National Apartment Report November 2016

The national average one-bedroom apartment rent rose from $1,028 in October to $1,042 in November, according to the ABODO National Apartment Report. This figure is $10 below the yearly high of $1,052 in September and well over $1,500 below the average monthly rent of an apartment in San Jose, Calif., whose monthly average for a one-bedroom unit rose 13% this month alone.

San Jose’s one-bedroom apartment rent jumped from $2,293 to $2,591 in November after a short stretch of price drops in September and October. The $298 difference in price is the largest by far of any of the cities in the top five, and the remaining nine cities with the “Biggest Rise” in monthly rent never rose above a 5% gain this month.

With respect to an earlier study, in which ABODO reported that 47% of San Jose’s renters were cost burdened, senior communications manager Sam Radbil makes note of the effects that outsize rent gains and job growth have had on the Bay Area’s housing.

“Renters and advocates have been pushing for rent-control reform, as cited in numerous reports following the election,” Radbil said in a release. “Advocates for rent control have said that the major issue causing rent to continually increase in San Jose and San Francisco is job growth. While this is typically a good thing for metro areas, the increase in job opportunities in San Jose and San Francisco has far surpassed the housing growth over the past couple of years." For now, Radbil notes, the area’s incoming micro apartments might be another possible source of relief for San Jose renters who are willing to compromise on space.

The average rent decreased the most this month in Columbus, Ohio, with a 15% drop, from $843 to $718 following a 10% drop between September and October. ABODO attributes these price declines to an overall drop in apartment demand following The Ohio State University’s off-campus apartment-hunting season. (The report notes that Columbus rents rose 15% in July of this year.) Seattle was next on the list, with a 12% drop in average rent, followed by Atlanta, at 8%, and Miami, at 6%.