chicago

Report Summary:

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

Trending:

NYC apartmentsย were particularly volatileย this March, with a number ofย changes byย 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 priceyย neighborhood at $3,760. Rents have dippedย 6% in the trailing quarter.

Chicago rentย 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 jumpedย 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). Whileย Rogers Park (-5.9%, $960), and Lincoln Square (-0.8%, $1,170) sawย 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:ย 

  • 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 toย $840, lessย 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.
To keep up to date with rent changes across the country, like or follow Zumper on Facebookย andย Twitter. In the market for a new place? Searchย apartments for rentย on Zumper.

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