Zumper: U.S. rent price growth slows in December
In December, the majority of the nation’s rental prices either declined or remained relatively flat during the month, Zumper said in its National Rent Report.
According to the company, it now costs the typical renter a median of $1,230 and $1,465 to rent the average one- and two-bedroom units. While this is a decline from the previous month, it equates to an annual increase of 1.8% and 1.7%, respectively.
Nevertheless, Zumper notes all of the top 10 rental markets experienced either a flat or downward monthly trend, including San Francisco, New York, Boston, Oakland and San Jose.
While each of these metros ranks high among the nation’s priciest rental markets, all five experienced lackluster growth in December.
San Francisco, which now has the highest rental prices for a one-bedroom unit at $3,490 and a two-bedroom unit at $4,500, experienced a monthly price decline of 1.1% and 3.6%, respectively.
New York, which also saw monthly decreases for both bedroom types, saw one-bedroom rent slide 1% to $2,970 and two-bedroom rent fall 2% to $3,430. On a year over year basis, New York City rents are both up around 8%.
Despite a 1.2% decline in rent prices for one-bedroom units, Zumper indicates Boston remained the third priciest rental market. In this metro, one-bedroom rents now cost $2,500, while two-bedroom units grew 0.7% to $2,950.
The nation’s fourth priciest rental market, Oakland, saw one bedroom rent fall by 1.2% to $2,470 and two-bedroom rent decrease by 0.3% to $2,990.
And San Jose continued to round out Zumper’s top 5 markets with one-bedroom rent remaining virtually unchanged at $2,450- and two-bedroom rent experiencing a 1.7% decline to $2,900.
When it comes to overall annual growth, Zumper notes Cleveland had the fastest-growing rent since this time last year, jumping by 16%. According to the report, this growth rate moved the city to the 57th most expensive rental market, equating a 17-spot jump.
This was followed by Lincoln, New England, where one-bedroom rent climbed by 15.7% year over year, jumping up 13 positions from last year when it was the 89th most expensive rental market.
The chart below displays annual rent price growth from last year until now, according to Zumper.
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