SAN FRANCISCO, CA--(Marketwired - July 23, 2014) -
Core News Facts:
- Today, Lovely (www.livelovely.com) the first true rental marketplace, released the Lovely Rental Market Report, featuring Q2 2014 data to shed light on the current state of the rental market in five key areas across the United States: New York City, Los Angeles, Chicago, Washington, D.C. and San Francisco/Bay Area.
- Typically, where to live is the largest financial and emotional decision a person will make in any given year. Renters deserve a solution that they can trust, one that is transparent and gives them control over the entire process. In addition to offering a quick and easy full-service rental experience, Lovely is revealing these findings to help educate the market and ease the pain of the renting process.
- For this report, Lovely analyzed their marketplace data, featuring the most comprehensive set of listings from over 70 data partners, to measure each market by:
- Median rent overall
- Median rent by bed count
- Inventory citywide
- Inventory by bed count
- Biggest rent increase by neighborhood
- Neighborhoods above and below the citywide median
- For renters looking to move to or within some of the top metros in the country, Lovely has pulled information that will prove to be helpful in the rental search:
- New York City: One and two bedroom units have experienced 12 percent and 26 percent year-over-year growth, respectively, contributing to the 22 percent increase in median rent price compared to this time last year.
- Los Angeles: Neighborhoods like Century City and Brentwood not only represent massive year-over-year price growth, but also boast exorbitant median rent prices that are 139 percent and 122 percent above the citywide median rent price, respectively.
- Chicago: The most affordable city in this list, Chicago experienced a decrease in median rent compared to last year - except when it comes to studios. Since Q2 2013, the median rent price for a studio apartment increased 40 percent.
- Washington, D.C.: Despite a peak in the beginning of 2013, median rent price in Washington, D.C. has been on the decline, experiencing a nearly 7 percent year over year decrease. Studio, one bedroom and two bedroom units all fall directly in line with the year over year citywide trend, with more than 5 percent, 6 percent and 8 percent decreases, respectively.
- San Francisco/Bay Area: Rent prices have surged throughout the Bay Area. Specifically, Oakland and San Jose have increased 20 percent and 12 percent, respectively, but Oakland median rent still pales, coming in at $1,795 when compared to San Francisco's sky-high $3,285.
- Additional insights from the report include:
- The cities that saw the highest year-over-year increase in rent - broken down by neighborhood
- Trends in demand based on apartment size and location
- Neighborhoods within these major metros that have the best rental deals
- Founded by CEO Blake Pierson and President & CTO Doug Wormhoudt in March 2011, Lovely processes more than 1.5 million listings nationwide each month and is the go-to resource for quickly and easily landing your next home.
- Available as a free service on the web and both iOS and Android devices, Lovely was acquired by RentPath, Inc. in April 2014 and continues to operate out of San Francisco as a standalone brand.
Blake Pierson, Founder & CEO, Lovely
We're constantly in search of ways to be better partners to our renters and landlords by creating the best possible experiences. Research is the first step for anyone looking to rent a new home, so I'm most excited for this data to provide greater transparency into the rental trends that exist in some of the most popular markets to rent across the U.S. Easy-to-digest access to this market data is instrumental for everyone involved in the rental process; it provides renters more control over the decision-making process and helps landlords make informed decisions when pricing their units.
With access to the most robust, comprehensive set of inventory across the web, Lovely provides a deep look into the U.S. rental market. Trends represented in the Lovely Rental Market Report reflect Q2 2014 rental data based on the aggregated rental inventory on Lovely between January 2013 and June 2014. In addition to Lovely's posting platform, Lovely Pro, Lovely obtains listings by partnering with over 70 external providers to populate its marketplace with rental listings.
Lovely is the first true rental marketplace designed to help renters land their new homes without hassle or stress and help property owners find the most qualified tenants through control and transparency. Lovely is focused on making the renting process better by allowing renters to search, apply, and pay directly from their mobile device or on desktop, while giving property owners the tools to market their units and find the best tenants. Learn more at www.livelovely.com.