: $1,788.42
  • 2016 average rent price: $971.42
  • 4-year change: 84.10%

Beyond the famous Gateway Arch, St. Louis boasts unique neighborhoods and tons of rich history for prospective residents. Since the last leap year, it seems like everyone noticed as the city has experienced a boom of sorts. One-bedroom rents increased 84 percent in the last four years to $1,788 a month on average. The city is increasingly family-friendly with plenty of museums, green spaces like Forest Park and the fun sculptures at Citygarden.

Cities with the greatest one-bedroom price decreases

Whether you are a beach person or are more into Southern food, these are the cities with the greatest one-bedroom price decreases. There really is something for everyone.

5. Norfolk, VA

norfolk va

  • 2020 average rent price: $1,305.15
  • 2016 average rent price: $1,667.08
  • 4-year change: -21.71%

Situated only 19 miles from Virginia Beach, Norfolk lets you experience city life during the week and a little beach tranquility on weekends. The city has experienced a decrease in one-bedroom rent prices of 21 percent to $1,305 a month on average. Enjoy the NEON Arts District or catch a flick at the historic Naro Expanded Cinema on the weekends.

4. Evanston, IL

evanston il

  • 2020 average rent price: $1,843.05
  • 2016 average rent price: $2,374.75
  • 4-year change: -22.39%

Only 12 miles outside Chicago, Evanston has been named one of the best suburbs in the state. It’s home to Northwestern University, so the area skews younger with a mix of families and college students.

The change in rental prices for a one-bedroom has been drastic as you can now rent an apartment for $1,843 per month on average, a 22 percent decrease from 2016.

3. Franklin, TN

franklin tn

  • 2020 average rent price: $1,739.73
  • 2016 average rent price: $2,441.93
  • 4-year change: -28.76%

A suburb of Nashville, Franklin has a complicated Civil War history and a charming downtown area. The main street has boutique stores, art galleries and beautiful Victorian architecture to be enjoyed. The town has seen a decrease in one-bedroom rents of 28 percent in the past four years for an average rent of nearly $1,739 a month.

2. Morristown, NJ

morristown nj

  • 2020 average rent price: $2,241.48
  • 2016 average rent price: $3,348.36
  • 4-year change:-33.06%

As an alternative to more expensive Hoboken, Morristown has been attracting millennials with its affordable one-bedroom apartments and community-centric neighborhood. Its downtown offers a thriving dining scene along with fairs and Colonial architecture. You’re in luck too — as the area has experienced a 33 percent decrease in one-bedroom rents since last leap year to $2,241 a month on average.

1. Montgomery, AL

montgomery al

  • 2020 average rent price: $578.61
  • 2016 average rent price: $964.11
  • 4-year change: -39.98%

The capital of Alabama is both the birthplace of the Civil Rights Movement and most recently, the renaissance of its downtown area as startups and other mid-size businesses have moved in. Montgomery remains affordable after all of these years, with a significant drop in one-bedroom rent prices of 40 percent to about $579 a month on average. Embrace the South and place your roots here.

Two-bedroom average rent prices

Who doesn’t need a little more square footage? If you need a two-bedroom, these are the 50 cities across the country that experienced two-bedroom rent increases and decreases. You get to pick the right budget for you as they’re across the spectrum.

rent prices for two-bedroom

Cities with the greatest two-bedroom price increases

You’ll see some surprises in these top 5 cities that saw two-bedroom apartment price increases.

5. Sacramento, CA

sacramento ca

  • 2020 average rent price: $2,095.10
  • 2016 average rent price: $1,172.71
  • 4-year change: 78.65%

Sacramento often tops the list for best places to live in California, and it’s hard not to see why. Its tree-lined streets and great food and beer scenes have attracted young families.

People are starting to see the hype as in 2020, the average rent price for a two-bedroom apartment has increased 78 percent, with an average rent price of $2,095 per month.

4. Odessa, TX

odessa tx

  • 2020 average rent price: $1,806.41
  • 2016 average rent price: $976.76
  • 4-year change: 84.94%

Did you know that Odessa has a meteor crater site? It’s more than 50,000 years old. Odessa is also home to the Presidential Archives and Leadership Library and the set of “Friday Night Lights.” The small town at the center of the Permian Basin oil boom has seen an increase in interest since the last leap year with a nearly 85 percent increase in two-bedroom rents to $1,806 a month on average. Something to keep in mind as you think of moving closer to the cowboys.

3. Cleveland, OH

cleveland oh

  • 2020 average rent price: $1,837.53
  • 2016 average rent price: $991.76
  • 4-year change: 85.36%

Cleveland is all about rock ‘n’ roll — the Hall of Fame is one of its biggest attractions. The city’s aquarium, museums and botanical gardens round out its cultural activities that entertain more than just tourists. Whether you’re a fan of the Cleveland Indians or the Cavaliers, keep an eye for higher rent in Cleveland. The city experienced an 85 percent increase since 2016 to nearly $1,838 a month on average.

2. Speedway, IN

speedway in

  • 2020 average rent price: $1,234.31
  • 2016 average rent price: $659.13
  • 4-year change: 87.26%

Speedway is home to the famous Indianapolis Motor Speedway. The town’s population hovers around 11,000 residents, making it a tight-knit community. In the last four years, the small town has seen a big increase in average rent prices for two-bedrooms — 87 percent — for an average rent of about $1,234 a month.

1. Bellevue, WA

bellevue wa

  • 2020 average rent price: $4,955.66
  • 2016 average rent price: $2,495.33
  • 4-year change: 98.60%

As the more upscale sister to Seattle, it’s no surprise that Bellevue took our top spot for the highest increase in two-bedroom prices. At a staggering 98 percent, Bellevue’s average rent now nears $5,000. The city has been named one of the best cities to live in Washington, with its top-rated schools and closeness to downtown Seattle.

Cities with the greatest two-bedroom price decreases

Need to save a little while renting for your ultimate dream home? These five cities saw a decrease in two-bedroom average rents of at least 28 percent.

5. Chapel Hill, NC

chapel hill nc

  • 2020 average rent price: $944.21
  • 2016 average rent price: $1,324.01
  • 4-year change: -28.69%

Home to the University of North Carolina, Chapel Hill has beautiful murals throughout the town, as well as an award-winning dining scene. If that sounds good, you’re in luck as the small town saw a 28 percent decrease in average rent prices in 2020. You can grab a two-bedroom apartment for less than $1,000 per month on average.

4. Oxford, MS

oxford ms

  • 2020 average rent price: $879.24
  • 2016 average rent price: $1,242.25
  • 4-year change: -29.22%

Oxford‘s small-town charm will captivate you as much as its affordable two-bedroom apartment rent prices in 2020. Since the last leap year, the city has seen a 29 percent decrease in average rent prices to $879 a month on average. With a major state university, delicious Southern and Cajun cuisine and rich history of the blues, you’ll feel right at home (with some savings).

3. Montgomery, AL

montgomery al

  • 2020 average rent price: $757.11
  • 2016 average rent price: 1,137.32
  • 4-year change: -33.43%

Your extra square footage can come with a side of delicious Southern cuisine in Montgomery. The city saw a 33 percent decrease in two-bedroom rents, which were $757 on average. When you’re all moved in, check out the Vintage Cafe, a restored mid-century bank, for breakfast and immerse yourself in the Civil Rights history displayed all over town.

2. Minot, ND

minot nd

Photo courtesy of North Highlands Corporate Housing
  • 2020 average rent price: $861.92
  • 2016 average rent price: $1,501.30
  • 4-year change: -42.59%

North Dakota’s Minot has a robust aviation history — nearby, you can see the Minot Air Force Base and the Dakota Territory Air Museum. The city also has a long relationship with its Scandinavian immigrant community, and you can see it in the traditional houses built in the Scandinavian Heritage Park.

Freezing winters may be overwhelming, but the area saw a more than 42 percent decrease in average rent prices since the last leap year. You can find a two-bedroom for about $862 per month on average.

1. Franklin, TN

franklin tn

  • 2020 average rent price: $1,973.04
  • 2016 average rent price: $3,455.24
  • 4-year change: -42.90%

South of Nashville, Franklin, has successfully attracted young families to its historically preserved downtown, its good schools and its nearby Masters & Makers Trail to sample brews and wine of all kinds. It also takes our top spot of most affordable two-bedroom apartments with a nearly 43 percent decrease in average rent prices to $1,973 a month. Now it’s the time to make a move to Williamson County.

Methodology

Cities with the largest rent increases and decreases were calculated by comparing weighted average rent prices for one week in February 2020 to one week of weighted average rent prices in February 2016. We used a weighted average formula that more accurately represents price availability for each individual unit type.

Cities with less than 20 average available units in either 2020 or 2016 were excluded from this report.

The rent information included in this article is based on multifamily rental property inventory on Apartment Guide and Rent.com and is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

Published at Thu, 27 Feb 2020 23:01:10 +0000