HOUSTON—The national average rent was $1,361 in January 2018, 2.8% higher than this time last year and flat month over month, according to data from Yardi Matrix. Nearly 90% of the nation's biggest cities recorded rent growth in January. In 9% of cities, rents remained unchanged, while only 2% experienced rent drops, compared to 2017.

The price of apartments is a result of demand for rentals remaining elevated throughout the country, sustained by an improving economy and low unemployment. Renters continue to embrace apartment life, as rent prices are increasing at a strong and steady annual rate of 2.8% nationwide, reaching a monthly rate of $1,361 last month, as indicated in a report by Commercial Café.

In contrast, Houston has a $1,073 per month rental rate, a 0.1% month over month and 3.4% change year over year, GlobeSt.com learns. However, oil centers Odessa and Midland, TX are still at the top of the list with the highest rent rebounds during the year, at 35% and 31.4% respectively.

As for what renters can expect into 2018, rents are expected to continue rising throughout the country slightly above inflation, as demand for apartments remains strong from all generations of renters.

“Going forward, the major issues facing the US housing market will concern population shifts and affordability. As affordability becomes a critical issue, renters can expect property managers to attract their interest via unique services or amenities,” says Doug Ressler, senior analyst at Yardi Matrix. “Property managers will actively target specific segments of renters through amenities and concessions based on the market and submarket demographics.”

Instant Insights /

Multifamily Demand Remains Strong in Oil Centers

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