Notable Trends
- The Zumper National Rent Index reported a 0.5% monthly decline in median one-bedroom rent this April, settling at $1,517, while two-bedroom rent decreased 0.2% to $1,901. This report marks the third consecutive month of flat or declining prices.
- New York City rent prices have soared to record levels: one-bedroom units are now priced at $4,640 and two-bedrooms at $5,920.
- Portland rent is down to rates seen in 2021 and before the pandemic with an occupancy rate that’s currently at a nearly 15 year low.
At the top, New York City rent prices reached all-time highs for both one and two-bedrooms units. San Francisco one-bedroom rent ticked up another $10 after reaching a nearly 5-year high last month, continuing its upward trend. Miami moved into the top 5 markets with the second largest monthly growth rate for one-bedroom rent in the nation at 5.9%, while San Jose fell out.
National rent index shows 3rd consecutive month of flat or declining prices
Zumper’s latest National Rent Index showed continued price stabilization across the U.S. rental market. The median national rent for one-bedroom units took a 0.5% monthly dip to $1,517, while two-bedrooms decreased 0.2% to $1,901. This April marks the third consecutive month of flat or declining prices.
On a year-over-year basis, rents were still up, 2.1% for one-bedrooms and 3.1% for two-bedrooms, but those increases represent a steady deceleration compared to previous months. The cooling trend comes as the market nears the end of a 50-year peak in new apartment construction, which has played a major role in easing price pressure.
“With so much new supply coming online over the past 12 months, we’re seeing renters able to move up market,” said Anthemos Georgiades, CEO of Zumper. “That movement frees up inventory at lower price points, creating a ripple effect of affordability. However if demand holds steady while new construction continues to taper off, we could see rents pick back up in the second half of the year.”
The most recent CPI data revealed that rent inflation is below 4% for the first time since January 2021. To dive deeper into how Zumper’s monthly rent data provides insights to where the CPI is heading, please go to our blog post here: https://www.zumperrentals.com/blog/zumper-consumer-price-index/
NYC rents hit new highs, fueled by a tight market and fierce competition
New York City rent prices have soared to record levels, with one-bedroom units now priced at $4,640 and two-bedrooms at $5,920, representing annual increases of 8.4% and 19.6%, respectively. This surpasses previous peaks of $4,500 for one-bedrooms (seen from August to October 2024) and $5,600 for two-bedrooms in March 2025. Much more affordable neighbor Newark is also feeling the demand spill over as one-bedroom rent here is up 19% annually, settling at $1,750.
A tight housing market and fierce competition are fueling the price surge. About one in four new leases in New York City now involve bidding wars. New Census data revealed that the city’s population has grown for two consecutive years (2023 and 2024), driven by a mix of economic momentum, return-to-office mandates, and migration from other states. New York City currently supports more than 4.8 million jobs.
Commercial activity is also rebounding as the citywide storefront vacancy rate has dropped to 11%, down sharply from 30% in 2020. With peak rental season still ahead, rents are expected to continue climbing through the summer and fall months.
Portland rent down to prices seen in 2020 & 2021 with occupancy rate at a nearly 15 year low
Portland’s rental market has been on a general downward trend since peaking in December 2022, when one-bedroom units were priced at a median of $1,550. Currently, that figure has dropped to $1,400, returning to levels last seen in 2021 and before the pandemic. Occupancy rates have also slipped, falling below 94% in November 2023, the lowest level since early 2010.
Although Multnomah County saw a modest population increase of 0.2% from 2023 to 2024, it hasn’t reversed the effects of three consecutive years of population decline between 2020 and 2023. In fact, Portland recently lost its spot among the 25 largest metro areas in the U.S., overtaken by Austin, TX.
Adding to the downward pressure on rents is an increase in new supply. More than 8,000 new units were set to come online last year and in 2025, and with demand remaining relatively soft, rents are likely to continue trending downward in at least the near term.
