The old adage “what goes up must come down” is beginning to slightly apply to the nation’s rental marketplace. And if “beginning to slightly apply” is too large a statement to make, let’s agree that rents nationwide are “slowing.”

Zumper’s National Rent Report informs us that the country’s rents are down -0.3% in November 2019. The average median rent for a one-bedroom unit is now $1,237/month, an increase of 2.5%. The average median rent for a two-bedroom unit across the country is now $1,480, an increase of +2.6%

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Mid-to-low tiered cities saw more volatile monthly rent fluctuations nation-wise. For example, the cost of a one-bedroom rental unit in Bakersfield CA increased +5.5% to $770/month in November 2019. The cost of a one-bedroom rental unit in Laredo TX declined -4.8% to $790/month.

Here are the Five Most Expensive Rental Markets for November 2019, according to Zumper: 

                    1-bed price       m/m change     y/y change

San Francisco   $3,530.               -0.6%             -2.5%

New York          $3,000.              +1.0%            +5.30%

Boston               $2,530.             +0.8%             +5.4%

Oakland             $2,500.             +0.8%             +11.1%

San Jose             $2,450.             -0.4%              -2.4%

 

2-bed price       m/m change     y/y change

San Francisco   $4,670.               -1.7%                 -1.1%

New York          $3,500.               +3.9%                +8.0%

Boston               $2,930.               +1%                   +8.5%

Oakland             $3,000.               0%                     +10.3%

San Jose             $2,950.               +.3%                       -1.3%

Also read: Sellers Get Highest Returns in These Three Cities, Podcast: 5 Proven Steps To Become Rich (and STAY Rich) (Part 4), Apple Steps Up to the Plate with Google and Facebook to Confront CA Housing Crisis


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