Last week we started our series (read part 1 here) bringing you rent statistics from The 2014 American Community Survey (ACS) 1-Year Estimates on 15 big markets, five at a time for three weeks. These numbers were just released on September 17, 2015, so don’t discount this as old news. This week we are serving up numbers on the metropolitan statistical areas of San Diego, Phoenix, Miami, Nashville, and Chicago.

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 unit and more. Then we used the collected rent data that drives our analytics engine to establish average monthly rents in that time frame. To add icing on the cake we added the most reliable data on average apartment rents (which is from August of 2015), along with average rent increase or decrease over the 6 months prior to that month. Check out how far multifamily has come in just a year.

1. San Diego – Carlsbad, CA Metro Area

  • Total Households: 1,100,858 (margin of Error +/- 5,824)
  • Percentage of renter occupied housing units: 47.8%
  • Percentage of renters living in apartments bigger than 5 units: 51.2%
  • Median gross rent as a percentage of household income: 33.4%
  • In 2014, the overall average apartment rent within 10 miles of San Diego, CA was $1740 increasing $69 (4.0%) between Jan. and Dec.
  • One bedroom apartments in San Diego were renting for $1467 a month on average and two bedroom apartments were renting for $1870 in 2014.
  • As of August 2015, average apartment rent within 10 miles of San Diego, CA is $1907.
  • One bedroom apartments in San Diego rent for $1629 a month on average and two bedroom apartment rents average $2031
  • The average apartment rent over the 6 months prior to August 2015 in San Diego has increased by $117 (⇑6.5%)

2. Phoenix – Meso – Scottsdale, AZ Metro Area

  • Total Household: 1,590,240 (+/- 9,032)
  • Percentage of renter occupied housing units: 40.4%
  • Percentage of renters living in apartments 5 units and bigger: 41.6%
  • Median gross rent as a percentage of household income: 29.8%
  • In 2014, the overall average apartment rent within 10 miles of Phoenix, CA was $906 increasing $160 (18.9%) between Jan. and Dec.
  • One bedroom apartments in Phoenix were renting for $734 a month on average and two bedroom apartments were renting for $904 in 2014.
  • As of August 2015, average apartment rent within 10 miles of Phoenix, AZ is $1074.
  • One bedroom apartments in Phoenix rent for $878 a month on average and two bedroom apartment rents average $1116.
  • The average apartment rent over the 6 months prior to August 2015 in Phoenix has increased by $78 (⇑7.8%)

3. Miami – Fort Lauderdale – West Palm Beach, FL Metro Area

  • Total households: 2,047,325 (+/- 9,688)
  • Percentage of renter occupied housing units: 40.4%
  • Percentage living in apartments bigger than 5 units: 54.8%
  • Median gross rent as a percentage of household income : 37.6%
  • In 2014, the overall average apartment rent within 10 miles of Miami, FL was $1967 increasing $232 (12.6%) between Jan. and Dec.
  • One bedroom apartments in Miami were renting for $1605 a month on average and two bedroom apartments were renting for $2194 in 2014.
  • As of August 2015, average apartment rent within 10 miles of Miami, FL is $2413.
  • One bedroom apartments in Miami rent for $1890 a month on average and two bedroom apartment rents average $2738.
  • The average apartment rent over the 6 months prior to August 2015 in Miami has increased by $180 (⇑8.1%)

4. Nashville – Davidson – Murfreesboro – Franklin, TN Metro Area

  • Total household = 674,665 (+/- 5,274)
  • Percentage of renter occupied housing units: 35.5%
  • Percentage of renter living in apartments 5 units and bigger = 44.7%
  • Median gross rent as a percentage of household income : 30.4%
  • In 2014, the overall average apartment rent within 10 miles of Nashville, TN was $1128 increasing $145 (13.6%) between Jan. and Dec.
  • One bedroom apartments in Nashville were renting for $910 a month on average and two bedroom apartments were renting for $1185 in 2014.
  • As of August 2015, average apartment rent within 10 miles of Nashville, TN is $1311.
  • One bedroom apartments in Nashville rent for $1063 a month on average and two bedroom apartment rents average $1389.
  • The average apartment rent over the 6 months prior to August 2015 in Nashville has increased by $163 (⇑14.2%)

5. Chicago – Naperville- Elgin, IL Metro Area

  • Total household: 3,442,174 (+/- 9,879)
  • Percentage of renter occupied housing units: 36%
  • Percentage living in apartments bigger than 5 units = 50%
  • Median gross rent as a percentage of household income : 31%
  • In 2014, the overall average apartment rent within 10 miles of Chicago, IL was $1818 increasing $119 (6.7%) between Jan. and Dec.
  • One bedroom apartments in Chicago were renting for $1575 a month on average and two bedroom apartments were renting for $2011 in 2014.
  • As of August 2015, average apartment rent within 10 miles of Chicago, IL is $1942.
  • One bedroom apartments in Chicago rent for $1717 a month on average and two bedroom apartment rents average $2221.
  • The average apartment rent over the 6 months prior to August 2015 in Chicago has decreased by $43 (⇓-2.2%)

 

Next Monday we’ll be finishing out the series with the last five of our fifteen major markets. If you want to make sure you don’t miss it follow us on LinkedIn or subscribe to our weekly newsletter for CRE articles from all around the country.





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