Tag Archives: rents

Where Apartment Rents Are Falling Fastest In The U.S.

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Source: Statista

The Covid-19 pandemic has resulted in a shift in U.S. rental patterns as some residents in expensive areas pack up and move to either the suburbs or smaller cities. The increasingly widespread adoption of remote working has made that possible in many cases and it has resulted in rent prices falling in some of the America’s most notorious rental hotspots such as the Bay Area and Manhattan.

ApartmentGuide’s latest Rent Report found that San Francisco experienced the largest decrease in its average rental price for a one-bedroom apartment over the past year. Remote working is a realistic option for many people in America’s leading tech hub and many have been keen to relocate in order to escape its exorbitant rents. ApartmentGuide’s analysis found that the average rental price for a one-bedroom apartment declined 45 percent between March 2020 and March 2021 while the average rent for a two-bedroom apartment also fell 24 percent.

Chesapeake in Virginia, located in proximity to prominent naval installations, had the second largest year-over-year decline in rent at 29.4 percent while Long Beach (-27.0 percent), Seattle (-18.9 percent) and Los Angeles (-16.0 percent) also posted large declines. Those trends are not evident everywhere, however, and some U.S. cities are reporting a spike. Kansas City experienced the largest rise in rent for a one-bedroom apartment over the past year at 33.5 percent. Gilbert in Arizona came second with a 26 percent increase while Las Vegas also posted growth of 25.3 percent.

Infographic: Where Apartment Rents Are Falling Fastest In The U.S. | Statista

Where U.S. Apartment Rents Are Rising Fastest

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Source: Statista

RENTCafé has released its latest analysis of U.S. apartment rent. It found that the national average rent for an apartment increased three percent, reaching $1,474 in December 2019. In net dollars, renters were paying $43 more per month for an apartment than in December 2018. Manhattan is the most expensive place in the country to rent an apartment with a tenant having to fork over $4,211 per month on average.

The research also analyzed the cities experiencing the biggest increases in rent with Phoenix in first position. It saw a 9.6 percent spike between late 2018 and 2019 with the average rent now standing at $1,123. Las Vegas came second with 6 percent growth while Austin had the third-highest pace of growth with 5 percent.

Infographic: Where U.S. Apartment Rents Are Rising Fastest | Statista

Study: Pains and Gains in the Apartment Hunt

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Survey Says Renters Put as Much Stake in an Apartment’s Online Presence as Its Physical Appearance; Apartment Communities Are Falling Behind at Making the Search Easier

Lehi, UT – Oct. 16, 2018 (PRNewswire) A new survey shows renters are becoming more reliant on online photos and virtual tours than on traditional, in-person guided tours when selecting an apartment. This study, which was conducted by Entrata, multifamily real estate’s fastest-growing technology company, shows that apartment hunters are turning to a variety of online options to eliminate the need to physically visit the apartment.

Entrata (PRNewsfoto/Entrata)

Entrata (PRNewsfoto/Entrata)

“Today’s technology is changing the way people search for rental properties,” said Chase Herrington, president and chief operating officer at Entrata. “Online photos, virtual 360-degree walkthroughs, video feeds—options such as these are making it easier and quicker to find the perfect rental property. These online tools are making it possible for a renter to sit at a computer and virtually tour a dozen different apartments in a single afternoon.”

Key findings of the survey include the following:

  • Prospects find that searching for an apartment online is far more practical than taking in-person guided tours.

    • Few people have the time to hunt for an apartment. Online tours are far more efficient, and an increasing number of renters are taking advantage of it.

    • 25% of those polled reported that they had signed a lease without physically visiting the apartment.
  • Hunting for an apartment is time consuming and isn’t convenient to do after business hours. The report revealed that 68% of those polled spent an hour or more per day apartment hunting. And since much of the day is spent at work, apartment hunting can seriously impact productivity in the workplace.
    • 47% of those polled spend at least an hour or more a day searching for an apartment while at work.
  • Apartment community websites lack the online information prospects seek. Respondents reported that leasing offices were unavailable to provide the help they needed 21% of the time. In addition, those polled reported that they couldn’t always find the information they needed online.
    • The price of the apartment was available online only 9% of the time and floor plans and availability were only available 14% of the time.
  • The move to online or automated services, while inevitable, will take time. Many in the study reported they were unable to do such basic things as fill out an application or pay rent online.
    • 40% said they were unable to fill out an application online.
    • 43% said they were unable to pay rent and other fees online.

To read the Entrata survey summary, click here.

Methodology

Generated by Entrata and fielded in July 2018, the survey collected online responses via Qualtrics from 805 U.S. consumers who are over the age of 18 and rent an apartment.

About Entrata

Founded in 2003, Entrata® is a comprehensive property management software provider with a single-login, open-access Platform as a Service (PaaS) system. The platform offers a wide variety of online tools for websites, payments, lease signing, accounting, and resident management. Entrata’s open API and superior selection of third-party integrations offer management companies the freedom to choose the technology and software that best fit their needs. For more information, go to www.entrata.com.

Contact

Zachary Allen
zachary@methodcommunications.com
(801) 461-9751