It came as no surprise that San Francisco closed the year out as the most expensive city in the US to rent a house or apartment. Prices for a 1 bedroom apartment in San Francisco rose to $3,390 in December, increasing by 1.2% vs. the previous month. Prices finished the year at a record high, with a 13.7% annual growth rate in 2014.
The city’s premium in rents over NYC slightly narrowed in December, as the median rent for a 1 bedroom apartment in NYC rose at a faster pace than in SF, by 3.3% to $3,100. This trend was largely fueled by the ever-trendy Brooklyn, which also saw double digit annual rental growth in 2014.
In fact, 8 out of the top 10 major markets saw year-end increases in rents.
Here are some of the other highlights from December:
St Louis, MO ended the year way up. Over the last 3 months, prices for a 1 bedroom apartment for rent in St Louis have risen by 12.7%, making the Gateway to the West one of the nation’s fastest rising rental markets. Apartments in Downtown St Louis, the city’s most expensive neighborhood, will set you back $1,100 and $1,450 per month, for a 1 bedroom and 2 bedroom apartment respectively. That’s 30% above the city’s median levels.
Charlotte: year-end spike or sustained increase? Despite having a fairly stable market throughout the year, the median rent for a 1 bedroom apartment in Charlotte soared by 10.1% vs. the previous month, the highest monthly increase in December.
Below is the summary from the Zumper apartment rent price tracker for 25 major US cities for the month of December:
Want to read more? Download the full December report here: December 2014 Rent Report
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