Zumper National Rent Report: May 2018
The top 10 markets had minimal movement last month in the rankings. The only 2 cities that saw fluctuations were Los Angeles, climbing up one spot to be tied with Boston as 4th, and Oakland, dropping down one spot to 7th. Newly added Anaheim and Santa Ana settled at 11th and 13th, respectively, which means 8 of the top 15 cities are in California.
Overall, the national median one bedroom rent increased a slight 0.1% last month to $1,185, while two bedrooms grew 0.6% to $1,422. This fairly stagnant trend was true to the year over year growth rates as well, with one and two bedroom prices up 1.4% and 2.1%, respectively.
Top Five Rental Markets
1. San Francisco, CA stayed as the most expensive city last month with one bedroom rent growing 1.2% to $3,440 and two bedrooms increasing 0.9% to $4,550.
2. New York, NY was second with the price of one bedrooms falling a slight 0.3% to $2,890, while two bedrooms saw a much larger drop, decreasing 4.9% to $3,330.
3. San Jose, CA remained the third priciest city with one and two bedroom rents settling at $2,500 and $3,000, respectively. Notably, on a year over year basis, one bedroom rent is up over 10%.
4. Boston, MA saw both one and two bedroom prices stay flat last month at $2,300 and $2,700, respectively. This city continued to rank as the 4th most expensive in the nation, though now tied with Los Angeles.
5. Los Angeles, CA moved up one spot to be tied with Boston as 4th. One bedroom rent grew 2.2% to $2,300, while two bedrooms increased 1.3% to $3,240.
Notable Changes This Month
Upward
–Providence, RI moved up 4 spots to rank as the 17th priciest city with one bedroom rent growing 5.1% to $1,440 and two bedrooms jumping 5% to $1,670.
–Portland, OR one bedroom rent climbed 5.1%, settling at $1,440, and up 3 spots to become the 19th priciest in the nation. Two bedrooms saw a similar trend, growing 5% to $1,670.
–Baltimore, MD rose one position to rank as as 23rd with the price of one bedrooms jumping 5.3%, which was the largest spike in the top 50 markets, to $1,390. Two bedrooms saw a more modest growth rate, up 2.6% to $1,560.
–Madison, WI one bedroom rent grew 5% to $1,260 and climbed 2 spots to rank as 27th. Similarly, two bedrooms here saw a 5.1% spike, settling at $1,430.
–Charlotte, NC bumped up 2 positions, now ranking as the 31st most expensive city. One bedroom rent rose 5.2% to $1,210, while two bedrooms increased 4.7% to $1,350.
Downward
–Atlanta, GA fell 4 spots to become the 22nd most expensive city. One bedroom rent dropped 1.4% to $1,410, while two bedrooms saw a bigger decrease, down 2.2% to $1,800.
–Baton Rouge, LA took a 9 ranking plunge to 65th with the price of one bedrooms diving 4.4% to $860.
–Tucson, AZ moved down 2 spots to rank as the 91st priciest city. One bedroom prices fell 4.5% to $640 last month.
–Scottsdale, AZ one bedroom rent dropped 3.9% to $1,240 and fell 2 spots to become 29th. Two bedrooms saw an even larger downturn, decreasing 5% to $1,910.
–Virginia Beach, VA took a 3 ranking dip to 41st with the price of one bedrooms falling 2.8% to $1,060. Two bedrooms remained flat at $1,200.
Full Data
About
The Zumper National Rent Report analyses rental data from over 1 million active listings across the United States. Data is aggregated on a monthly basis to calculate median asking rents for the top 100 metro areas by population, providing a comprehensive view of the current state of the market. The report is based on all data available in the month prior to publication.
Source: zumper.com
Accessibility