A newly released report reveals that El Paso-area apartment rental rates are among the lowest in the country.
According to the national rental research firms RENTCafé and Yardi Matrix, their monthly report –December Apartment Market Report – has the apartment market finally slowing down, giving rent-tormented residents some room to breathe.
As their December data shows, rents have dropped for the 4thconsecutive month; but not all cities are created equal.
While renters in El Paso, Houston, San Francisco, and San Jose may find that this is the best time to rent, with rent growth at minimal levels and even free incentives on the table, other renters are not that lucky this time of the year.
Two California cities, Sacramento and Stockton, saw rents skyrocketing this past year with rent growth at 12.2% and 10.6%, respectively, on a year-over-year basis.
Some other highlights from the report:
- El Paso renters may call themselves lucky as their monthly rents are among the smallest in the nation, approx. $752/mo. on avg. Rents in the city have only increased 0.4% on a year-over-year basis, making it the market with the 7th slowest growing rental prices.
- The average US apartment rent decreased for the 4th straight month, reaching $1,210 in December.
- The decline was particularly significant in some historically tight (or rather outrageously expensive) markets, such as San Francisco where rents are down 0.9% year-over-year.
- While rising inventory levels may help rent growth cool down to some extent, Manhattan still remains the country’s most expensive market with average rents north of $4,100/mo.
- The cheapest big city to rent an apartment in the US is Wichita, KS where rents hover around $631/mo. That’s nearly 7 times cheaper than Manhattan’s average monthly rent.
- National rents have indeed lost $4 in December compared to the previous month, but they’ve gone up a substantial 4% over the past year.
*This study was conducted by apartment search website RENTCafé using data from sister company Yardi Matrix, an apartment market intelligence provider that reports on all multifamily properties of 50+ units (14.7M units and >78,000 properties) across 124 markets covering >80% of the population in the United States.