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