Welcome!

News Feed Item

Lovely Releases Q2 2014 Lovely Rental Market Report

What You Need to Know About the Rental Market in Five of the Nation's Major Cities

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.

Quote:
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.

Report Methodology:
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.

About Lovely:
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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera M...
Developing software for the Internet of Things (IoT) comes with its own set of challenges. Security, privacy, and unified standards are a few key issues. In addition, each IoT product is comprised of (at least) three separate application components: the software embedded in the device, the back-end service, and the mobile application for the end user’s controls. Each component is developed by a different team, using different technologies and practices, and deployed to a different stack/target –...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...