National News: Rents Continue to Rise & California Leads the Way!
As we know rents in California and on the Central Coast are high and we continue to have a shortage of affordable options. It looks like we aren't alone but 5 of the top 10 cities for highest rents in the US were in California and they continue to rise.
The national average rent climbed to a record high of $1,409 in July, up 2.8 percent year over year according to RentCafe reports.
The largest apartment rental increases were in Orlando (7.7 percent year over year); Las Vegas (6.4 percent); and Phoenix (6.2 percent). On the other hand, the slowest growing rents were in San Antonio, Texas (1.6 percent); Manhattan (1.7 percent); and Washington, D.C. (2 percent).
Take a look at the current highest and lowest rents in the U.S.:
Source: “Seasonal Demand Pushes Up Apartment Rents in July in 88 Percent of Cities,” RentCafe Blog (Aug. 1, 2018)