Saturday, August 26, 2006

Apartment Rental Rates

Here is an interesting table showing the average apartment rental rates for various cities across the U.S. If you lived in New York or California and could take a job in Ohio, Texas or any location near the bottom of the list, you'd have to seriously consider it. Lowering your apartment rental rate from several thousand to $600 or so cuts your costs by nearly 75% and could save you $1500 or more per month. You could literally save $18,000 per year at that rate.

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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