Press release from Apartment List:
Our latest monthly rent report reveals that prices are continuing to rebound, with our national index up by 1.9% month-over-month. This is the biggest monthly jump in our national index since the start of our estimates in 2017, breaking a record set just last month. Rent growth has now been outpacing prior-year averages for several months, indicating that this year’s moving season is set to be a historically busy one.
The data continues to show significant regional variation, but the days of plummeting rents in pricey coastal markets have come to an end. The cities with the sharpest year-over-year rent declines are now experiencing positive rent growth again, and in some cases, prices are rapidly rebounding. At the other end of the spectrum, many of the mid-sized markets that have seen rents grow quickly through the pandemic are continuing to boom.
For more analysis of the newest monthly data, check out the full May Apartment List Rent Report.
Here are some of this month’s highlights:
-Rents in Asheville increased 1.7% month-over-month, compared to 1.9% nationally.
-Year-over-year rent growth in Asheville currently stands at 6.3%, compared to -0.3% at this time last year.
-Median rents in Asheville currently stand at $1079 for a 1-bedroom apartment and $1430 for a two-bedroom.