Renters in Stearns County saw apartment listing prices decrease from April’s average of $1,131, an analysis of new data from Apartment List shows.
The average apartment listed for rent at $1,124 in May. Average listing prices in Stearns County are trending slightly downwards from April’s $1,131 price, up 4.9% from this time last year.
The data is inclusive of all bedroom sizes, from studios to three-bedroom units, so while it is a good indicator of how rents are moving in the area, it does not include single family homes for rent, said Chris Salviati, senior housing economist for Apartment List.
One-bedroom apartments listed to rent at an average of $860, 0.6928% lower than April, when they were $866. Since last year, one-bedroom rental prices rose 4.9% from $820.
Two-bedroom apartments listed for rent were 0.6595% lower than April at an average of $1,205, compared to $1,213. Since last year, two-bedroom rental prices rose 4.9% from $1,149.
Statewide, Minnesota rental listing prices are on the rise from April’s average of $1,332, at $1,340. In Minnesota, one-bedroom rentals were listed for an average of $1,183, slightly higher than April’s average of $1,176. Two-bedroom rental listing prices are trending 0.6388% higher than April’s average of $1,409 at $1418.
In Stearns County, the average apartment listed for rent is 16% below the state average. One-bedroom rentals were 27% below the state average, while two-bedrooms listed 15% below.
Nationwide, apartment rental listing prices slightly increased from last month’s $1,392 to $1,398. One-bedroom rentals across the nation listed for an average of $1,228, just higher than last month’s average of $1,223, while two-bedroom rental listing prices slightly rose from last month’s average of $1,378 to $1,384.
In Stearns County, the average apartment listed for rent is 20% below the national average. One-bedroom apartment rentals listed 30% below the national average, with two-bedroom rentals listed 13% below.
The average apartment rental prices used in this report are gathered from Apartment List, which estimates the median rent using median rent statistics from the Census Bureau’s American Community Survey and a growth rate calculated from their listing data. Read more about their rent estimate methodology here.
The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Apartment List. Please leave any feedback or corrections for this story here. This story was written by Ozge Terzioglu. Our News Automation and AI team would like to hear from you. Take this survey and share your thoughts with us.
This article originally appeared on St. Cloud Times: Stearns County apartments for rent saw price decreases in May