July’s edition of the National Rent Report showed yet another month of mixed changes. Besides small adjustments, the top rental markets continued their trend of plateauing prices. Meanwhile, the mid and lower tier markets were much more volatile, experiencing stronger growth and declines in median rents. This month, the Zumper National Rent Index reported that one bedroom median rent declined by 1.7% to $1,149, while two-bedroom rent decreased by 1.8% to $1,367. Overall, the Zumper National Rent Index values returned back to where they were a year ago.
“Summer is peak rental season, meaning it’s usually a difficult and expensive time to look for a new apartment. However, renters this year are in luck, as median rents are dropping for both one and two bedrooms nationally,” said Taylor Glass-Moore, co founder of Zumper. “We’re seeing a lot of renters successfully finding places in their price range this summer on Zumper.com.”
Top Five Rental Markets
1. San Francisco, CA continued to rank as the most expensive city for renters in this month’s report. One-bedroom prices increased by 2.4% to $3,450, while two-bedroom units remained the same at $4,500.
2. New York, NY also kept its ranking as the second most expensive city. Rent prices increased by 1.7% to $2,950 for one bedroom units; whereas, median rent decreased by 1.5% to $3,350 for two-bedroom units. Year-over-year changes in median rent prices were -7.5% and -6.9% for one-bedroom and two-bedroom apartments, respectively, indicating a notable decline in rent prices compared to this time last year.
3. San Jose, CA saw a slight increase in one-bedroom rent prices by 0.8% to $2,390. Rent for two-bedroom units dropped by 1.4% to $2,830 when compared to last month.
4. Washington, DC moved ahead of Boston, experiencing a 2.3% increase in one-bedroom rent prices to $2,210. Two-bedroom prices followed a similar trend, climbing 3.1% to $3,290. Compared to this time last year, the median rent for two-bedroom units is up 8.2%.
5. Boston, MA’s one-bedroom rent prices remained flat this month at $2,200, similar to previous months. The median rent for two-bedroom apartments is up by 1.2% to $2,630.
Notable Changes This June
Upward
– Baltimore, MD‘s one-bedroom rent prices jumped by 4.7% to $1,330, bringing the city three spots higher to 18th. Moreover, the median rent for two-bedroom apartments climbed by 5% to $1,470. Compared to this time last year, rent for one-bedroom and two-bedroom units are up 13.7% and 8.9%, respectively.
– Pittsburgh, PA moved up by five spots after experiencing substantial growth in both one-bedroom and two-bedroom rents. One bedroom rent climbed by 4.6% to $1,140. Two-bedroom median rent climbed up 5.1% to $1,440 this month.
– Chesapeake, VA moved up by eight spots after a month of strong growth for it’s one-bedroom apartments. The median rent jumped 5.4% to $970. Rent for two-bedroom units, on the other hand, dropped by 2.5% to $1,150.
– Knoxville, TN rose six spots to 72nd this month. The median rent for one-bedroom apartments was up by 4.4% to $710. Similarly, rent for two bedroom units increased by 2.5% to $820.
– St. Louis, MO saw a 4.5% increase in one-bedroom median rent in this month to $700 and moved up by five spots in our ranking. The median rent for two-bedroom apartments rose 3.1% to $1,000. Compared to last year, the median rents for one-bedroom and two-bedroom units were up by 7.7% and 11.1%, respectively.
Downward
– Chicago, IL saw a significant decline in one and two-bedroom rents this month, even though it kept its ranking as the 11th most expensive city in the U.S. The median rent for one-bedroom units dropped by 5.1% to $1,670, while rent for two-bedroom units declined by 4.9% to $2,150.
– Nashville, TN dropped three spots to 26th after experiencing a 5.7% decline in one-bedroom median rent to $1,150.
– Atlanta, GA moved down two spots to 21st this month. One-bedroom rents declined by 3.8% to $1,260. Seeing a similar trend, two-bedroom median rent dropped by 3% to $1,600.
– Reno, NV dropped five spots down due to the significant declines in both one-bedroom rent two-bedroom rent prices. Rent for one and two bedrooms fell 5.3% and 5.5% to $710 and $1,040, respectively.
– Louisville, KY moved down by five spots this month. The median rent for one-bedroom apartments dropped 3.7% to $790. Similarly, rent for two-bedroom units decreased by 4.6% to $830.
Full Data
| One Bedroom | Two Bedrooms | ||||||
|---|---|---|---|---|---|---|---|
| Pos. | City | Price | M/M % | Y/Y % | Price | M/M % | Y/Y % |
| 1 | Brushy Creek | $1,110 | 0.00% | 3.70% | $1,450 | 0.00% | 5.10% |
| 2 | Leander | $1,060 | 2.90% | 12.80% | $1,330 | -5.00% | 5.60% |
| 3 | Austin | $1,040 | -1.00% | -6.30% | $1,320 | -1.50% | -9.00% |
| 3 | Pflugerville | $1,040 | 2.00% | -1.00% | $1,220 | 0.80% | -7.60% |
| 4 | Cedar Park | $1,030 | 0.00% | 4.00% | $1,330 | 0.00% | 2.30% |
| 4 | Hutto | $1,030 | -2.80% | 15.70% | $1,370 | -4.90% | 0.00% |
| 5 | Kyle | $1,000 | -2.90% | 11.10% | $1,330 | 0.00% | -5.00% |
| 6 | Georgetown | $1,010 | 2.00% | 9.80% | $1,360 | 0.00% | 4.60% |
| 7 | Jollyville | $950 | 1.10% | 1.10% | $1,140 | 0.90% | -5.80% |
| 8 | Buda | $940 | 1.10% | -1.10% | $1,000 | 3.10% | -15.30% |
| 8 | Round Rock | $940 | 0.00% | 4.40% | $1,190 | 0.80% | 4.40% |
| 9 | Wells Branch | $910 | 0.00% | -1.10% | $1,170 | 0.00% | -1.70% |
| 10 | San Marcos | $860 | 1.20% | 1.20% | $960 | 1.10% | 0.00% |
About
The Zumper National Rent Report analyzes rental data from over 1 million active listings across the United States. Data is aggregated on a monthly basis to calculate median asking rents for the top 100 metro areas by population, providing a comprehensive view of the current state of the market. The report is based on all data available in the month prior to publication.
To keep up to date with rent changes across the country, like or follow Zumper on Facebook, Twitter, and Instagram. In the market for a new place? Search apartments for rent on Zumper.
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