Rent increases are averaging 3.2% nationwide, but vary by region
According to renters who completed our survey, the average annual rent increase was 3.2%. Given that inflation was 1.9%, this represents a net (of inflation) increase of 1.3%. While rent increases could be held back by the growth in rental apartment units in the U.S., this low increase amount is due in part to an inability or unwillingness of individual properties to differentiate themselves enough to increase resident satisfaction to a level that would justify a rent increase. Actual rent increases also vary by location, age of the property, competition, location and other market-specific issues. Annual rent increases are slightly higher in the Northeast U.S. and slightly lower in the Midwest U.S.
Here is the data by region:
U.S. as a whole, average annual rent increase of 3.2%
Northeast U.S., 3.6%
South U.S., 3.5%
West U.S., 3.2%
Midwest U.S., 2.7%