Zumper National Rent Report: November 2020

Cities Reach Historic Yearly Decreases

13 cities out of the 100 tracked in this rent report had record-breaking yearly decreases in 1-bedroom median last month since Zumper started tracking median prices in 2015. Those cities, in order of largest decrease, are: San Francisco, CA (-20.7%); Oakland, CA (-19.2%); New York City, NY (-15.0%); Seattle, WA (-14.9%); Washington DC (-14.8%); San Jose, CA (-13.5%); Los Angeles, CA (-13.0%); Boston, MA (-12.6%); Denver, CO (-12.5%); Irving, TX (-10.7%); Wichita, KS (-10.4%); Corpus Christi, TX (-8.9%); and Plano, TX (-8.4%). While decreases in large rental markets have not stopped, there is some indication the decreases have slowed. However, decreases will likely continue in some markets and there will likely be more records set next month.

Price Gap Decrease Between Expensive and Cheap Markets Continued

The gap in median prices between historically expensive rental markets and cheaper ones continued to decrease last month, but slowed slightly. The standard deviation of median 1-bedroom prices in the top 100 cities has decreased by 19% from a year ago. Large decreases in the top 7 most expensive cities continued to account for most of the decrease in variance. This trend has been consistent since June of 2020. In fact, the median 1-bedroom price in the top 7 most expensive cities and Seattle, which was formerly the 8th most expensive city, has decreased 15.2% since the start of the year. The median 1-bedroom price in the other 92 cities has increased 5.3%. Last month, the gap between the median 1-bedroom price in the top 7 cities plus Seattle and the other 92 cities was 76.9%. In January, this gap was 119.6%.

San Francisco and New York’s Monthly Decreases Have Slowed Down, Potentially Signaling a Price Floor May Be Hit Soon

The price gap in 1-bedroom median prices between the nation’s 2 most expensive cities increased last month for the first time since April. While both San Francisco and New York decreased in price from the prior month, San Francisco’s monthly decrease slowed to -1.1% from -6.9% the month prior, while New York’s was at -1.9% compared to -3.7%. The slowed monthly decreases in the two cities last month could be an indication that price drops in these places are reaching their floor, and prices could stabilize in the near future. If this is the case, San Francisco may maintain it’s crown as the nation’s most expensive rental market. Alternatively, this price decrease slowdown could be a blip in the overall trend, and decreases could pick up again next month. Compared to a year ago, both cities were down in price more last month than the month prior; median 1-bedroom price in San Francisco was down 20.7% last month from a year ago, and New York was down 15.0%.

Nationally

Overall, the national 1-bedroom median rent decreased 0.5% last month to $1225, while the 2-bedroom median decreased 0.4% to $1483. In year-to-date terms, the 1-bedroom median was flat and the 2-bedroom median increased 0.3%.

Top 5 Rental Markets

1. San Francisco, CA 1-bedroom median price dropped 1.1% from the month prior to $2800. The 2-bedroom median dropped 2.9% to $3690. Both the 1-bedroom and 2-bedroom medians were down about 21% from last year.

2. New York, NY 1-bedroom median price dropped 1.9% from the month prior to $2550, and the 2-bedroom median decreased 3.0% to $2900. The 1-bedroom median and 2-bedroom median were down 15.0% and 17.1% from last year, respectively.

3. Boston, MA 1-bedroom median price was down 3.9% from the month prior to $2210. The 2-bedroom median rent dropped 4.3% to $2680. The 1 and 2-bedroom medians dropped 12.6% and 8.5% from last year, respectively.

4. San Jose, CA 1-bedroom median decreased 4.9% to $2120 from the month prior and the 2-bedroom median decreased 3.2% to $2680. 1 and 2-bedroom medians decreased 13.5% and 9.2% from last year, respectively.

5. Oakland, CA was the 5th priciest rental market with the 1-bedroom median decreasing 5.2% from the prior month to $2020, and the 2-bedroom median decreased 2.6% from the prior month to $2630. Oakland 1 and 2-bedroom medians decreased 19.2% and 12.3%, respectively.

Notable Changes this Past Month

Upward

1. Anchorage, AK saw 1-bedroom median rent increase the most from the month prior, up 5.6% to $950 and ranked as the 66th most expensive rental market.

2. Richmond, VA had the second highest monthly growth rate in 1-bedroom median rent at 5.3%. Richmond ranked as the 38th most expensive market last month.

3. Providence, RI saw median 1-bedroom rent climb 5.2% from the prior month, and ranked as the 12th most expensive rental markets, respectively.

4. Chesapeake, VA saw an increase of 5.1% to its 1-bedroom median rent from the prior month. Median 1-bedroom rent was $1240 last month.

5. Scottsdale, AZ had an increase of 5.0% in median 1-bedroom rent to $1480 and was the 20th most expensive rental market.

Downward

1. Oakland, CA had the largest decrease in 1-bedroom median rent from the prior month at -5.2%. Median 1-bedroom rent was $2020, but Oakland still ranked as the 5th most expensive rental market.

2. Honolulu, HI, Laredo, TX, and Winston Salem, NC all tied for the second highest monthly decrease in 1-bedroom median rent at -5.0%.

3. San Jose, CA and Norfolk, VA tied for 3rd highest monthly decrease at -4.9% in 1-bedroom median rent. San Jose and Norfolk ranked as the 4th and 63rd most expensive markets.

4. Irving, TX and Baton Rouge, LA both had the 4th largest monthly decrease at -4.8% in 1-bedroom median rent.

5. Milwaukee, WI had the 5th largest decrease in 1-bedroom median rent at -4.6% from the prior month to $1040.

Annual 1-bedroom Median Price Growth Map

Full Data

Full Data

    1 Bedroom     2 Bedrooms    
Pos. City Price M/M % Y/Y % Price M/M % Y/Y %
1 San Francisco, CA $2,800 -1.10% -20.70% $3,690 -2.90% -21.00%
2 New York, NY $2,550 -1.90% -15.00% $2,900 -3.00% -17.10%
3 Boston, MA $2,210 -3.90% -12.60% $2,680 -4.30% -8.50%
4 San Jose, CA $2,120 -4.90% -13.50% $2,680 -3.20% -9.20%
5 Oakland, CA $2,020 -5.20% -19.20% $2,630 -2.60% -12.30%
6 Los Angeles, CA $2,000 -1.00% -13.00% $2,780 -1.10% -14.70%
7 Washington, DC $1,960 -1.50% -14.80% $2,680 -2.20% -8.50%
8 San Diego, CA $1,790 -0.60% -2.20% $2,370 0.40% -0.40%
9 Miami, FL $1,750 0.00% 2.30% $2,310 -1.70% 4.10%
10 Fort Lauderdale, FL $1,680 0.00% 5.00% $2,170 -1.40% -1.40%
11 Santa Ana, CA $1,640 -0.60% 1.20% $2,230 2.30% 9.30%
12 Anaheim, CA $1,620 -0.60% -2.40% $2,000 0.50% -2.90%
12 Providence, RI $1,620 5.20% 9.50% $1,770 -1.70% 4.10%
14 Seattle, WA $1,600 -3.00% -14.90% $2,100 -4.50% -8.70%
15 Long Beach, CA $1,570 -1.90% 1.30% $2,040 -2.90% 2.00%
16 Honolulu, HI $1,520 -5.00% -5.60% $2,160 -3.60% -0.50%
17 Chicago, IL $1,500 0.00% 3.40% $1,800 0.00% 1.10%
18 Philadelphia, PA $1,490 -0.70% -0.70% $1,750 -0.60% 4.20%
18 Newark, NJ $1,480 4.20% 15.60% $1,820 -2.20% 15.20%
20 Scottsdale, AZ $1,480 5.00% 5.00% $2,000 1.00% 1.00%
21 Atlanta, GA $1,470 2.80% 2.80% $1,900 0.00% 5.00%
22 Sacramento, CA $1,450 2.80% 11.50% $1,730 4.80% 15.30%
23 New Orleans, LA $1,430 -1.40% 2.10% $1,700 -2.90% 9.70%
24 Baltimore, MD $1,280 -4.50% 15.30% $1,610 -0.60% 15.00%
25 Denver, CO $1,400 0.00% -12.50% $1,920 0.00% -3.50%
25 Portland, OR $1,400 0.00% -4.80% $1,800 5.30% 2.90%
27 Gilbert, AZ $1,300 0.80% 4.00% $1,570 1.90% 6.10%
28 Minneapolis, MN $1,290 -0.80% -1.50% $1,820 -4.70% 1.70%
28 Chandler, AZ $1,290 2.40% 4.90% $1,510 -0.70% 8.60%
30 Austin, TX $1,280 0.00% 1.60% $1,590 0.00% 1.30%
31 Nashville, TN $1,270 0.00% -5.90% $1,420 -2.10% 1.40%
31 St Petersburg, FL $1,270 0.00% 15.50% $1,670 -2.30% 15.20%
33 Chesapeake, VA $1,240 5.10% 8.80% $1,290 4.90% 4.00%
34 Dallas, TX $1,230 -1.60% 2.50% $1,650 -5.20% 1.90%
35 Charlotte, NC $1,220 -0.80% 0.00% $1,430 -1.40% 10.00%
36 Henderson, NV $1,210 1.70% 7.10% $1,360 0.00% 2.30%
37 Orlando, FL $1,200 -1.60% -3.20% $1,390 -0.70% 0.00%
38 Tampa, FL $1,190 0.00% 4.40% $1,400 -2.80% 4.50%
38 Richmond, VA $1,190 5.30% 11.20% $1,410 0.70% 7.60%
40 Madison, WI $1,180 4.40% -6.30% $1,410 3.70% 6.00%
41 Durham, NC $1,140 2.70% 3.60% $1,240 -3.10% 0.80%
42 Houston, TX $1,120 1.80% 3.70% $1,370 1.50% 5.40%
43 Pittsburgh, PA $1,110 2.80% -8.30% $1,300 0.00% -2.30%
44 Aurora, CO $1,100 2.80% 0.00% $1,440 0.70% 2.90%
45 Plano, TX $1,090 -3.50% -8.40% $1,470 -3.30% -8.10%
45 Fresno, CA $1,090 0.90% 14.70% $1,320 0.00% 14.80%
47 Virginia Beach, VA $1,080 0.00% -2.70% $1,280 0.00% 4.10%
47 Boise, ID $1,080 2.90% 10.20% $1,180 -4.80% -1.70%
47 Cleveland, OH $1,070 3.90% 15.10% $1,160 5.50% 16.00%
50 Raleigh, NC $1,060 1.90% 3.90% $1,230 0.00% 3.40%
51 Reno, NV $1,050 -3.70% 5.00% $1,400 0.00% 7.70%
52 Milwaukee, WI $1,040 -4.60% -7.10% $1,200 -3.20% 2.60%
52 Las Vegas, NV $1,040 0.00% 11.80% $1,250 0.00% 5.00%
52 Phoenix, AZ $1,040 1.00% 3.00% $1,280 1.60% 2.40%
55 Buffalo, NY $1,030 -2.80% -9.60% $1,210 -4.00% -11.70%
55 Fort Worth, TX $1,030 -2.80% -6.40% $1,310 -0.80% 1.60%
55 St Louis, MO $970 -1.00% 15.50% $1,270 0.00% 14.40%
58 Salt Lake City, UT $1,020 2.00% -6.40% $1,300 0.00% -3.00%
58 Chattanooga, TN $1,020 3.00% 13.30% $1,180 5.40% 14.60%
60 Irving, TX $1,000 -4.80% -10.70% $1,360 -4.20% -4.90%
61 Kansas City, MO $990 0.00% 4.20% $1,170 1.70% 9.30%
62 Rochester, NY $980 -2.00% 4.30% $1,190 -1.70% 9.20%
63 Norfolk, VA $970 -4.90% 7.80% $1,020 -4.70% 8.50%
64 Mesa, AZ $960 0.00% 5.50% $1,200 0.00% 1.70%
64 Jacksonville, FL $960 4.30% 6.70% $1,160 3.60% 9.40%
66 Cincinnati, OH $950 -2.10% 5.60% $1,120 1.80% -13.20%
66 Anchorage, AK $950 5.60% 5.60% $1,200 0.00% 4.30%
68 Colorado Springs, CO $940 -2.10% -5.10% $1,230 -0.80% 1.70%
69 Glendale, AZ $920 2.20% 5.70% $1,170 0.00% 10.40%
69 Indianapolis, IN $920 4.50% 15.00% $1,000 4.20% 9.90%
71 San Antonio, TX $900 0.00% 1.10% $1,130 1.80% 1.80%
72 Arlington, TX $890 0.00% -1.10% $1,180 -0.80% 6.30%
72 Spokane, WA $890 2.30% 11.30% $1,120 0.90% 12.00%
72 Des Moines, IA $890 4.70% 14.10% $950 0.00% 5.60%
75 Louisville, KY $860 1.20% -4.40% $960 0.00% -1.00%
76 Columbus, OH $850 -4.50% 3.70% $1,130 1.80% 4.60%
77 Memphis, TN $840 -1.20% -1.20% $890 -1.10% 0.00%
78 Lincoln, NE $830 -2.40% 6.40% $940 -3.10% -1.10%
78 Omaha, NE $830 -2.40% 3.80% $1,050 -3.70% 5.00%
78 Bakersfield, CA $830 2.50% 7.80% $1,040 -1.00% 15.60%
81 Corpus Christi, TX $820 -1.20% -8.90% $1,060 1.00% -3.60%
82 Detroit, MI $760 -1.30% 15.20% $900 3.40% 15.40%
82 Augusta, GA $810 1.30% 5.20% $880 -3.30% 3.50%
84 Baton Rouge, LA $800 -4.80% 0.00% $910 -3.20% 2.20%
84 Knoxville, TN $800 -2.40% -3.60% $950 -2.10% 0.00%
84 Syracuse, NY $800 3.90% -10.10% $1,000 -4.80% 0.00%
87 Tallahassee, FL $790 3.90% -3.70% $950 3.30% 5.60%
88 Laredo, TX $760 -5.00% -3.80% $910 2.20% -4.20%
88 Winston Salem, NC $760 -5.00% -8.40% $850 -4.50% -2.30%
88 Oklahoma City, OK $760 0.00% 1.30% $910 2.20% 0.00%
91 Greensboro, NC $750 -1.30% 2.70% $860 0.00% 1.20%
91 Albuquerque, NM $750 1.40% 7.10% $940 2.20% 13.30%
93 Lexington, KY $730 -2.70% 2.80% $890 -1.10% -6.30%
94 Tucson, AZ $720 -1.40% 7.50% $940 0.00% 6.80%
95 El Paso, TX $690 1.50% 6.20% $840 2.40% 7.70%
96 Tulsa, OK $680 4.60% 0.00% $830 1.20% 0.00%
97 Lubbock, TX $650 0.00% 3.20% $780 -2.50% 4.00%
97 Shreveport, LA $650 0.00% 1.60% $750 -5.10% 7.10%
99 Wichita, KS $600 -3.20% -10.40% $730 0.00% -3.90%
100 Akron, OH $570 1.80% -8.10% $720 1.40% 2.90%

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 asking rents for the top 100 metro areas by population, providing a comprehensive view of the current state of the market. The report is based on all data available in the month prior to publication.

If you’re interested in a more in-depth explanation of how and why we calculate our rent data, view our methodology post.

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