As 2019 saw historically low vacancy rates among multifamily housing, it also led to a rising cost of rent, too.
According to realtor.com, a report from Abodo said rental prices went up in 38 states, including Washington, D.C., in 2019. In the other 12 states, the cost of rent actually fell, but only slightly.
Nationally, median rents for one-bedroom units went up 4.1%, making monthly rent $1,078 at the end of 2019.
Prices for two-bedroom units went up 5.5%, making monthly rent $1,343.
In 2019, multifamily occupancy rates reached as high as 96.3%. The demand of multifamily housing keeps rising, as home prices are also continuing to climb.
According to realtor.com, rental prices surged the most in Utah. There, rent went up 3.78% in 2019, reaching $965 for a one-bedroom unit.
“In states like Utah, people are relocating for jobs,” Abodo said in its report. “Many folks are coming from California and other high-priced hubs. People need to find places where they can live and afford to live a lifestyle that they want.”
Renting cost the most in Massachusetts, where the average one-bedroom unit cost $2,218 a month.
Renting surged the most in Detroit, where cost of renting a one-bedroom went up 7.48%, making rent $886 a month.
“They’re seeing a housing boom,” Abodo continued. “There are more people moving there, which increases the demand for housing as the city begins to come back. New construction has actually started there, which is obviously going to cost more.”
The highest rents in the nation were, at no surprise, San Francisco and New York City. On average, renting a one-bedroom unit was $3,877 and $3,082 a month, respectively.
Renters in Montana saw the biggest price cuts in 2019. Rents fell 1.6%, to an average $745 a month for a one-bedroom unit.
Average prices fell the most in Dayton, Ohio, in 2019, falling 4.11%. This made renting a one-bedroom unit $758 a month. Toldeo, Ohio also had the best deal, where rents were just $517 a month for a one-bedroom unit.
The post Here's where rent prices surged – and where they didn't – in 2019 appeared first on HousingWire.