Zumper National Rent Report: July 2020

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Pandemic pricing continues to affect major markets while the “Brooklyn effect” becomes more pronounced in less expensive neighboring cities

The top 10 most expensive markets continued to experience a price pandemic as the majority of these cities followed a downward trajectory last month. As the pandemic persists, the demand for rentals has continued to move away from these costly areas and a significant portion of this demand seems to be shifting to neighboring, cheaper areas. Similar to the trend we saw in New York, the “Brooklyn effect” has become more pronounced as some of the largest monthly rental price increases in the country have occurred in satellite cities. For example, in our major markets, while rents in Boston and San Francisco were down, prices for Providence and Sacramento both increased by about 5% last month.

San Francisco rents hit another record month of declines, now in two digits

Rent for a room in San Francisco fell 11.8% year-over-year, breaking the previous month’s record for the city’s biggest drop ever and was also the largest drop in the country. Rent for two bedrooms fell slightly more modestly, although it has fallen by almost 10% since the same period last year. On a monthly basis, prices for one and two bedroom apartments in this city decreased by 2.4% and 1.8% respectively.

National one- and two-bedroom rents increased as more people started moving again

Overall, national one-bedroom rent increased 1% to a median of $ 1,229, while two-bedroom rent increased 0.8% to $ 1,485. Since the beginning of the year, prices for one and two bedrooms have increased by 0.4%. It seems that the moving season has really started to speed up, as the demand for both types of rooms has increased nationwide.

Top five rental markets

1. Rents in San Francisco, California continued their downward trend, with one-bedroom apartments down 2.4% to $ 3,280 and two-bedroom apartments 1.8% to $ 4,340. Year over year, rent for a room fell 11.8%, breaking the previous month’s record for the largest decline ever recorded in this city.

2. Rents in New York, NY also fell on all fronts, one-bedroom rent decreasing 2% to $ 2,890, while two-bedroom apartments fell 0.3% to $ 3,210. In particular, the rent for two bedrooms in this city has been down 5% since the same period last year.

3. Boston, MA saw rent in one bedroom drop 1.6% to $ 2,410, while both bedrooms remained stable at $ 2,900.

4. Oakland, California rose one place to become the fourth most expensive city, although room rent fell 2.1% to $ 2,300. The two bedrooms, meanwhile, remained stable at $ 2,850.

4. San Jose, California, lost a ranking, tied with Oakland in fourth, renting a room down 5% to $ 2,300, while both rooms fell 3.1% to 2 $ 860.

Notable changes in the last month

To the top

–Lexington, KY rose 3 places to become the 89th most expensive city with a jump of 5.6% in one-bedroom rent, which was the highest monthly growth rate in the country, at $ 750.

–Anchorage, AK was catapulted up 5 positions to rank 60th with rent of a room up 5.5% to $ 960.

–Augusta, GA saw the rent for a room increase by 5.3%, coming in at $ 790 and going up 4 ranks to 84th. The growth rate of two-bedroom dwellings was more modest, increasing 3.5% to $ 880.

–Akron, OH climbed 1 place to become the 99th most expensive market with one-bedroom rent up 5.2% to $ 610 and two-bedroom rent up 1.4% to $ 730.

–Portland, OR climbed 4 ranks to 21st with rent of one bedroom up 5.2% to $ 1,420, while both bedrooms increased 3.6% to $ 1,750.

Down

–Madison, WI plunged 8th to 44th with one bedroom rent down 5.3%, which was the largest monthly decrease in the country, at $ 1,080, while both bedrooms were down 0.8% to $ 1,310.

–San Jose, California remained the fourth most expensive city, although one-bedroom rent fell 5% to $ 2,300 and two-bedroom rooms decreased 3.1% to 2,860 $.

–Laredo, TX fell 6 places to 86th with one bedroom rent down 3.7% to $ 780, while both bedrooms fell 3.3% to $ 890.

–Buffalo, NY saw room rent fall 3.6% to $ 1,080 and drop 5 places to become the 44th most expensive market. Both chambers experienced a more modest decline, down slightly by 0.7% to $ 1,350.

–Irving, TX fell 4 places to 44th most expensive cities, now on par with Buffalo, with one-bedroom rent down 2.7% to $ 1,080 and two-bedroom down 1.4% to $ 1,390.

Complete data

1 bedroom2 bedrooms
Pos.CityPriceM / M%Y / Y%PriceM / M%Y / Y%
1San Francisco, California$ 3,280-2.40%-11.80%$ 4,340-1.80%-9.60%
2New York, NY$ 2,890-2.00%-1.70%$ 3,210-0.30%-5.00%
3Boston, MA$ 2,410-1.60%-1.60%$ 2,9000.00%2.10%
4Oakland, California$ 2,300-2.10%4.50%$ 2,8500.00%4.80%
4San Jose, California$ 2,300-5.00%-8.00%$ 2,860-3.10%-4.70%
6Washington DC$ 2,2702.30%1.30%$ 2,920-0.70%2.50%
7Los Angeles, CA$ 2,150-0.90%-3.60%$ 2,960-0.70%-5.10%
8Miami, FL$ 1,8002.90%0.60%$ 2,3100.40%0.40%
8Seattle, WA$ 1,8000.00%-2.70%$ 2,250-0.90%-6.30%
tenSan Diego, California$ 1,750-1.10%-0.60%$ 2,3000.00%-4.20%
11Santa Ana, California$ 1,7201.80%-3.40%$ 2,3105.00%6.00%
12Honolulu, HI$ 1,6701.80%0.00%$ 2,1005.00%-8.70%
13Fort Lauderdale, FL$ 1,6500.00%3.10%$ 2,2002.30%4.80%
14Anaheim, California$ 1,600-0.60%-5.90%$ 1,9600.00%-7.50%
14Long Beach, California$ 1,6001.90%3.20%$ 2,0100.50%0.50%
16Chicago, IL$ 1,5100.00%1.30%$ 1,800-0.60%0.00%
16Philadelphia, PA$ 1,5100.70%15.30%$ 1,7502.90%2.90%
18Providence, RI$ 1,4705.00%2.80%$ 1,650-5.20%4.40%
19Atlanta, GA$ 1,4401.40%5.10%$ 1,8401.70%5.70%
19Denver, CO$ 1,4400.00%-10.00%$ 1,8801.10%-5.10%
21Portland, OR$ 1,4205.20%4.40%$ 1,7503.60%1.20%
22Minneapolis, MN$ 1,4002.20%0.00%$ 1,9004.40%3.80%
22Scottsdale, AZ$ 1,400-1.40%1.40%$ 1,870-3.10%-2.10%
24New Orleans, LA$ 1,380-1.40%-3.50%$ 1,6100.60%5.20%
25Sacramento, California$ 1,3604.60%7.90%$ 1,6003.20%8.80%
26Nashville, TN$ 1,340-1.50%8.90%$ 1,4500.00%7.40%
27Baltimore, MD$ 1,3204.80%11.90%$ 1,5404.80%10.80%
27Newark, NJ$ 1,320-0.80%14.80%$ 1,6804.30%14.30%
29Gilbert, AZ$ 1,2802.40%6.70%$ 1,4902.10%4.20%
30Austin, TX$ 1,250-0.80%5.00%$ 1,520-0.70%0.70%
30Chandler, AZ$ 1,2500.80%3.30%$ 1,4400.70%-0.70%
32Dallas, TX$ 1,230-1.60%-1.60%$ 1,6801.80%-1.80%
32St. Petersburg, FL$ 1,2305.10%11.80%$ 1,6001.30%3.90%
34Orlando, FL$ 1,2200.80%-6.90%$ 1,4000.00%-6.70%
35Charlotte, North Carolina$ 1,2002.60%-4.80%$ 1,3705.40%0.00%
36Tampa, FL$ 1,1500.90%-2.50%$ 1,3902.20%4.50%
37Plano, TX$ 1,1300.00%-2.60%$ 1,5400.70%-0.60%
38Henderson, NV$ 1,1200.90%-0.90%$ 1,3500.00%0.00%
39Richmond, VA$ 1,1104.70%2.80%$ 1,3701.50%11.40%
40Fort Worth, TX$ 1,1003.80%-4.30%$ 1,3603.80%1.50%
40Houston, TX$ 1,1000.00%-9.10%$ 1,310-1.50%-6.40%
42Aurora, CO$ 1,0900.00%-8.40%$ 1,3500.00%-9.40%
42Fresno, California$ 1,0904.80%9.00%$ 1,2405.10%8.80%
44Buffalo, NY$ 1,080-3.60%9.10%$ 1,350-0.70%14.40%
44Chesapeake, VA$ 1,0804.90%9.10%$ 1,2505.00%4.20%
44Irving, TX$ 1,080-2.70%-9.20%$ 1,390-1.40%-10.30%
44Madison, WI$ 1,080-5.30%-8.50%$ 1,310-0.80%-5.10%
44Pittsburgh, PA$ 1,080-0.90%1.90%$ 1,3500.00%3.80%
49Boise, ID$ 1,0600.00%10.40%$ 1,120-5.10%1.80%
50Salt Lake City, UT$ 1,0505.00%-1.90%$ 1,3002.40%-5.10%
50Virginia Beach, Virginia$ 1,0505.00%0.00%$ 1,2500.80%1.60%
52Durham, NC$ 1,0405.10%-6.30%$ 1,2305.10%-3.10%
53Reno, NV$ 1,0303.00%13.20%$ 1,3500.00%3.10%
54Raleigh, NC$ 1,0203.00%-1.90%$ 1,2000.00%0.00%
55Phoenix, AZ$ 1,0102.00%1.00%$ 1,2803.20%2.40%
56Las Vegas, NV$ 1,0003.10%1.00%$ 1,2000.00%4.30%
56Milwaukee, WI$ 1,000-1.00%3.10%$ 1,1700.00%14.70%
58Colorado Springs, CO$ 9900.00%7.60%$ 1,2502.50%7.80%
59Rochester, NY$ 9702.10%15.50%$ 1,1300.00%15.30%
60Anchorage, AK$ 9605.50%5.50%$ 1,1800.00%2.60%
60Kansas City, MO$ 9603.20%0.00%$ 1,1203.70%0.90%
60Mesa, AZ$ 9604.30%4.30%$ 1,1903.50%3.50%
63Cleveland, OH$ 9400.00%16.00%$ 1,0000.00%14.90%
64Des Moines, IA$ 930-1.10%14.80%$ 9900.00%15.10%
65Norfolk, VA$ 9200.00%15.00%$ 1,0704.90%1.90%
66St Louis, MO$ 9100.00%15.20%$ 1,2904.90%12.20%
67Chattanooga, TN$ 9001.10%15.40%$ 1,0200.00%14.60%
67Cincinnati, OH$ 9000.00%15.40%$ 1,2000.00%7.10%
67Jacksonville, FL$ 9002.30%-5.30%$ 1,1000.00%1.90%
70Arlington, TX$ 8800.00%7.30%$ 1,1500.90%5.50%
70San Antonio, TX$ 8801.10%-2.20%$ 1,1000.90%-1.80%
72Glendale, AZ$ 8703.60%3.60%$ 1,1000.00%2.80%
72Indianapolis, IN$ 8701.20%16.00%$ 9401.10%16.00%
74Louisville, KY$ 8601.20%-2.30%$ 940-1.10%-1.10%
74Syracuse, NY$ 8604.90%-11.30%$ 1,0605.00%1.00%
76Omaha, NE$ 8500.00%1.20%$ 1,0200.00%-2.90%
77Bakersfield, California$ 8401.20%13.50%$ 1,070-0.90%15.10%
78Corpus Christi, TX$ 830-2.40%-2.40%$ 1,050-1.90%-0.90%
79Baton Rouge, LA$ 8205.10%-1.20%$ 9404.40%1.10%
80Columbus, OH$ 8100.00%15.70%$ 1,050-1.90%-1.90%
80Knoxville, TN$ 8101.30%1.30%$ 9502.20%5.60%
80Spokane, WA$ 810-2.40%0.00%$ 1,0704.90%7.00%
83Winston Salem, North Carolina$ 800-1.20%3.90%$ 8802.30%6.00%
84Augusta, GA$ 7905.30%5.30%$ 8803.50%8.60%
84Memphis, TN$ 7900.00%8.20%$ 8400.00%9.10%
86Laredo, TX$ 780-3.70%-6.00%$ 890-3.30%0.00%
87Lincoln, NE$ 7700.00%14.90%$ 920-1.10%3.40%
88Tallahassee, FL$ 760-2.60%0.00%$ 900-2.20%2.30%
89Albuquerque, NM$ 7504.20%7.10%$ 9001.10%7.10%
89Lexington, KY$ 7505.60%0.00%$ 9500.00%-3.10%
89Oklahoma City, OK$ 7500.00%4.20%$ 880-2.20%0.00%
92Greensboro, North Carolina$ 7200.00%1.40%$ 8400.00%1.20%
93Detroit, MI$ 7000.00%14.80%$ 8000.00%15.90%
93Tucson, AZ$ 7000.00%9.40%$ 9300.00%5.70%
93Wichita, KS$ 7000.00%14.80%$ 7500.00%0.00%
96El Paso, TX$ 6803.00%4.60%$ 8000.00%0.00%
97Lubbock, TX$ 6503.20%3.20%$ 840-1.20%7.70%
97Shreveport, LA$ 6500.00%0.00%$ 8001.30%14.30%
99Akron, OH$ 6105.20%10.90%$ 7301.40%0.00%
100Tulsa, OK$ 5900.00%-9.20%$ 8100.00%1.30%

About

The Zumper National Rent Report analyzes rental data from more than a million active listings in the United States. The data is aggregated on a monthly basis to calculate the median rents requested for the first 100 metropolitan areas by population, providing a complete view of the current state of the market. The report is based on all the data available in the month before publication.

If you are interested in a more in-depth explanation of how and why we calculate our rent data, see our methodology publication.

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