Zumper’s September National Rent Report saw the top 10 markets holding steady onto their positions, for the most part, as summer nears an end. Of these cities, only two saw increases in one bedroom rent, D.C. and Seattle, while the rest either had decreasing or flat prices. Mid and lower tiered cities saw more fluctuating changes in prices, appearing to be more affected by the moving season than the top markets.
Top Five Rental Markets
1. San Francisco, CA, with fairly stable rents since last month, continued to reign as the most expensive city. The price of one bedroom units dropped a slight 0.9% to $3,390, while two bedrooms grew 1.3% to $4,560.
2. New York, NY, although seeing a month of decreasing prices, remained the second priciest rental market. Both one and two bedroom rent dropped around 3%, settling at $2,850 and $3,200, respectively. Since this time last year, one bedroom rent is down nearly 9%.
3. San Jose, CA held steady onto it’s national ranking as third, with one and two bedroom prices slightly adjusting to $2,350 and $2,780, respectively. Notably, one bedroom rent is up 9.8% since this time last year.
4. Washington, DC was the fourth most expensive rental market and is the only city in the top 10 markets with a significant one bedroom monthly growth rate. Rent for one bedrooms here climbed 3.6% to $2,280, while two bedrooms increased 2.5% to $3,230.
5. Boston, MA fell behind D.C. this month to become the 5th most expensive rental market. Although the price of one bedrooms in Boston remained stable at $2,200, two bedrooms dropped 1.9% to $2,600.
Notable Changes This July
Upward
–Providence, RI climbed 2 spots this month, now ahead of Philadelphia and Long Beach, to rank as the 14th most expensive rental market. The price of one bedroom units grew a whopping 5.1% to $1,430, while two bedrooms increased 2.8% to $1,470.
–Dallas, TX prices jumped 3 spots to rank as 17th. One bedroom units saw rent increase 4.6% to $1,360, while two bedrooms grew 4.4% to $1,880.
–Scottsdale, AZ saw one bedroom rent climb 2 spots and 4.3% to $1,200. Two bedroom prices saw even more growth, up 5% to $2,100.
–Durham, NC jumped 4 spots, now ranking just behind Tampa as the 37th priciest rental market. Although one bedroom rent grew 4.1% to $1,020, two bedroom prices, on the other hand, fell 2.7% to $1,100.
–Colorado Springs, CO rose 9 rankings to become the 56th most expensive city to rent. This large bump was due to the significant increase of 5.1% in one bedroom rent to $830.
Downward
–Chicago, IL continued to see a downward trend in prices. Falling another spot this month, this city ranked as the 13th most expensive city with one bedroom rent down 5% to $1,510.
–Baltimore, MD dropped 3 spots, now ranking just behind Denver, and became the 21st priciest rental market. Although one bedroom rent fell 3.7% to $1,290 this month, it is still up over 13% since this time last year.
–New Orleans, LA fell 2 spots this month, now ranking as 24th. One bedroom prices decreased 0.8% to $1,250, while two bedrooms dropped 1.3% to $1,580.
–Raleigh, NC saw prices drop 5 spots to rank as 42nd. This large downturn was due to one bedrooms falling 3.9% to $990 this month. Two bedrooms also saw a significant decrease in rent, down 5.2% to $1,100.
–Corpus Christi, TX one bedroom rent fell 3.4% to $840 this month, causing the city to drop 3 spots in the rankings. Since this time last year, one bedroom rent is down early 6%.
Full Data
About
The Zumper National Rent Report analyses 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.
If you’re interested in a more in-depth explanation of how and why we calculate our rent data, view our methodology post here.
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