Rent cuts have accelerated in the country’s most expensive cities.
For one-bedroom apartments, 7 of the 10 most expensive markets saw larger percentage declines year over year than the previous month, averaging -5%. In addition, 5 of these cities recorded larger month-over-month percentage declines than last month. No of the 10 most expensive cities saw an increase in median rent compared to last month. Notably, the two most expensive markets continued their downward trajectory with one-bedroom rents in San Francisco and New York down 11% and 7%, respectively, from the same period last year. .
Rents in cheaper cities are on the rise.
Unlike the most expensive cities in the country, the median rents of the cheapest cities are rising steadily. Among the 10 cheapest cities among the 100 tracked in this report, only one city, Tulsa, recorded a decline in the median rent for a bedroom and an average growth of 5.2% year-on-year.
COVID-19 is having a “squeeze” effect on rental prices in the United States.
The result of the above two effects is a “squeeze” in the rental price distribution across the country, as historically expensive cities become cheaper and historically cheaper cities become more expensive. That effect continued to accelerate this month as COVID-19 persists and more Americans move to cheaper places to live while working from home or away from their desks.
Nationally, median rents continue to rise during the summer moving season.
Overall, the national one-bedroom rent rose 0.3% to a median of $ 1,233, while the two-bedroom rent rose 0.6% to $ 1,493 . Since the start of the year, prices for one and two bedrooms have increased 0.7% and 1%, respectively.
Top 5 rental markets
1. Rent for one bedroom in San Francisco, California fell 2.4% last month to $ 3,200, while rent for two bedrooms fell 3% to $ 4,210 . Notably, rents for one and two bedrooms are now down more than 11% from the same period last year.
2. New York, New York, like San Francisco, continued to see rents decline, falling 1.7% to $ 2,840 for one-bedroom apartments and 0.3% to $ 3,200 for apartments. the two bedrooms. Prices for one and two bedrooms in this city have fallen about 7% year over year.
3. In Boston, MA, rent for one bedroom fell 2.5% to $ 2,350, while rent for two bedrooms fell 3.1% to $ 2,810.
4. San Jose, Calif., Remained the fourth most expensive market, with one-bedroom rent remaining stable at $ 2,300, while both-bedroom fell 1.4% to $ 2,820.
5. Oakland, Calif., Fell one spot to become the 5th most expensive market with one-bedroom rent down 3.5% to $ 2,220, while both-bedroom increased by 1.25%. 8% to $ 2,900.
Notable changes last month
To the top
–Henderson, NV saw rent for a room climb 5.4%, the highest monthly growth rate in the country, to $ 1,180, from 2 spots to 36th.
–Tulsa, OK edged up from position to become the 99th most expensive market with one-bedroom rent up 5.1% to $ 620 and two-bedroom up 1.2% to $ 820.
–Sacramento, Calif., Rent for a room rose 5.1% to $ 1,430, and climbed five spots to 20th. Rent for the two bedrooms rose 3.8% to $ 1,660.
–Memphis, TN was catapulted 8 places to place 76th. Rent for one bedroom climbed 5.1% to $ 820, while rent for two bedrooms climbed 4.8% to $ 880.
–Durham, NC climbed 9 positions to 43rd, as one-room rent rose 4.8% to $ 1,090. Rent for two bedrooms grew more modestly, rising 1.6% to $ 1,250.
– Providence, RI fell 4 spots to rank as the 22nd most expensive city and tied with Washington DC for the largest drop in rents last month, falling 4.8% to $ 1,400.
–Washington DC remained the 6th most expensive market and, like Providence, saw its rent drop 4.8% to $ 2,160, while both Houses fell 1.4% to 2 $ 880.
– Syracuse, NY took a 7th place plunge to 81st with one-bedroom rent down 4.7% to $ 820 and two-bedroom rent down 0.9% to $ 1,050.
– Irving, TX fell 10 spots to become the 54th most expensive market with one bedroom rent down 4.6% to $ 1,030.
–Wichita, KS saw one bedroom rent drop 4.3% to $ 670, down 3 spots to rank 96th. Two bedrooms fell 4% to $ 720.
Zumper’s National Rent Report analyzes rental data from over one million active listings in the United States. Data is aggregated on a monthly basis to calculate median asking rents for the 100 largest metropolitan areas by population, providing a comprehensive view of the current state of the market. The report is based on all data available the month prior to publication.
If you’re interested in a more in-depth explanation of how and why we calculate our rent data, check out our methodology article.
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