A part of Newark’s skyline is seen in Newark, N.J., Tuesday, April 10, 2018. (AP Photo/Seth Wenig)
ASSOCIATED PRESS
Apartment Guide recently studied rents across the country to check out where the highest increases are and by how much year-to-year. Researchers at Apartment Guide broke down the numbers by price trends for the country’s 100 most populated cities. The results—Almost three-quarters of the cities showed rent price increases. With Newark scoring the highest at 30 percent.
“The major surprises for me from the research was the Newark percentage increase. Cleveland’s rents also headed upwards,” notes Apartment Guide’s Managing Director Brian Carberry. “An ongoing trend we are seeing is younger people who want to live in big cities going back to dorm-style living. Today about a third of renters are living with roommates,” he adds.
Here’s the list of the top ten cities with the steepest rent increases from number ten to one. Sacramento, California, Fort Worth, Texas, Long Beach, California, Cleveland, Ohio, Albuquerque, New Mexico, Fort Wayne, Indiana, North Las Vegas, Nevada, Anchorage, Alaska, Stockton, California, and Newark New Jersey.
Taking a deep dive into the numbers are some surprises. Sacramento took the tenth spot with a 10.70% increase bringing the average rent for a one-bedroom to $1,560.98 according to Apartment Guide. At Capitol Yards, a luxury pet-friendly one-bedroom currently ranges from $1,708 for 675 square feet to $1,901 which gets renters 907 square feet. Gone are the days when Sacramento was known as a sleepy government town.
Next is Fort Worth at number nine, where rents increased by 10.78%. Fort Worth’s close location to Dallas has contributed to its popularity especially among Millennials. Today you will shell out at least $1,163.15 for a one-bedroom.
Heading to the top five cities with the highest percentage increases, Newark is number one with a 30% rise in rent. The city long known for crime and grime has undergone a resurgence. It now appeals to those who can’t afford New York rents yet want a relatively easy commute. The rents are climbing fast in Newark where they increased an eye-popping 30.6%. Now a one-bedroom comes in at $2,004.73.
At the recently built One Theater Square in Newark a 709 square foot one-bedroom is available today for $2,310. A renter can expect luxury living with high-end finishes, full concierge service, clubhouse, and fitness center and you can bring your pets.
The other four remaining cities that make up the top five rankings with the highest increases are Stockton, California (24.73%), Anchorage, Alaska (19.54%), North Las Vegas, Nevada (13.71%) and Fort Wayne, Indiana at 11.67%. Though with an average rent of $841.45 for a one-bedroom, Fort Wayne is a bargain. If you’re in the rental market you can expect to pay more on the next lease you sign.