Key Highlights

  • March rental rates fell -0.4% for one bedroom units and -0.3% for two bedroom units according to Zumper
  • Average renter now pays $1,219/month for one bedroom unit and $1,463/month for two bedroom unit
  • Des Moines, ranked 70th priciest market had fastest growth rate for one bedroom with increase of +4.9% to $860/month

Zumper, a rental marketplace, recently released its latest price rankings for March 2020 rental units around the country. Here are Zumper’s rankings for the top 10 most expensive rental markets in the US:

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  1. San Francisco
    1. $3,500/m @ 1 bedroom; -0.6% m/m & -5.1% y/y
    2. $4,580/m @ 2 bedroom; +0.7% m/m & -1.1% y/y
  2. New York
    1. $3,000/m @ 1 bedroom; 0.0% m/m &+4.5% y/y
    2. $3,280/m @ 2 bedroom; -1.5% m/m &+0.6% y/y
  3. Boston
    1. $2,500/m @ I bedroom; 0.0% m/m & +4.6% y/y
    2. $2,900/m @ 2 bedroom; 0.0% m/m & +5.5% y/y
  4. San Jose
    1. $2,470/m @ 1 bedroom; +1.2% m/m & -2.8% y/y
    2. $3.020/m @ 2 bedroom; +2.0% m/m & -0.7% y/y
  5. Oakland
    1. $2,370/m @ I bedroom; -4.0% m/m & +2.2% y/y
    2. $2,900/m @ 2 bedroom; -4.9% m/m % +6.6% y/y
  6. Washington DC
    1. $2,330/m @ 1 bedroom; +1.3% m/m & +8.4% y/y
    2. $3,120/m @ 2 bedroom; +2.3% m/m& +12.6% y/y
  7. Los Angeles – the nation’s least affordable market currently
    1. $2,250/m @ I bedroom; -0.4% m/m & -3.4% y/y
    2. $3,000/m @ 2 bedroom; -1.0% m/m & -5.1% y/y
  8. Miami
    1. $1,800/m @ I bedroom; +2.3% m/m & +0.6% y/y
    2. $2,350/m @ 2 bedroom; +3.1% m/m & -1.3% y/y
  9. Seattle
    1. $1,790/m @ I bedroom; +2.3% m/m & +0.6% y/y
    2. $2,350/m @ 2 bedroom; +3.1$ m/m & -1.3% y/y
  10. San Diego
    1. $1,750/m @ 1 bedroom; 0.0% m/m & -8.4% y/y
    2. $2,350/m @ 2 bedroom; 0.0% m/m & -2.5% y/y

Notice that Washington DC was the only city in the top 10 to have double-digit y/y growth for 2-bedroom units and Seattle was the only city to have double-digit y/y declines for 2-bedroom units.

Newark NJ, ranked the 25th priciest rental market in March 2020, had whopping price growth gains for both one and two-bedroom units, +15.7% at $1,330 and +15.6% at $1,560 respectively.

Thanks to HousingWire’s Alycnna Lloyd and Zumper for source data

Also read: Are Micro-Units the Housing Units of the Future?, For-Sale Housing Shortage Now Driving Up Rent Prices, HousingWire’s 2020 Tech 100 Real Estate Winners

 

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