Not surprisingly, New York had the highest rents in the country in the third quarter, at $3,185 per month, according to New York-based data provider Reis. Those rents were 47 percent higher than San Francisco—the second most expensive market.
Even as vacancies slightly increased, the third quarter saw rent increases in all 79 of the markets that Reis tracks. And, that should continue to be a theme going forward.
“Rents are projected to continue to grow in all of our primary markets, indicating that it will largely remain a landlord's market despite the supply growth,” said Reis Senior Economist Ryan Severino in comments about the third quarter.
In terms of year-over-year rent growth, California is leading the charge. But neither San Jose nor San Francisco (or New York for that matter) saw the largest rent increases in the third quarter over the second quarter. an honor reserved for the following:
The Top 10 Quarterly Rent Growth Markets
1. Denver 1.9%
2. Austin 1.8%
3. Kansas City 1.5%
4. Houston 1.5%
5. Nashville 1.5%
6. Dallas 1.4%
7. Minneapolis 1.4%
8. Omaha 1.4%
9. Boston 1.4%
10. San Jose 1.4%
