News

Economy & Business

Average American Rent Hits Record High

(via Wikimedia Commons)

Apartment-rental prices spiked to a record high during the country’s busiest renting season this summer, reflecting increased competition in a burgeoning economy, according to a new Rentcafé report.

The average monthly rent for an American apartment hit its historical peak of $1,409 in July, $39 higher than at the same time last year, and a $3 higher than in June. The average rent increased in 88 percent of the 252 biggest U.S. metropolises, remained steady in 11 percent of them, and fell in just two of them: Brownsville, Texas and Norman, Okla.

Manhattan topped the list of highest average rents, ending July with an average $4119 rent, ahead of Los Angeles, which was second at $2389. Manhattan’s average is only a 1.73 percent increase from last year, however, while Los Angeles’s rent jumped 4.64 in the same time. Washington, D.C., a high-turnover city for apartment rentals, came in third at $2135, a 2 percent increase from last year.

Las Vegas, Phoenix, Tampa, and Orlando became more expensive to live in this summer, all seeing over 6 percent increases in average monthly rent compared to last summer.

Most Popular

Politics & Policy

We’ll Regret This

Mitch McConnell says the president will sign the budget deal and he will also declare a national emergency to build the wall, as I expected. We’ll see the legal justifications he uses, but as a political and constitutional matter this is a long-term disaster. Oh, it might be good for Trump according to the ... Read More
White House

The Failure of the Deal

EDITOR’S NOTE: The following is Jonah Goldberg’s weekly “news”letter, the G-File. Subscribe here to get the G-File delivered to your inbox on Fridays. Dear Reader (But especially Sammie), I had my say on the emergency declaration yesterday, and I’m sure I’ll have to say it all again not very far ... Read More
White House

Trump’s End Run

President Trump may be right in his legal analysis of his declaration of emergency — lose, lose, lose, then win, maybe. He’ll certainly be blocked by the lower courts and then have some chance to prevail in the Supreme Court, which may well be reluctant to adjudicate a conflict between the two branches of ... Read More