Zumper, a full-service rental platform used by tenants and landlords nationwide, just released its latest research on rental costs in its National Rent Report. According to the platform, the median monthly rent for a one-bedroom unit increased to $1,250, or +0.1% monthly or the equivalent of +2.4% annually, and the median monthly rent for a two-bedroom unit increased to $1,493, or +0.5% monthly or the equivalent of +2.2% annually.
A Zumper spokesperson said, “The top three markets (New York City, San Francisco and Boston) all saw dips in rent prices last month as NYC fell from its three-year high and San Francisco continues its downward trend.”
Rental prices in New York City and San Francisco looked like this in September 2019:
- NYC – 1 bedroom @ $3,303 (-0.7%); 2 beds @ $3,440 (-0.3%)
- San Francisco – 1 bedroom @ $3,540 (-1.7%); 2 beds @ $4,790 (0.0%)
Rental costs for markets for the rest of the nation saw growth rates ranging between 4 – 5%. Columbus OH and Memphis TN experienced the largest monthly growth rates at +5.7% ($740) and +5.5% ($770) respectively.
Zumper analyzed rental data from more than one million active listings around the country to come up with its rankings.
Here are Zumper’s most expensive rental markets along with monthly percentage point changes:
City 1 Bed M/M% Y/Y%
- San Francisco $3,540 -1.7% -0.8%
- New York City $3,030 -.7% +5.6%
- San Jose $2,520 -0.8% -12%
- Boston $2,500 0.0% +8.2%
- Oakland $2,420 +5.2% +13.6%
- Washington DC $2,290 +3.2% +6.0%
- Los Angeles $2,270 +1.8% -2.2%
- Seattle $1,880 -1.1% -3.6%
- Miami $1,760 -1.1% -2.2%
- Anaheim $1,750 +1.2% +4.2%
- San Diego $1,750 0.0% -3.3
Thanks to HousingWire’s Alcynna Lloyd for source data.
In addition to Oakland’s annual rental growth increasing by +13.6% for one-bedroom units, its annual rental growth for two-bedroom units increased +9.2%.
