By: Jameson Doris
This was originally published on RISMedia’s Housecall.
Unless you live in a studio apartment, chances are your rent increased last year. Over the past year, apartment rents increased nationwide, according to Apartment Guide’s 2020 Rent Report.
Rent prices increased for one-bedroom (3 percent), two-bedroom (1.7 percent) and three-bedroom apartments (1.2 percent) at a higher rate in 2019 than in 2018. For studios, there was virtually no change, with less than a 1 percent increase year-over-year.
Credit: Apartment Guide
“Affordability remains a major concern for apartment renters across the country,” says Ryan Davis, chief product and marketing officer, Business for Apartment Guide’s parent company, RentPath.
These are the 10 states that saw the greatest increase in average one-bedroom apartment prices last year:
Within Southern California, year-over-year rental prices have increased most notably in Long Beach, Glendale, Anaheim, and Riverside. Long Beach studio apartments have increased 13.6% over the last year, and one-bedrooms are up 14%. Two-bedroom apartments have increased 15.2% year-over-year in Riverside, and 23% in Glendale. And Anaheim’s one-bedroom apartments are up 14%.
Instead of watching your rent rise each year, maybe it’s time to lock down your monthly expenses with a home of your own. Owning allows you to build equity and additional net worth for you and your family, so why not stabilize your monthly bills by locking in a low mortgage rate today?
To view the full report, as well as interactive maps produced by Apartment Guide, click here.