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Saturday, August 26, 2006
Apartment Rental Rates
Rising mortgage rates have put houses out of reach for many would-be buyers. And a cooling market has made others squeamish about buying, and therefore more willing to stay in an apartment. In the second quarter of 2006, rents averaged $896 across the U.S., up 4.2% from the same period a year ago, and occupancy rates averaged 96.2%, according to M/PF Yieldstar, a real estate market research company.
| City | Avg. rent | Annual rent chng. | Occupancy |
| New York** | $2,469 | NA | 97.10% |
| San Francisco | $1,947 | 8.8% | 97.4% |
| Los Angeles | $1,586 | 6.5% | 97.5% |
| San Jose, Calif. | $1,487 | 11.6% | 98.2% |
| Orange County, Calif. | $1,387 | 6.0% | 96.8% |
| Boston | $1,332 | 2.1% | 96.7% |
| Oakland, Calif. | $1,248 | 5.8% | 96.8% |
| San Diego | $1,213 | 3.1% | 97.1% |
| Washington, DC | $1,205 | 4.5% | 97.4% |
| Fort Lauderdale, Fla. | $1,134 | 9.7% | 97.5% |
| West Palm Beach, Fla. | $1,113 | 9.8% | 96.3% |
| Northern New Jersey | $1,084 | 4.9% | 98.8% |
| Riverside, Calif. | $1,048 | 5.1% | 96.2% |
| Miami | $1,038 | 6.9% | 98.1% |
| Chicago | $1,014 | 3.8% | 96.8% |
| Philadelphia | $1,007 | 1.9% | 96.9% |
| Baltimore | $962 | 3.2% | 96.4% |
| Minneapolis | $910 | 1.8% | 96.1% |
| Sacramento, Calif. | $909 | 1.1% | 95.8% |
| Seattle | $905 | 9.3% | 96.7% |
| Jacksonville, Fla. | $883 | 5.2% | 95.4% |
| Las Vegas | $872 | 6.9% | 97.3% |
| Orlando, Fla. | $837 | 7.6% | 97.5% |
| Tampa, Fla. | $805 | 8.6% | 97.0% |
| Pittsburgh | $804 | 1.5% | 95.9% |
| Norfolk, Va. | $803 | 2.6% | 97.6% |
| Atlanta | $793 | 1.0% | 94.5% |
| Richmond, Va. | $790 | 2.9% | 96.8% |
| Cincinnati | $783 | 4.4% | 93.1% |
| Raleigh, N.C. | $781 | 2.4% | 94.7% |
| Denver | $772 | 1.2% | 94.6% |
| Phoenix | $753 | 9.9% | 96.3% |
| Austin, Texas | $751 | 2.9% | 95.3% |
| Portland, Ore. | $747 | 6.3% | 96.9% |
| Salt Lake City | $726 | 8.1% | 95.9% |
| Dallas | $722 | 1.0% | 92.8% |
| Charlotte, N.C. | $718 | 1.2% | 95.3% |
| Louisville, Ky. | $710 | 1.2% | 94.8% |
| Houston | $701 | 3.3% | 93.9% |
| Detroit | $698 | -1.6% | 92.1% |
| Memphis, Tenn. | $697 | 6.0% | 95.3% |
| St. Louis | $696 | 1.9% | 92.6% |
| Birmingham, Ala. | $687 | 1.6% | 94.9% |
| Cleveland | $678 | 3.0% | 93.5% |
| Nashville, Tenn. | $675 | 2.0% | 94.9% |
| Kansas City, Mo. | $673 | 1.8% | 94.9% |
| San Antonio | $663 | 0.3% | 94.3% |
| Tulsa, Ok. | $661 | 5.0% | 94.1% |
| Albuquerque, N.M. | $654 | 4.7% | 96.5% |
| Fort Worth, Texas | $641 | -0.3% | 92.2% |
| Greensboro, N.C. | $635 | -3.0% | 94.0% |
| Columbus, Ohio | $631 | 2.7% | 92.3% |
| Dayton, Ohio | $628 | 4.9% | 91.8% |
| Tucson, Ariz. | $627 | 6.9% | 95.1% |
| Indianapolis | $620 | 1.4% | 92.1% |
| Greenville, S.C. | $611 | 2.1% | 96.0% |
| Oklahoma City | $592 | 1.0% | 95.4% |
| El Paso, Texas | $493 | 4.5% | 95.4% |
*Data: M/PF Yieldstar's second-quarter 2006 snapshot for all cities except New York City; NYC data from REIS Inc.
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