Prices heat up in the nation’s hottest rental markets
In February, the rental prices for one-bedroom and two-bedroom units both increased from the previous month, rising by 0.3% and 0.7%, respectively, according to Zumper’s National Rent Report. It now costs renters a median of $1,220 and $1,464 to rent average one-bedroom and two-bedroom units.
“The top 10 markets saw a mixture of growth rates in this report. New York City and Washington D.C. were both on upward year-over-year trends: New York City one-bedroom rent was up nearly 8%, while D.C. two-bedroom rent was up over 15%,” Zumper writes. “On the flip side, cities that had rents down on all fronts, both on a monthly and year over year basis, included Seattle and San Diego.”
The nation’s top three rental markets including San Francisco, New York and Boston, all experienced notable changes in rental prices from the previous month.
In San Francisco, renters saw their one-bedroom rental prices rise by 0.6% to $3,520, increasing from the previous month’s record, while two-bedroom units inched forward 1.1% to $4,500.
Although rent in New York city didn’t budge month-over-month for both one-bedroom and two-bedroom units, rent in the city is up nearly 8% from last year.
Meanwhile, Boston renters with a one-bedroom unit experienced the largest monthly decline out of all of the nation’s top rental markets, as prices dropped by 3.5% to $2,500. Two-bedroom units also experienced a decline, falling by 1% to $2,900.
The chart below displays the 25 most expensive rental markets and how they moved in September, according to Zumper.
NOTE: The Zumper National Rent Report analyzes rental data from over 1 million active listings across the country. Data is aggregated on a monthly basis to calculate median asking rents for the top 100 metro areas by population.
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