San Antonio rents on the rise every month, says new report
In a year plagued with political turmoil and natural disasters, national rent prices weren’t spared from the turbulence. A recent rent report by apartment listing service Abodo found that, despite a few months of stability, even decreases early on, national rents took a sharp turn upward by the year’s end.
San Antonio’s rents followed a slightly different pattern. The year started with median one-bedroom rents at $819, but jumped to $900 by December. Despite the $81 jump, San Antonio apartments didn’t see any crazy hikes from month to month — just slow, steady increases all year long. In fact, San Antonio didn’t see a single decrease in median rent price throughout 2017, with the smallest increase coming in at 0.4 percent, and the largest at 1.3 percent, for an average monthly increase of 0.9 percent. Nationally, rents increased an average of 0.2 percent monthly — more than four times slower than San Antonio’s.
The only Texas city to have a higher average monthly increase than San Antonio was Corpus Christi, which jumped an average of 1.9 percent each month, earning a spot on Abodo’s list of top 10 rent increases nationwide.
The lowest rent in Texas was enjoyed Lubbock’s renters. Lubbock apartments ran an average monthly rent of $580, which declined about 1.4 percent monthly to a year low of $548 in December. El Paso saw the state’s largest monthly average decrease of 1.9 percent. El Paso apartments started the year with a median rent of $778, which dropped to $659 by December. Although Houston is the Lone Star State’s largest city, Dallas apartments hold the state’s largest rents, at an average $1,190 a month — and trending upward.
Statewide, the median one-bedroom rent in 2017 was just $882, well behind the national median, which in December was $1,040. Texas rents increased an average of 0.5 percent monthly.
Texas was one of 28 states that saw an overall rent increase in 2017, especially in the South, Northeast, and Midwest states. These numerous increases pushed the national median one-bedroom rent price up from $1,016 in January to $1,040 in December.
We’re less than a month into 2018, but so far, San Antonio renters still won’t be catching a break. For January, rents are up another 0.7 percent, to $906 for a one-bedroom apartment — $87 above last January’s rent. Better luck next month, San Antonians.
For more on where rents are rising and falling the fastest, visit Abodo’s 2017 Annual Rent Report.