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.