How rent increases in Madison could impact your wallet

Rent prices are on the rise in Madison, and experts say the trend may be here to stay with more jobs coming to the area.

Madison rents have increased half a percent over the past month and are up slightly by 1.5-percent compared to this time last year. Madison is still not seeing the growth some larger cities across the country are experiencing.

Apartment List currently shows median rents in Madison at $840 for a one-bedroom apartment, and the average two-bedroom comes in at $1,010. That’s below the national average of $1,180.

Madison’s year-over-year rent growth is also leading the state average of one-percent, but still trails the national average of 1.5 percent.

Christopher Salviati is a housing economist with Apartment List who tracks those rent prices nationwide.

“For folks looking to rent given that rents are on the rise, I think now is a good time to do it,” Salviati explained. “So rents move in sort of a seasonal trend, and the summer season is the peak season for renting, so that’s when you’re going to see the fastest rent growth. Folks looking to rent in mid-summer will be paying a little bit more premium.”

Salviati says part of this jump could be signaling the end of the winter off-season for renting, but even with this increase, Madison is still more affordable than most large cities across the country.

Cities such as Phoenix, Atlanta Denver all saw year-over-year rent increase between two and four-percent. In San Francisco, you’ll find the average two-bedroom renting for around $3,100. That’s more than three times the price in Madison.

News 3 Now is making it a mission to be a resource in the community on money-related topics, so if you have any story ideas, be sure to reach out to Josh Spreiter on Facebook.

Get your weather forecast from people who actually live in your community. We update with short, easy-to-use video forecasts you can watch on your phone every day. Download the iOS or Android app here.