The great majority (72%) of multifamily executives expect a 1% to 5% increase in rent next year, according to J Turner Research’s Leaders Survey, conducted in March. This finding comes at the same time rents rose 2.5% higher in March 2018 than in the same period last year, according to RentCafe's March Apartment Market Report.
In light of this upward trend in rents, in our newest, June ORA Power Rankings, we take a look at the top five properties by online reputation in the highest—and lowest—rent markets in the country. Additionally, we reveal the individual average ORA scores of these markets to evaluate how they’ve performed by online reputation as ranked by apartment residents.
Lowest Rent Markets
Among the 10 lowest rent markets for March 2018, Wichita, Kan., had the best online reputation among apartment dwellers, with an ORA score of 64.22. The top property in Wichita is Berkshire Apartments, managed by Maxus Properties, with a score of 89.
Dayton, Ohio, has the second-highest reputation among the 10 lowest rent markets. Two Dayton properties scored 92 each in March and tied for the No. 1 spot in the city—The Landing Apartments, managed by McCormack Baron Management, and The Village on Beaver Creek Apartments, managed by Barrett and Stokely.
The average ORA score of the lowest rent markets is 59.59, which is marginally below the national average ORA score of 60.71.
Highest Rent Markets
Among the 10 highest rent markets, Manhattan, N.Y., has the most stellar online reputation among apartment residents, with an ORA of 72.26. The top property in Manhattan is 777 6th Avenue Apartments, managed by Equity Residential (EQR), with a score of 81. EQR manages the top five properties in this market.
The second best–reputed market of the 10 highest rent markets is Cambridge, Mass., with an ORA of 67.91. Chroma, managed by National Development, is the top property in Cambridge, with an ORA of 95.
Of the 50 properties listed in the 10 highest rent markets, The Kensington, in Boston, managed by Bozzuto, registered the highest ORA, at 98.
The average ORA score among the highest rent markets is 63, which is approximately 5% higher than the national average ORA.
Top 10 Lowest Rents in March 2018
| Rank | Location | Avg. Rent | ORA |
|---|---|---|---|
| 1 | Wichita, KS | $632 | 64.22 |
| 2 | Brownsville, TX | $681 | 60.83 |
| 3 | Killeen, TX | $695 | 58.97 |
| 4 | Toldeo, OH | $689 | 58.97 |
| 5 | Independence, MO | $721 | 57.11 |
| 6 | Oklahoma, OK | $729 | 56.95 |
| 7 | Dayton, OH | $731 | 63.47 |
| 8 | Amarillo, TX | $731 | 56.99 |
| 9 | Fort Wayne, IN | $695 | 58.97 |
Top 10 Highest Rents in March 2018
| Rank | Location | Avg. Rent | ORA |
|---|---|---|---|
| 1 | Manhattan, NY | $4,066 | 72.26 |
| 2 | San Francisco, CA | $3,433 | 60.83 |
| 3 | Boston, MA | $3,244 | 66.40 |
| 4 | San Mateo, CA | $3,146 | 58.98 |
| 5 | Cambridge, MA | $3,015 | 67.91 |
| 6 | Jersey City, NJ | $2,825 | 66 |
| 7 | Sunnyvale, CA | $2,775 | 56.48 |
| 8 | Santa Clara, CA | $2,753 | 54.72 |
| 9 | Brooklyn, NY | $2,688 | 66.26 |
About the ORA Power Rankings
Developed by J Turner Research, the ORA Power Rankings are a monthly, independent ranking of apartment properties and management companies based on various parameters. A property or management company isn't required to be a J Turner Research client to qualify for this ranking, which is published by J Turner’s media partner Multifamily Executive. To learn more, or to find your ORA score, visit www.jturnerresearch.com/about/what-is-ora-score.
Methodology
The ORA score is an aggregate compilation of a property’s ratings across 20+ review sites and ILSs. Each month, J Turner Research monitors the online ratings of more than 75,000 properties nationwide. Using a statistical model, a single score based on a scale of 0 to 100 is assigned to each property. This score serves as a benchmark to compare and contrast a company’s individual properties and portfolios nationally, regionally, and against the competition.
