Zumper, an online apartment and house rental company, recently released its National Rent Report for one and two bedroom rental units around in the 100 most expensive major metro areas around the country.
The median price for rentals nation-wide has increased by +30%. The median rental price for a one-bedroom unit is $1,198. The median rental price for a two-bedroom unit has increased in one year by 3.2% to $1,436.
Note that rental prices in Chicago and Washington DC this past year are in free fall with drops of -15.9%, and -16.0% respectively. Honolulu’s rental prices fell – 8.3%. And, even though rental prices in New York City dropped -5.9% for a two bedroom apartment, it’s still the second most expensive rental market in the country
Here’s a look at just some of the gains and losses in rental prices around the country.
City 1 Bed y/y% 2 Bed y/y%
1.San Francisco $3,490 3.6% $4,600 2.2%
- New York $2,860 -1.4% $3,200 -5.9%
- San Jose $2,530 6.8% $3.020 5.2%
- Los Angeles $2,340 9.9% $2,750 7.9%
- Boston $2,300 4.5% $2,750 5.8%
- Oakland $2,170 2.8% $2,500 -2.0%
- Wash DC $2,140 -0.9% $2,680 -16.0%
- Seattle $1,990 3.6% $2,520 2.4%
- San Diego $1,840 15.0% $2,400 9.1%
- Miami $1,800 0.0% $2,470 1.2%
Big gainers in the rental market this past year, gainers with higher percentage increases yet lower rents than metros in the top ten, also included Santa Ana, Anaheim, Long Beach, Denver, Houston and Madison.
Other gainers, just not as large, included Orlando, Austin, Tampa, Dunham, Ft. Worth, Salt Lake City Milwaukee, Las Vegas, Mesa, Laredo, Omaha, Reno, Rochester, Cincinnati, Cleveland, St. Louis, Knoxville, Arlington, Detroit, Indianapolis, Memphis and Winston-Salem.
Pay attention to these gainers, real estate agents. Many of these renters may aspire to become homeowners in the next couple of years.