Nineteen of the 20 largest rent increases over the past year occurred in smaller cities, according to a new report released by RENTCafe, using Yardi Matrix data. Cities like Odessa, Texas, and Midland, Texas, are posting rent increases of nearly 40 percent and 36 percent year over year, respectively—the highest in the country.
“The remarkable price rebounds taking place in these two cities are tightly connected to the ups and downs of their oil-centered economies,” RENTCafe notes.
The national average rent was $1,364 in February, 2.7 percent higher than a year ago, the Yardi Matrix data shows. Eighty-seven percent of the nation’s largest 250 cities saw rents grow in February year over year.
Source: “February Rents Increased the Most in Small Markets; Colorado Among the Most Active,” RENTCafe Blog (March 13, 2018)