Lovely Releases Q2 2014 Rental Market Report
What You Need to Know About the Rental Market in Five of the Nation’s Major Cities
Today, rental marketplace Lovely just released the Lovely Rental Market Report, featuring Q2 2014 data that sheds light on the current state of the rental market in five key areas across the United States.
For this report, Lovely analyzed their marketplace data, featuring the most comprehensive set of listings from over 70 data partners, to measure each market by:
Median rent overall
Median rent by bed count
Inventory citywide
Inventory by bed count
Biggest rent increase by neighborhood
Neighborhoods above and below the citywide median
New York City: One and two bedroom units have experienced 12 percent and 26 percent year-over-year growth, respectively, contributing to the 22 percent increase in median rent price compared to this time last year.
Los Angeles: Neighborhoods like Century City and Brentwood not only represent massive year-over-year price growth, but also boast exorbitant median rent prices that are 139 percent and 122 percent above the citywide median rent price, respectively.
Chicago: The most affordable city in this list, Chicago experienced a decrease in median rent compared to last year – except when it comes to studios. Since Q2 2013, the median rent price for a studio apartment increased 40 percent.
Washington, D.C.: Despite a peak in the beginning of 2013, median rent price in Washington, D.C. has been on the decline, experiencing a nearly 7 percent year over year decrease. Studio, one bedroom and two bedroom units all fall directly in line with the year over year citywide trend, with more than 5 percent, 6 percent and 8 percent decreases, respectively.
San Francisco/Bay Area: Rent prices have surged throughout the Bay Area. Specifically, Oakland and San Jose have increased 20 percent and 12 percent, respectively, but Oakland median rent still pales, coming in at $1,795 when compared to San Francisco’s sky-high $3,285.
Additional insights from the full report include:
The cities that saw the highest year-over-year increase in rent – broken down by neighborhood
Trends in demand based on apartment size and location
Neighborhoods within these major metros that have the best rental deals
Lovely is the first true rental marketplace designed to help renters land their new homes without hassle or stress and help property owners find the most qualified tenants through control and transparency. Lovely is focused on making the renting process better by allowing renters to search, apply, and pay directly from their mobile device or on desktop, while giving property owners the tools to market their units and find the best tenants. Learn more at www.livelovely.com.
American Apartment Owners Association offers discounts on products and services for all your property management needs. Find out more at www.joinaaoa.org.
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