A sign advertises apartments for rent.
The average rent for an apartment in Alabama is increasing, but not as fast as the national average, according to an analysis by RentCafé.
Using data from Yardi Matrix, an apartment information service, RentCafé found the communities in Alabama were rent is increasing the fastest. To begin with, the national average rent for May in the United States is $1,442 per month, which is $35 more than last year. Over the past year, the average rent nationally has increased about 2.5 percent, which indicates a slow increase.
Look at Alabama’s cities, and you can see where the action is.
Out of the state’s largest cities, the fastest growing rents in May were in Madison, where rental apartment prices increased by 9.4 percent over the year for an average of $932. That’s $80 more than a year ago.
In Vestavia Hills though, rent increased by 11 percent over the past year. ·
The slowest rising rents in May were in Birmingham, which is the third most expensive large rental market in Alabama. Here, that national average of a 2.5 percent increase showed up. Average rent is $968 a month.
In Auburn, apartment rents jumped 7.9 percent over the year, the second highest annual increase, making for an average price of $1,221. Over the past five years, rents in Auburn have increased by almost 20 percent. That would win the Iron Bowl of apartment rentals, (depending on whose keeping track) as Tuscaloosa’s average rent is $1,087, up $40 over last year and $114 over the last five years.
Let’s say you’d like to save your pennies. Decatur has the cheapest rents in its state with an average of $549 per month, an increase of 2.8 percent over the year. The rent average there has remained unchanged for the last five years, according to RentCafé.