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

Sports

It’s Time for Colin Kaepernick to Move On

Colin Kaepernick. Remember him? Below-average quarterback. Above-average poseur. Not “activist,” not really. Activists actually say stuff. Kaepernick almost never says anything. He’s like the Queen or most popes — you have to read the deep-background musings of supposed members of his inner circle to get ... Read More
Elections

Trump and the Black Vote

"Donald Trump is a racist, white supremacist, white nationalist. So are his supporters." Some version of that refrain is heard almost hourly somewhere in mainstream media. Democratic politicians seem to proclaim it more often than that. Listening only to the Left, you'd conclude that more than half a ... Read More
U.S.

The Age of Miscalculation

On August 7, 1998, more than 200 people were killed in terrorist attacks on U.S. embassies in Dar es Salaam, Tanzania, and Nairobi, Kenya. Americans learned three names most of them never had heard before: Ayman al-Zawahiri, Osama bin Laden, and al-Qaeda. On August 20, 1998, President Bill Clinton ordered a ... Read More