The Final Count Down - Rent Statistics for 15 Major Markets

We’re rounding out our three week series bringing you rent statistics from The 2014 American Community Survey (ACS) 1-Year Estimates on 15 big markets, five at a time over three weeks. These numbers were just released on September 17, 2015, so this is the newest data from the Census Bureau. This week we are serving up numbers on the metropolitan statistical areas of Denver, Washington, San Jose, Seattle, and Philadelphia.

We thought the information surrounding total households, percentage of renter occupied housing units, median gross rent as a percentage of household income, and percentage of renters living in multifamily properties with 5 units might be especially helpful for multifamily professionals. We also used the collected rent data driving our analytics engine to establish the average monthly rents in the same time frame. Then we decided to bring in the most recent and reliable data we had on average apartment rents for 2015 (from August) and their rent increase or decrease in the 6 moths prior. Some areas saw a dramatic change in their multifamily rent statistic from 2014  to 2015, others held steady, check out which ones saw the biggest changes.

 

1. Denver-Aurora-Lakewood, CO Metro Area

  • Total Households: 1,054,371 (margin of Error +/- 4,618)
  • Percentage of total households that are renter-occupied housing units: 37.6%
  • Percentage of renters living in apartments bigger than 5 units: 59.2%
  • Median gross rent as a percentage of household income: 29.9%
  • In 2014, the overall average apartment rent within 10 miles of Denver, CO was $1385 increasing $228 (⇑18.1%) between Jan. and Dec.
  • One bedroom apartments in Denver were renting for $1156 a month on average and two bedroom apartments were renting for $1463 in 2014.
  • As of August 2015, average apartment rent within 10 miles of Denver, CO is $1637.
  • One bedroom apartments in Denver rent for $1318 a month on average and two bedroom apartment rents average $1718.
  • The average apartment rent over the 6 months prior to August 2015  in Denver has increased by $103 (⇑6.7%)

2. Washington-Arlington-Alexandria, DC-VA-MD-WV Metro Area

  • Total Household: 2,154,147 (+/- 7,654)
  • Percentage of total households that are renter-occupied housing units: 37.3%
  • Percentage of renters living in apartments bigger than 5 units: 63.8%
  • Median gross rent as a percentage of household income: 29.9%
  • In 2014, the overall average apartment rent within 10 miles of Washington, DC was $1889 increasing $103 (⇑5.6%) between Jan. and Dec.
  • One bedroom apartments in Washington were renting for $1712 a month on average and two bedroom apartments were renting for $2178 in 2014.
  • As of August 2015, average apartment rent within 10 miles of Washington, DC is $2026.  
  • One bedroom apartments in Washington rent for $1771 a month on average and two bedroom apartment rents average $2284.
  • The average apartment rent over  the 6 months prior to August 2015 in Washington has increased by $145 (⇑7.7%)

3. San Jose-Sunnyvale-Santa Clara, CA Metro Area

  • Total households: 639,301 (+/- 3,441)
  • Percentage of total households that are renter-occupied housing units: 43.6%
  • Percentage of renters living in apartments bigger than 5 units: 51.8%
  • Median gross rent as a percentage of household income: 29.7%
  • In 2014, the overall average apartment rent within 10 miles of San Jose, CA was $2489 increasing $166 (⇑6.9%) between Jan. and Dec.
  • One bedroom apartments in San Jose were renting for $2057 a month on average and two bedroom apartments were renting for $2560 in 2014.
  • As of August 2015, average apartment rent within 10 miles of San Jose, CA is $2877.  
  • One bedroom apartments in San Jose rent for $2473 a month on average and two bedroom apartment rents average $3010.
  • The average apartment rent over the 6 months prior to August 2015 in San Jose has increased by $221 (⇑8.3%)

4. Seattle-Tacoma-Bellevue, WA Metro Area

  • Total household: 1,406,259 (+/- 6,154)
  • Percentage of total households that are renter-occupied housing units: 40.6%
  • Percentage of renters living in apartments bigger than 5 units: 55.4%
  • Median gross rent as a percentage of household income : 29.5%
  • In 2014, the overall average apartment rent within 10 miles of Seattle, WA was $1635 increasing $147 (⇑9.4%) between Jan. and Dec.
  • One bedroom apartments in Seattle were renting for $1414 a month on average and two bedroom apartments were renting for $1875 in 2014.
  • As of August 2015, average apartment rent within 10 miles of Seattle, WA is $1897.
  • One bedroom apartments in Seattle rent for $1615 a month on average and two bedroom apartment rents average $2136.
  • The average apartment rent over the 6 months prior to August 2015 in Seattle has increased by $282 (⇑17.5%)

5. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD  Metro Area

  • Total household: 2,230,807 (+/- 8,291)
  • percentage of total households that are renter-occupied housing units: 33%
  • Percentage of renters living in apartments bigger than 5 units: 40.2%
  • Median gross rent as a percentage of household income : 32.3%
  • In 2014, the overall average apartment rent within 10 miles of Philadelphia, PA was $1263 increasing $72 (5.9%) between Jan. and Dec.
  • One bedroom apartments in Philadelphia were renting for $1086 a month on average and two bedroom apartments were renting for $1316 in 2014.
  • As of August 2015, average apartment rent within 10 miles of Philadelphia, PA is $1429.  
  • One bedroom apartments in Philadelphia rent for $1215 a month on average and two bedroom apartment rents average $1479.
  • The average apartment rent over the 6 months prior to August 2015 in Philadelphia has increased by $95 (⇑7.1%)

Out of the 15 markets we only saw 2 take a dip in 2015, San Francisco and Chicago. Most were steady with increases below 10%, but we did see a few heavy hitters. Texas markets have been booming, especially Houston and Dallas. Atlanta went from an 11% rent increase in 2014 to a whopping 29.4% rent increase in the first part of 2015. What do you guys think these numbers say about the rent statistic leading into 2016?





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