Rent Prices In Birmingham On The Rise

BIRMINGHAM, AL - While Alabama residents enjoy a modest cost of living compared to other states, the state and its largest cities are not immune to rising costs of rent. A recent study shows that rent in Birmingham rose higher than the national average.

RentCafe's monthly rental report shows Birmingham rents increased by 3.8 percent, which is above national level of 3 percent, and clocked in at $961 per month.

The fastest growing rents in April in the state were in Madison, where rental apartment prices increased by 10.5 percent over the year, reaching an average of $915. Compared to one year ago, rents in Madison were $87 more expensive. The slowest rising rents were in Homewood, where renters currently pay 2.6 percent more compared to one year ago.

College towns seemed to show the highest rents in Alabama, which is not surprising. Of the cities analyzed, Auburn apartments are the state's most expensive for renters, with an average rent of $1,223 ($3 less expensive than last month), followed by apartments in Tuscaloosa, where the average monthly rent is $1,085.

The reports from RentCafe.com are based on data that comes from Yardi Matrix, an apartment information service and a sister division of RentCafe. Data is compiled from actual rents charged in market-rated apartment communities of 50 units and larger across the 253 largest cities in the country.