Zumper National Rent Report: March 2015

Report Summary:

For the tenth straight month, San Francisco topped our report as the most expensive rental market in the country. While median one bedroom rents dipped 1.7% in March to $3,400, SF remained above second place New York, which has seen an overall rent stabilization at $3,000. Looking further, third place Boston saw a drop of 0.9% to $2,280, while Washington DC held at $2,000.
Oakland most notably is now tied at fourth place, as continued migration from San Francisco has led to further appreciation in the East Bay. Median rents are now $2,000, up another 1% month over month.
For full analysis, download our report here (PDF): Zumper National Rent Report – March 2015

Trending:

NYC apartments were particularly volatile this March, with a number of changes by neighborhood.

• NoMad now takes the top spot as the most expensive neighborhood in NYC, increasing 1.9% in the month to a new high of $4,270 for a one bedroom. This movement displaced Tribeca, which dropped 2.3% to $4,200.
• The West Village ($3,900) and Chelsea ($3,800) both remained hot, up 5.4% and 5.2% respectively.
• Soho jumped six spots to number eleven, up 6.1% in the month to $3,500.
• Though still expensive, DUMBO continues to drop – now the eighth most pricey neighborhood at $3,760. Rents have dipped 6% in the trailing quarter.

Chicago rent now seventh most expensive city in the country. The median one bedroom rent increased 5.4% in the month to $1,760, while two bedroom rents also jumped 6.8%.

• At a neighborhood level, Near North Side remained top, surging 7% in the month, to $2,150. Loop, up 2% in the month and 3.6% in the quarter to $2,000, and Near West Side, up 2.1% in March and 2.6% in the quarter to $1,950.
• Other notable changes included Edgewater (+13.8%, $1,070), North Center (+12.5%, $900) and Kenwood (+8.7%, $1,120). While Rogers Park (-5.9%, $960), and Lincoln Square (-0.8%, $1,170) saw drops.

Upward movers included Dallas, Baltimore, and Charlotte:

• Dallas, TX is currently one of the fastest rising markets in the country. Rents were up 4.3% in the month and 9.1% in the quarter to a median of $1,200.
• Baltimore, MD saw a March increase of 4.5% with one bedroom rents now $1,150.
• Charlotte, NC was up 5.4% in the month to $980.

Downward movers included Atlanta, Virginia Beach, and Nashville: 

• Atlanta, GA rents have largely stabilized over the past quarter, down 0.9% to $1,140.
• Virginia Beach, VA dropped to the 24th spot, with a median one bedroom decreasing 3.2% to $920.
• Nashville, TN also down to $840, less 2.3% in the month, and 1.2% in the trailing quarter.

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 rents for the top 50 metro areas by population.
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