Zumper National Rent Report: June 2020

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COVID-19 shifts demand from more expensive markets

As for monthly changes, the 10 most expensive cities all had stable or declining rents. It seems that the pandemic has moved demand for apartments from the more expensive cities, as demand generally increases with the approach of summer, but now it is the opposite. As more and more businesses turn to remote working, many renters don’t want to pay the big city price when they can’t use the equipment and are looking for more affordable options outside the big areas metropolitan.

San Francisco rent fell more than 9% year-over-year, the largest decline ever and the lowest price in three years.

The most expensive city in the country has experienced the largest year-over-year decline since we started producing these reports in 2015. Rent for a room in San Francisco has fallen 9.2% since that time at $ 3,360, which is also the lowest price since March 2017.

Likewise, the next 3 most expensive markets, New York, Boston and San Jose, also experienced negative year-over-year changes in their respective room rents.

National rents with one and two rooms on a downward trajectory

Overall, the national rent for a room fell 0.2% last month to $ 1,217, while the two rooms were stable at $ 1,473. Since the start of the year, rents for one and two bedrooms have fallen by 0.5%.

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Top five rental markets

1. San Francisco, California continued to experience lower prices, with room prices falling 2.6% to $ 3,360, the lowest price recorded in more than 3 years, while two-bedroom apartments decreased 1.8% to $ 4,420. In particular, on an annual basis, the rent for a room is down by more than 9%.

2. New York, NY, rent for one bedroom remained stable at $ 2,950, while rent for two bedrooms decreased 1.2% to $ 3,220.

3. Rent for one bedroom in Boston, MA fell 2% to $ 2,450, while rent for two bedrooms remained stable at $ 2,900.

4. Prices in San Jose, California also fell, as one-bedroom rent fell 1.6% last month to $ 2,420, while two-bedroom apartments fell 3% for stand at $ 2,950.

5. Oakland, California completed the top 5 markets, with one and two bedroom rents up 0.4% to $ 2,350 and $ 2,850, respectively.

Notable changes in the last month

Ascending

–Providence, RI rose 4 places to become the 21st most expensive city with a jump of 5.3% in one-bedroom rent, which was the largest growth rate of monthly rents in the country, at $ 1,400 .

–Baltimore, MD, saw prices for one and two bedrooms jump 5% to $ 1,260 and $ 1,470, respectively, and up 5 places to rank 28th as the highest prices .

–Spokane, WA was moved from 6 ranks to 77th with rent of one bedroom up 3.8% to $ 830 and two bedrooms up 2% to $ 1,020.

–Tampa, FL, climbing 4 places to rank as the 36th most expensive market, saw one-bedroom rent increase 3.6% to $ 1,140, ​​while two-bedroom rooms increased slightly 0.7% to $ 1,360.

–Arlington, Texas, rose 4 positions to 69th with one bedroom rent up 3.5% to $ 880 and two bedroom rent up 2.7% to $ 1,140.

Down

–Salt Lake City, UT lost 3 more places to become the 51st most expensive city with one bedroom rent down 4.8%, which represents the largest monthly rental decline in the country, to 1,000 $. The number of bedrooms fell 2.3% to $ 1,270.

–Milwaukee, WI, saw room rent drop 4.7% to $ 1,010, and lost 4 positions to rank as the 50th most expensive market.

–Fresno, California, fell 5 places to rank 48th, room rent falling 4.6% to $ 1,040.

–Anchorage, AK plunged from 6 rows to 65th with a rent for a room down 4.2% to $ 910.

–Tallahassee, FL, one-bedroom rent fell 3.7% to $ 780, while two-bedroom apartments decreased 1.1% to $ 920. This city also lost 6 positions to rank as the 85th most expensive market.

Complete data

1 bedroom2 bedrooms
Pos.CityPriceM / M%Y / Y%PriceM / M%Y / Y%
1San Francisco, California$ 3,360-2.60%-9.20%$ 4,420-1.80%-6.40%
2New York, NY$ 2,9500.00%-1.00%$ 3,220-1.20%-2.40%
3Boston, MA$ 2,450-2.00%-2.00%$ 2,9000.00%1.80%
4San Jose, California$ 2,420-1.60%-0.40%$ 2,950-3.00%1.00%
5Oakland, California$ 2,3500.40%4.90%$ 2,8500.40%4.80%
6Washington DC$ 2,220-1.30%0.50%$ 2,940-1.30%-0.70%
7Los Angeles, CA$ 2,170-1.40%-3.60%$ 2,980-0.70%-1.70%
8Seattle, WA$ 1,8000.60%-4.30%$ 2,2700.40%-4.60%
9San Diego, California$ 1,770-0.60%3.50%$ 2,300-2.10%-1.30%
tenMiami, FL$ 1,750-1.10%-2.20%$ 2,3000.00%-0.40%
11Santa Ana, California$ 1,690-0.60%-5.10%$ 2,2000.50%0.90%
12Fort Lauderdale, FL$ 1,650-1.80%1.90%$ 2,1500.00%2.90%
13Honolulu, HI$ 1,6402.50%-1.80%$ 2,0000.00%-13.00%
14Anaheim, California$ 1,6100.60%-5.30%$ 1,9600.50%-7.10%
15Long Beach, California$ 1,570-1.90%1.90%$ 2,0000.00%0.00%
16Chicago, IL$ 1,510-2.60%-3.80%$ 1,810-0.50%-4.20%
17Philadelphia, PA$ 1,5000.00%11.10%$ 1,7000.00%0.00%
18Denver, CO$ 1,4400.00%-6.50%$ 1,8600.00%-4.60%
19Atlanta, GA$ 1,4200.00%-0.70%$ 1,810-0.50%0.60%
19Scottsdale, AZ$ 1,420-3.40%7.60%$ 1,930-4.90%-4.00%
21New Orleans, LA$ 1,4000.70%-2.10%$ 1,6001.90%4.60%
21Providence, RI$ 1,4005.30%0.00%$ 1,740-1.10%10.10%
23Minneapolis, MN$ 1,3700.00%-2.10%$ 1,8200.60%-1.10%
24Nashville, TN$ 1,360-0.70%8.80%$ 1,4502.10%10.70%
25Portland, OR$ 1,350-1.50%0.00%$ 1,690-0.60%0.60%
26Newark, NJ$ 1,3300.00%15.70%$ 1,6101.90%15.00%
27Sacramento, California$ 1,3000.00%7.40%$ 1,5500.00%6.90%
28Austin, TX$ 1,260-0.80%6.80%$ 1,530-0.60%0.70%
28Baltimore, MD$ 1,2605.00%6.80%$ 1,4705.00%1.40%
30Dallas, TX$ 1,2500.80%-0.80%$ 1,650-1.20%-5.20%
30Gilbert, AZ$ 1,250-0.80%6.80%$ 1,460-0.70%2.10%
32Chandler, AZ$ 1,2400.80%2.50%$ 1,4300.70%-0.70%
33Orlando, FL$ 1,210-0.80%-8.30%$ 1,4000.00%-6.70%
34Charlotte, North Carolina$ 1,170-2.50%-2.50%$ 1,300-0.80%-3.00%
34St. Petersburg, FL$ 1,1702.60%6.40%$ 1,5805.30%-0.60%
36Madison, WI$ 1,140-2.60%-2.60%$ 1,3200.00%-0.80%
36Tampa, FL$ 1,1403.60%0.00%$ 1,3600.70%0.70%
38Plano, TX$ 1,130-1.70%-3.40%$ 1,5301.30%-3.20%
39Buffalo, NY$ 1,120-1.80%13.10%$ 1,3600.70%15.30%
40Henderson, NV$ 1,1100.90%-1.80%$ 1,3500.00%0.70%
40Irving, TX$ 1,1100.00%-2.60%$ 1,410-2.80%-5.40%
42Houston, TX$ 1,1000.00%-9.10%$ 1,3301.50%-5.00%
43Aurora, CO$ 1,0900.00%-8.40%$ 1,350-1.50%-6.30%
43Pittsburgh, PA$ 1,0900.90%0.00%$ 1,3500.00%0.70%
45Boise, ID$ 1,0601.00%10.40%$ 1,1803.50%7.30%
45Fort Worth, TX$ 1,0602.90%-3.60%$ 1,3102.30%0.00%
45Richmond, VA$ 1,0600.00%1.00%$ 1,3503.80%4.70%
48Fresno, California$ 1,040-4.60%4.00%$ 1,1802.60%3.50%
49Chesapeake, VA$ 1,030-1.90%4.00%$ 1,190-0.80%-1.70%
50Milwaukee, WI$ 1,010-4.70%4.10%$ 1,1703.50%14.70%
51Reno, NV$ 1,000-2.00%9.90%$ 1,3503.10%3.10%
51Salt Lake City, UT$ 1,000-4.80%-6.50%$ 1,270-2.30%-7.30%
51Virginia Beach, Virginia$ 1,000-2.90%-2.00%$ 1,2403.30%1.60%
54Colorado Springs, CO$ 9900.00%8.80%$ 1,2200.80%4.30%
54Durham, NC$ 9902.10%-10.80%$ 1,1700.00%-7.90%
54Phoenix, AZ$ 990-1.00%-1.00%$ 1,240-0.80%0.00%
54Raleigh, NC$ 9901.00%0.00%$ 1,2000.00%3.40%
58Las Vegas, NV$ 9700.00%-2.00%$ 1,2000.80%4.30%
59Rochester, NY$ 9500.00%13.10%$ 1,1300.00%15.30%
60Cleveland, OH$ 9400.00%16.00%$ 1,0000.00%14.90%
60Des Moines, IA$ 9403.30%16.00%$ 9903.10%15.10%
62Kansas City, MO$ 930-1.10%-2.10%$ 1,0800.00%-0.90%
63Mesa, AZ$ 9200.00%0.00%$ 1,1500.00%-0.90%
63Norfolk, VA$ 9200.00%15.00%$ 1,0202.00%2.00%
65Anchorage, AK$ 910-4.20%-4.20%$ 1,1802.60%2.60%
65St Louis, MO$ 9101.10%15.20%$ 1,2301.70%7.00%
67Cincinnati, OH$ 9000.00%15.40%$ 1,2004.30%7.10%
68Chattanooga, TN$ 890-1.10%14.10%$ 1,0202.00%14.60%
69Arlington, TX$ 8803.50%7.30%$ 1,1402.70%4.60%
69Jacksonville, FL$ 8800.00%-8.30%$ 1,1002.80%0.90%
71San antonio, tx$ 8700.00%-5.40%$ 1,0900.00%-5.20%
72Indianapolis, IN$ 8600.00%14.70%$ 9301.10%14.80%
73Corpus Christi, TX$ 8502.40%-1.20%$ 1,0701.90%0.90%
73Louisville, KY$ 8500.00%0.00%$ 9500.00%1.10%
73Omaha, NE$ 8500.00%1.20%$ 1,020-1.00%-2.90%
76Glendale, AZ$ 840-3.40%5.00%$ 1,1000.00%4.80%
77Bakersfield, California$ 8301.20%6.40%$ 1,0801.90%12.50%
77Spokane, WA$ 8303.80%5.10%$ 1,0202.00%3.00%
79Syracuse, NY$ 8200.00%-15.50%$ 1,0102.00%-3.80%
80Columbus, OH$ 8100.00%15.70%$ 1,0700.00%-0.90%
80Laredo, TX$ 8102.50%-2.40%$ 9200.00%8.20%
80Winston Salem, NC$ 8100.00%5.20%$ 860-2.30%3.60%
83Knoxville, TN$ 800-1.20%1.30%$ 930-2.10%3.30%
84Memphis, TN$ 7901.30%8.20%$ 8400.00%5.00%
85Baton Rouge, LA$ 780-1.30%-7.10%$ 9001.10%-6.30%
85Tallahassee, FL$ 780-3.70%2.60%$ 920-1.10%4.50%
87Lincoln, NE$ 7700.00%14.90%$ 9301.10%4.50%
88Augusta, GA$ 7500.00%0.00%$ 8500.00%2.40%
88Oklahoma City, OK$ 7500.00%2.70%$ 900-2.20%-1.10%
90Albuquerque, NM$ 7202.90%4.30%$ 8902.30%9.90%
90Greensboro, North Carolina$ 7201.40%1.40%$ 8401.20%1.20%
92Lexington, KY$ 710-2.70%-5.30%$ 950-3.10%-3.10%
93Detroit, MI$ 7000.00%14.80%$ 8000.00%15.90%
93Tucson, AZ$ 7000.00%7.70%$ 9301.10%5.70%
93Wichita, KS$ 7001.40%14.80%$ 7500.00%0.00%
96El Paso, TX$ 660-1.50%4.80%$ 8000.00%5.30%
97Shreveport, LA$ 6501.60%0.00%$ 7903.90%12.90%
98Lubbock, TX$ 6300.00%0.00%$ 8500.00%7.60%
99Tulsa, OK$ 590-1.70%-9.20%$ 8101.30%1.30%
100Akron, OH$ 580-1.70%7.40%$ 7201.40%1.40%

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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