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Report: Apartment Rents Continue to Rise Nationwide
The average rent for studio, one-bedroom, two-bedroom and three-bedroom apartments has continued to increase nationwide over the past year, according to Apartment Guide’s 2020 Rent Report.
According to the firm, the average one-bedroom apartment rented for $1,540 in 2019, up 3% from the 2018 average. Several large cities, though, saw decreases in average rent over the same time period. Rental rates in the three cities with the highest average monthly apartment prices (New York, San Francisco, Boston) fell across the board in 2019.
“Affordability remains a major concern for apartment renters across the country,” said Ryan Davis, chief product and marketing officer at Apartment Guide’s parent company, RentPath.
“While high demand is contributing to price increases nationwide, there are neighborhoods and communities in almost every city that are more reasonably priced. Renters just need to shop around and determine what location and costs make sense for them,” he added.
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