Where U.S. Apartment Rents Are Rising Fastest

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.