This week we fell down the rabbit hole of statistics known as the 2014 Census to bring you numbers on 15 big markets, five at a time for the next three weeks. This week we are serving up numbers on the metropolitan statistical areas of Atlanta, Austin, Dallas, Houston, and San Francisco.

OH BOY!

The 2014 American Community Survey (ACS) 1-Year Estimates were released on September 17, 2015 with a seemingly endless source of housing information. We grabbed info on total households, percentage of renter occupied housing units, median gross rent as a percentage of household income, and broke down the percentage of renters living in multifamily properties with 5 units plus. The numbers we gathered are based on the data collected from Jan 1, 2014 to Dec. 31, 2014.

We also looked at the collected rent data we use to drive our analytics engine. We managed to establish average monthly rents for 2014 and provide you with  averages for August of 2015 along with average rent increase (or decrease) over the prior 6 months.  We’re pretty excited to share a drastically changing landscape in multifamily with you. 

1. Atlanta – Sandy Springs – Roswell, GA Metro Area

  • Total Households: 1,981,447 (margin of Error +/- 8,872)
  • Percentage of renter occupied housing units: 37.58%
  • Percentage of renters living in apartments bigger than 5 units: 47.1%.
  • Median gross rent as a percentage of household income: 31.1%
  • In 2014, the overall average apartment rent within 10 miles of Atlanta, GA was $1032 increasing $111 (11.4%) between Jan. and Dec.
  • One bedroom apartments in Atlanta were renting for $975 a month on average and two bedroom apartments were renting for $1073 in 2014.
  • As of August 2015, average apartment rent within 10 miles of Atlanta, GA is $1404.
  • As of August 2015, one bedroom apartments in Atlanta rent for $1223 a month on average and two bedroom apartment rents average $1601
  • The average apartment rent over the 6 months prior to August 2015 in Atlanta has increased by $319 (29.4%) – WOW

2. Dallas – Fort Worth – Arlington, TX Metro Area

  • Total Household: 2,445,239 (+/- 8,810)
  • Percentage of renter occupied housing units: 40.81%
  • Percentage of renters living in apartments bigger than 5 units: 56.2%
  • Median gross rent as a percentage of household income: 29.4%
  • In 2014, the overall average apartment rent within 10 miles of Dallas, TX was $1184 increasing $179 (16%) between Jan. and Dec.
  • One bedroom apartments in Dallas were renting for $1052 a month on average and two bedroom apartments were renting for $1438 in 2014.
  • As of August 2015, average apartment rent within 10 miles of Dallas, TX is $1502.
  • As of August 2015, one bedroom apartments in Dallas rent for $1263 a month on average and two bedroom apartment rents average $1796.
  • The average apartment rent over the 6 months prior to August 2015 in Dallas has increased by $147 (10.8%)

3. Houston – The Woodlands – Sugar Land, TX Metro Area

  • Total households = 2,226,123 (+/- 9,156)
  • Percentage of renter occupied housing units: 40.94%
  • Percentage living in apartments bigger than 5 units: 58.9%
  • Median gross rent as a percentage of household income: 28.9%
  • In 2014, the overall average apartment rent within 10 miles of Houston, TX was $1343 increasing $242 (19.8%) between Jan. and Dec.
  • One bedroom apartments in Houston were renting for $1195 a month on average and two bedroom apartments were renting for $1495 in 2014.
  • As of August 2015, average apartment rent within 10 miles of Houston, TX is $1607.
  • As of August 2015, one bedroom apartments in Houston rent for $1332 a month on average and two bedroom apartment rents average $1858.
  • The average apartment rent over the 6 months prior to August 2015 in Houston has increased by $257 (19%)

4. Austin – Round Rock, TX Metro Area

  • Total household = 703,976 (+/- 5,480)
  • Percentage of renter occupied housing units: 42.8%
  • Percentage of renter living in apartments 5 units and bigger: 55.9%
  • Median gross rent as a percentage of household income: 30.1%
  • In 2014, the overall average apartment rent within 10 miles of Austin, TX was $1245 increasing $ 211 (18.6%) between Jan. and Dec.
  • One bedroom apartments in Austin were renting for $1060 a month on average and two bedroom apartments were renting for $1321 in 2014.
  • As of August 2015, average apartment rent within 10 miles of Austin, TX is $1452.
  • As of August 2015, one bedroom apartments in Austin rent for $1245 a month on average and two bedroom apartment rents average $1659.
  • The average apartment rent over the 6 months prior to August 2015 in Austin has increased by $92 (6.8%)

5. San Francisco – Oakland – Hayward, CA Metro Area

  • Total household = 1,665,925 (+/- 6,943)
  • Percentage of renter occupied housing units: 46.79%
  • Percentage living in apartments bigger than 5 units: 52.4%
  • Median gross rent as a percentage of household income : 29.8%
  • In 2014, the overall average apartment rent within 10 miles of San Francisco, CA was $3395 decreased $370 (-9.6%) between Jan. and Dec.
  • One bedroom apartments in San Francisco were renting for $2902 a month on average and two bedroom apartments were renting for $3873 in 2014.
  • As of August 2015, average apartment rent within 10 miles of San Francisco, CA is $3512.
  • As of August 2015, one bedroom apartments in San Francisco rent for $2965 a month on average and two bedroom apartment rents average $3853.
  • The average apartment rent over the 6 months prior to August 2015 in San Francisco has decreased by $74 (-2.1%)

 

Next week we are going to reveal rent stats on five more major markets (hint: only one market is from a state in this week’s article) to help you uncover insights. If you don’t want to miss it follow us on LinkedIn or go to www.rescour.com to sign up for our weekly commercial real estate news and listings.

 





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4 thoughts on “ACS Rent Statistics for 5 Major Markets

billige jordan carver zoob2012 - | Reply

Great blog here! Also your web site loads up very fast! What web host are you using? Can I get your affiliate link to your host? I wish my web site loaded up as fast as yours lol

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